Unity Trust Bank was founded in 1984. It is a highly specialised bank providing products and services to trade unions, charities and not-for-profits based in the UK – its remit was expanded to include ‘profit with purpose’ companies. The bank is based in Birmingham.
Unity Bank is funded entirely by customer deposits, which are then used to support the communities the bank serves by supporting projects and companies with real social impacts. Marketed as an ethical bank, Unity Trust became a member of the Banking Standards Board in April 2016. Unity Trust Bank was the first bank to be Living Wage accredited, and the first to receive a Fair Tax Mark. In a scheme started in 2009 to celebrate the company’s 25th anniversary, staff are given five paid days off a year to take up volunteering opportunities.
Initially focused on helping trade unions access banking services, Unity Trust acquired banking status in 1987 and became a fully independent bank in 2015.
Unity Trust Bank Products and Services
Unity Trust Bank is the UK’s only trade union bank. Trade union customers have their own relationship managers who tailor services based on their individual requirements.
Customers requiring loans are assigned a dedicated relationship manager, who handles every aspect of their borrowing goals. The bank focuses on providing loans that will create jobs or have a specific economic, environmental or social impact; projects including property refurbishment, purchase or refinancing. Customers can borrow from £150,000 to £10million.
Unity Trust Bank also offers a debt counselling service.
Current account customers cannot have a debit card held with the bank, but cash can be paid in or taken out at branches of NatWest (in England and Wales), Ulster Bank (NI) or RBS (Scotland). The bank can also set up Post Office Cash accounts for customers if they wish, or take out a Unity Corporate Multipay Card, offered in partnership with Lloyds Bank and Mastercard.
Unity Trust Bank Security
Unity Trust Bank plc is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Extensive information about how to keep your account information safe is available via the bank’s official website.