Reliance Bank

Reliance Bank

Reliance Bank was founded in 1890 by William Booth. Originally named Salvation Army Bank, it was originally set up to help the Salvation Army to finance mortgages on property it wanted to buy. Booth decided to attract investments by setting up a bank. Nowadays, the bank continues to finance the Salvation Army and serves other charities, churches, businesses and individual customers.

Reviews Rating
100%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
75%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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Overview

First Glance

Reliance Bank was founded in 1890 by William Booth. Originally named Salvation Army Bank, it was originally set up to help the Salvation Army to finance mortgages on property it wanted to buy. Booth decided to attract investments by setting up a bank. Nowadays, the bank continues to finance the Salvation Army and serves other charities, churches, businesses and individual customers.

Features

Contact Info

Email
info@reliancebankltd.com
Address
Lovat Ln, London EC3R 8EB, UK
Phone
020 7398 5400

About Reliance Bank

Reliance Bank was founded in 1890 by William Booth. Originally named Salvation Army Bank, it was originally set up to help the Salvation Army to finance mortgages on property it wanted to buy. Booth decided to attract investments by setting up a bank. Nowadays, the bank continues to finance the Salvation Army and serves other charities, churches, businesses and individual customers.

The Salvation Army, as Salvation Army Trustee Company and Salvation Army International Trustee Company, remain the sole owners of Reliance Bank and receive an equal share of the bank’s profits.

Like many other Christian banks, Reliance Bank is committed to ethical banking and invests its customers' money carefully to remain within its ethics policy. Any profits the bank makes are used to fund the charitable and evangelical work of the Salvation Army; building homeless centres, hospitals and schools and funding health and education initiatives.

Reliance Bank Products and Services

For charities turning over less than £500,000, business accounts are free provided certain conditions are met:

  • The account is, on average, £5000 in credit
  • Cash handling is no more than £1000 / week
  • No more than 25 transactions/month

Larger charities turning over more than £50,000 are charged custom tariffs depending on their usage. The bank also works with non-charitable businesses.

Reliance Bank also offers a wide range of mortgages, including standard variable rates, home, buy-to-let, tracker and fixed rate. Customers do not have to bank with Reliance to apply for a mortgage.

Personal banking customers can choose from a range of savings accounts, including cash ISAs, instant access savings, KIDZ Saver, TEENZ Saver and fixed-term savings accounts. A current account is also available.

Reliance Bank Security

Reliance Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Reliance Bank Contact Details

Faith House
23-24 Lovat Lane
London
EC3R 8EB

Telephone: 020 7398 5400

Email: info@reliancebankltd.com

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Reliance Bank Reviews

Roger Philpott
March 26, 2024

“A few years ago at the time of the 2008 bank crisis a journalist wrote the headline 'The ethical bank that offers salvation' (you may find that article on line)”

A few years ago at the time of the 2008 bank crisis a journalist wrote the headline ‘The ethical bank that offers salvation' (you may find that article on line). I changed bank for that reason and have been very satisfied with what amounts to a personal & prompt banking service. At one time they even played brass band music if you were waiting on the phone for a short time before they answered. Bosses don't get fat bonuses either as the profits mostly go to the Salvation Army's worldwide aid projects.

Reliance Bank Accounts

Personal Current Account
Personal Current Account
Personal, Savings
£5
Monthly Fee
Interest Rate
Yes
Overdraft
You can request up to 3 months interest free arranged overdraft borrowing for balances up to and including £500.
Overdraft Rate
Instant Access Personal Savings Account
Instant Access Personal Savings Account
Personal, Savings
Monthly Fee
0.05%
Interest Rate
Overdraft
Overdraft Rate
35 Day Personal Notice Account
35 Day Personal Notice Account
Personal, Savings
Monthly Fee
0.30%
Interest Rate
Overdraft
Overdraft Rate
90 Day Notice Personal Savings Account
90 Day Notice Personal Savings Account
Personal, Savings
Monthly Fee
0.40%
Interest Rate
Overdraft
Overdraft Rate
Cash ISA
Cash ISA
Personal, Savings
Monthly Fee
0.30%
Interest Rate
Overdraft
Overdraft Rate
Business Current Account
Business Current Account
Business, Savings
Free for first 6 months
Monthly Fee
Interest Rate
Yes
Overdraft
Overdraft Rate
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