Reliance Bank

 

 

Reliance Bank is a private bank headquartered in London. It was formed by William Booth in 1890 as the Salvation Army Bank. The bank boasts a portfolio of personal, business and charity banking services and products.[br]

Reliance Bank: Personal Banking

Here are some components of Reliance Bank’s personal banking services:

 

Current Account: Some interesting benefits for current accountholders include:

• 0.05% interest on all credit balances

• Reliance Bank Visa Debit Card (acceptable worldwide)

• Monthly statements

• Internet and phone banking

• Obtain overdrafts at the bank’s discretion.

 

Savings: The bank provides an array of savings accounts to suit individual preferences. Some of them include:

 

Instant Access Saver: The account can be opened with the payment of £1. It features tiered interest rates. Accountholders are paid variable interest rates, paid quarterly.

 

Cash ISA: These accountholders are paid variable rates of interest on the 5th of April every year or the previous working day. 

 

KIDZ Saver: This account caters to kids below 11 years. It features lucrative rate of interest and fast access.

 

TEENZ Saver: These are aimed at people below 18 years. It provides instant access and attractive rate of interest.

 

Fixed Term Saver: To open this account, you must have a minimum balance of £50,000. It offers fixed interest rate promised for the deposit term.

 

Personal Loans: The benefits of seeking loans from the bank are:

• Repayments do not change as all the rates are guaranteed fixed rates.

• Low annual rate – 7.9% APR

• No security required

• One can borrow any amount between £500 and £20,000

• Homeowners are eligible to take loans above £10,000

• Higher rate may be charged on loans for refinancing debts

• Repayment period ranges from six months to five years

• No early repayment charges

 

Mortgage: This is offered based on the customer’s income and the desired property’s net worth. The following mortgage types can be obtained on interest only or capital repayment:[br]

• Fixed Rate Mortgage

• Five Year Tracker Mortgage

• Home Mortgage Rate

• Buy to Let Mortgage

 

Reliance Bank is known for its ethical banking services. It offers its profits for evangelical and charitable work done by the Salvation Army. This includes providing homes, hospitals and schools for homeless and underprivileged children.