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.

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Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a publisher at CompareBanks. He specialises in personal 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 Accounts

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
Instant Access Business Savings Account
Instant Access Business Savings Account
Business, Savings
Monthly Fee
0.05%
Interest Rate
Overdraft
Overdraft Rate
35 Day Notice Business Savings Account
35 Day Notice Business Savings Account
Business, Savings
Monthly Fee
0.30%
Interest Rate
Overdraft
Overdraft Rate
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