The setting up of an operation in Jersey, along the lines of a Credit Union was first considered in 1996, following the United Nations Eradication of Poverty initiative. This led to the establishment of our organisation as a charity in 1997. Since commencing operations, we have launched additional services to meet the specific needs of those living in Jersey. Our overriding aim is to support the growing number of financially or disadvantaged Jersey residents, providing access to basic financial services that most of us take for granted but from which many are excluded.
Find out more about Community Savings.
To promote financial inclusion in Jersey through the provision of services, guidance and practical assistance to those most in need.
To help the increasing number of financially excluded islanders by providing access to basic financial services, including mentoring and emergency financial support and helping members access mainstream banking services that most of us take for granted.
- Provide basic financial services, including accounts and a pre-paid debit card, especially to those that cannot access the usual providers.
- Provide self-help opportunities to those in need of financial and associated support.
- Provide a mentoring and support service to those in distress on how to budget for everyday requirements and manage their resources.
- Provide a means of saving modest amounts on a regular basis for a particular purpose or as a general discipline.
- Provide life-changing or emergency support, in the form of loans on a low interest rate basis or by way of grants, especially when help is insufficient or unavailable from Government or other sources.
- Provide support and guidance to external groups, particularly students and clients of third sector organisations.
Community Savings is part of the Prison Rehabilitation scheme.
Community Savings Ltd is not a bank and has a similar philosophy to UK credit unions. It is exempt from registration under the Banking Business (Jersey) Law 1991, as amended, as an Exempt Person under Schedule 1 of the Business Banking (General Provisions) (Jersey) Order 2002, subject to the conditions specified therein.
Community Savings Ltd is registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, as amended, and is subject to supervision by the Jersey Financial Services Commission in respect of its compliance with applicable Jersey anti-money laundering and counter-terrorism legislation.
Board of Directors
Terry Le Sueur OBE Advisor