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Community bank opens in Swaffham

PUBLISHED: 20:44 15 July 2008 | UPDATED: 15:55 02 June 2010

A community-based bank is to open in Swaffham, offering members attractive packages

The Iceni Community Bank, a branch of the South Norfolk Credit Union, provides free insurance for members and profits are paid out to savers as an annual dividend.

A community-based bank is to open in Swaffham, offering members attractive packages

The Iceni Community Bank, a branch of the South Norfolk Credit Union, provides free insurance for members and profits are paid out to savers as an annual dividend.

“By saving with a credit union you are also helping your community as all the cash stays in the community,” said Dennis Tallon from the Iceni Partnership and also speaking for the branch.

“The savers in the community are helping the borrowers in the community. The borrowers are helping to provide dividend income for the savers. Any profits are ploughed back to the members in the community. The credit union is run by people in the community for the community,” he added.

Mr Tallon said a credit union was a financial co-operative owned and democratically controlled by its members and run solely for the benefit of its members. Members save with the credit union and then take out loans if they wish. Interest rates are very competitive for small loans. Some free insurance is provided for members. Savings do not attract a set interest rate but any profits made by the credit union are paid out to savers as an annual dividend.

The bank will be opened on Tuesday, July 15 by Christopher Fraser, South West Norfolk MP and will operate between 1-4pm at the Community Centre in Swaffham's Campingland.For further information please contact Dennis Tallon on 01760 722800 or email dennis@iceni.info

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