A recent study shows that people in their 20-30s would prefer to stash their cash at home as they don’t trust banks. Of the adults surveyed in this study by Opinium, 38% of 25 to 34-year-olds mistrust banks the most compared to 28% (almost a third) for the rest of adults.
Further research by Pollfish in 2020 reveals that just over half of those surveyed (52%) would like their bank to do even more to help society as a result of the pandemic and this has been the biggest motivator for switching banks, as more than a third (36%) of people wanted to move to a bank that had a positive impact on society.
During the pandemic, our members have increased their savings with us because they trust us to look after their savings in a way that supports local communities in the South East.
One of the reasons why consumers said they didn’t trust banks is because of their hidden charges as they feel that they put profits over the needs of customers. This is the view of a member that reviewed Wave Community Bank on TrustPilot
“Opened an account today for the ethical benefits to the local community. Fed up with the massive banks and companies using my money for free and then ‘disappearing it’ when I invest it with them. The big guys don’t need my money – let’s bring back banking to help our neighbours and communities!!”
As a member organisation, Wave Community Bank is here to serve our members and any profits are shared equally. There aren’t any hidden charges and there aren’t any fat cats.
Each year at Wave Community Bank, we survey our members who constantly say how much they feel listened to and are proud of the outreach work we do when we engage with local residents. This work is highlighted in our Social Impact Report.
Wave Community Bank has received several awards for the contribution we have made to local community including helping those that had previously been refused a bank account because they didn’t have address or because of a low credit score.
As we are run by members to serve members, it is our constant goal to put our members first and any profits will be shared amongst members equally – that’s what makes credit unions different when it comes to looking after our members money!
