Corporate Savings
Book a video or telephone call to explore corporate savings, future partnerships, and investments. This service also offers dedicated support for existing corporate members.
Book a callAbout Corporate Savings
Bank safely and foster community prosperity
A thriving Community Bank benefits more than individuals; it supports local businesses, churches, charities, and community groups. We invite local organisations to consider opening a savings account and joining us in our ethical mission.
The benefits
- Protected Savings: Eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS).
- Free banking: No account fees, membership or maintenance fees.
- Ease of Access: Manage your funds online with 24/7 access.
- Personalised Support: Our dedicated team provides exceptional customer service, including a relationship manager.
- Earn Dividends: Share in our success through dividends.
- Community Engagement: Actively participate and vote as a member at our Annual General Meeting.
Why choose our corporate savings account?
- Your organisation's savings empower ethical lending in your local community during growing demand.
- By joining, you are championing a not-for-profit organisation dedicated to enhancing the quality of life for local residents.
- Showcase your organisation's active engagement and dedication to the local community.
- Gain complimentary access to our payroll deduction savings and loans program, My Money Box, and provide valuable support and benefits to your employees.
Member Spotlight
Here's what All Saints Church in New Haw, Surrey, said about supporting Boom Community Bank. "In line with the Archbishop of Canterbury’s appeal to churches to engage with issues of credit and debt, All Saints Church, New Haw, is delighted to invest a substantial sum into our local credit union.
By making the money available to Boom Credit Union, we hope to assist those members of our local community who are financially disadvantaged. The church sees this engagement with Boom Credit Union as sharing God's love, and we hope this will bring about tangible benefits to members of our community".
Kingston Pound CIC
"From the very start, we knew we wanted a local bank to hold the money that backs the Kingston Pound. It made perfect sense to team up with an organisation with shared values and positive community ethic."
Rev Helen Hancock, St Matthew's Church, Surbiton
"At St Matthew's Surbiton, we are delighted to be able to invest part of our PCC funds with Boom Credit Union. We agreed to do this in the knowledge that our money is entirely protected and easily accessible. We see it as part of our Christian witness to steward our resources wisely but also want to use them to help those in need, especially at this time. Boom Credit Union allowed us to meet all these objectives and to love our neighbour in an efficient and ethical way."
Shere Parish Council, Gomshall
"Shere Parish Council is pleased to support Boom Credit Union, given its aims and its focus on the needs of the community."
Paula, Chichester Tree Wardens
"We didn’t have a bank account before Boom [Community Bank]. Opening the account was easy, even during the lockdown and with two signatories, it allows us to raise funds for our community projects. It’s easy to keep track of everything online and reassuring to have real people to talk with for any odd queries."
Treasurer North Sussex and East Surrey Trades Council
"We wanted to have an account with an organisation that was not interested in profits and had an ethical banking approach. Their helpful staff talked us through setting up our account, and the team dealt with any queries in a friendly and efficient manner. We thoroughly recommend Boom [Community Bank] to any business or organisation that needs a business account with an ethical face."
Dementia Tech Charity
"Excellent customer professional service from the team. Cannot fault them. Highly recommend them. Thank you for your support."
Returns on your savings
The social impact of your investment carries greater significance than the potential returns on your savings. While we may distribute dividends, they are not guaranteed. If dividends are disbursed, they will be credited to your account in April for the preceding financial year. Our financial year spans from October to September.
Depositing funds
There are multiple ways that you can deposit funds.
- Deposit a regular amount via standing order.
- Make one-off bank transfers when it suits you.
- Log in to online banking and use a debit card.
- By cheque, made payable to Boom Community Bank, to 17 Liverpool Gardens, Worthing, BN11 1RY.
Withdrawing funds
You can request a withdrawal anytime by transferring to an external account using online banking. Register or log into your account here. Alternatively, if you require dual signature control, the signatures you require to authorise a withdrawal will be collected electronically.
Online application
Open a fee-free savings account offering FSCS protection for local businesses, churches, and charitable organisations.
Apply now
Deposits in Boom Community Bank are protected by the Financial Services Compensation Scheme (FSCS). The £85,000 limit relates to the combined amount in the eligible depositor's accounts. Further information is available at www.fscs.org.uk
Read Protected Savings
Paper application
For your information
Rulebook
Corporate member badge
Find out more
Frequently asked questions
Businesses, churches, charities and other organisations, such as social enterprises, can open our non-personal corporate savings accounts.
Your organisation must be located within our common bond area, encompassing the following regions:
- Berkshire
- South Oxfordshire District
- Kingston upon Thames
- Surrey
- West Sussex
- East Hampshire (Basingstoke and Deane, Hart, and Rushmoor Districts)
- South Bucks and Wycombe Districts
Deposits in Boom Community Bank are protected by the Financial Services Compensation Scheme (FSCS).
The deposits of small companies (as defined below) are covered by the FSCS up to the £85,000 limit.
As an indicative guide, a small company must meet two of the following criteria:
• Turnover: not more than £10.2 million
• Balance sheet total: not more than £5.1 million
• Total number of employees: not more than 50
Please note that this is our interpretation only. You can find the current definitions on the FSCS website.
You are not required to have a personal account to open a corporate savings account. However, your organisation must be located within our common bond area, encompassing the following regions:
- Berkshire
- South Oxfordshire District
- Kingston upon Thames
- Surrey
- West Sussex
- East Hampshire (Basingstoke and Deane, Hart, and Rushmoor Districts)
- South Bucks and Wycombe Districts
The documents we require will depend on the type of organisation.
All organisations:
- Identification and address proof documents of individual signatories.
Limited companies, including partnerships or registered charities limited by guarantee or shares, including Credit Unions and Co-Operatives registered as Industrial and Provident Societies:
- A copy of the company’s Certificate of Incorporation and the Memorandum and Articles of Association.
If an Industrial & Provident Society:
- A copy of the registration certificates and rules.
- If a registered charity, a copy of the registration documents with a copy of the Memorandum and Articles of Association.
Trusts:
- A copy of the Trust Deed.
Unincorporated bodies, unincorporated charities, societies, clubs, and community groups:
- A copy of the Constitution.
You have several options to deposit money into the account, including:
Online Banking: Log in to online banking via our website and make a deposit using your debit card.
Telephone: You can deposit funds over the telephone by providing your debit card information.
Cheque: We accept cheques for deposits. Please make it payable to Boom Community Bank, and remember to write your membership number on the back. Please post your cheques to:
Boom Community Bank
17 Liverpool Gardens
Worthing, West Sussex
BN11 1RY
BACS Transfer: You can transfer money into your account via BACS (Bankers' Automated Clearing Services).
Additionally, to save a regular amount of money, you can set up a standing order for automated, recurring deposits.
Ensure each deposit is referenced correctly using your membership number followed by your first initial and surname. Add S1, S2, S3, or S4 to specify the savings sub-account for fund allocation. For instance, 1234AMEMBERS1.
Please make sure to reference each deposit with the corresponding deposit reference number accurately. If you are unsure, please contact us.
On joining Boom Community Bank, your organisation will be given a membership number. The membership number can be in the initial welcome letter or email, or an account statement. If you need a reminder, click the link below.
Please use the following bank details for transferring funds into your savings account. Always remember to include your deposit reference number.
Name of bank: The Co-operative Bank
Account Holder: WSSCU LTD CAPITAL
Sort Code: 08-92-99
Account Number: 65313363
We will allocate your deposit to your savings account the following day after receiving your funds. Our operating days are Monday to Friday (excluding bank holidays).
Dividends are calculated daily and linked to each £1 of savings held in your account, specifically to dividend-bearing shares, on that particular day. To be eligible for a dividend payment, you must be a member during the Annual General Meeting, and your account should maintain a minimum balance of £5. Dividend payments are not guaranteed. In the event that dividends are disbursed, they will be credited to your account in April for the preceding financial year. Our financial year spans from October to September.
Dividend percentage history: Below is a summary of the dividend percentages per share over the past three years:
- 2020: 0.00%
- 2021: 0.30%
- 2022: 0.40%
