Frequently Asked Questions
Who can join?
Anyone over the age of 16 who lives or works in Norfolk. Evidence of identity and address will be required when opening an account.
What is the Iceni Community Bank?
It is a financial co-perative that is owned and democratically controlled by its members and run solely for the benefit of its members. Members can save with the Community Bank, and then take out loans if they wish. Interest rates are very competitive for small loans. Savings do not attract a set interest rate, but any profits made by the Community Bank are paid out to savers as an annual dividend.
Who runs it?
The Bank is owned and managed by its members. It is a non profit making community enterprise, run by local people for the benefit of local people.
Can I have a loan?
Anyone who is a member, is 18 yrs or over, and have been saving regularly with the Bank for at least 3 months may apply for a loan.
How can I save?
Members can save on a regular basis what ever they can afford. You can pay by standing order, cash, cheque or BACS.
Is my money safe?
YES! We are authorised by the FSA (Financial Services Authority) and will guarantee no loss of savings under the Financial Services Scheme.
Can I withdraw my money?
Yes, but 7 days notice is required. Very large sums may take longer. Most members however, prefer to keep their savings intact and growing, taking out a loan instead. This ensures they remain eligable for future loans.
Do I get any interest?
All members own the Community Bank and share in its success. Instead of interst being paid, a dividend is given at the end of each year. The more savings that you have, the more the dividend you earcn. At present, the law allows Community Banks to give 8% dividend on your savings.
Is my business private?
Totally. All Bank officers and collectors abide by strict rules of confidentiality.
Also see - Savings Other FAQ's