NEW community bank branches will open in two North-East towns next month.

Moneywise has been chosen to operate the new bank, in Redcar, and was awarded £465,000 of SSI task force funding for the branch, and a sister branch in Middlesbrough.

The bank will offer all the usual financial products including current accounts, online banking and loans and provide an alternative to high cost lenders as well as offering credit to people who might otherwise be financially excluded.

Symon Agnew, Chief Executive Officer of Moneywise, said: “A community bank puts the community at the heart of its activities – it offers savings and loans like any bank but any profit made remains in the community for the benefit of the community.

“We will deliver real alternatives to high cost lenders and high street banks.”

Cllr Sue Jeffrey, Leader of Redcar & Cleveland Borough Council said: “This is a great initiative, providing a new and much needed local service. Unlike the national banks our community bank is locally owned and its focus is on supporting our area and our people."

“I would urge everyone looking for a new savings or bank account, a loan or debt advice to go first to our local community bank, because you know that you will be able to trust them to give you the best advice and be certain that it is your interests that will come first.”

Cabinet Member for Health, Housing and Welfare, Cllr Lynn Pallister added: “I hope local people will give the community bank a try as it will be a great addition to the area.

“As well as offering a full range of products the bank provides affordable loans and advice and support to help make your money go further.”

Amanda Skelton, Chair of the SSI Task Force, said: “This is an important legacy project for the Task Force. We want to make sure that we can continue to help people for many years to come.

“The Community Bank will provide an important safety net for anyone struggling to manage on a tight budget but will also be an ethical institution where people can invest and save for the future.”

Moneywise is an established organisation operating across the region with more than 12,000 members and assets in excess of £4.3 million.

For more information about the bank visit www.southteescommunitybank.org.uk