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.