Charity Bank, the social savings bank, reports a significant increase in new depositors.

Between January 1st and June 30th 2012, 440 new customers have opened accounts, compared with 140 for the same period in 2011.

Visitors to Charity Bank’s website and savings enquiries have also doubled in the past week.

“Dissatisfaction with the high street banks is driving people to take action,” commented George Blunden, chairman of Charity Bank.

“Ordinary members of the public are beginning to realise that there is an alternative to depositing their savings in commercial banks, where they will have no idea what use their money is put to.”

Charity Bank invests all of its money in charities and other organisations whose mission is to improve the community or the environment.

Details of all investments are published and depositors are not only kept informed, but actively encouraged to engage with the recipients of Charity Bank loans.

“The charity sector continues to struggle when it comes to raising finance,” continued Blunden.

‘‘Traditional banks are still very reluctant to lend to those organisations which are struggling to deal with escalating social issues.

"Our work is opening up loan finance to excluded parts of the charity sector, bringing these organisations in from the margins and giving them the tools with which to help themselves.’’

Charity Bank has supported organisations across the UK for the past 10 years.

This week the bank announced its 1,000th loan, to Colchester Archaeological Trust, which has purchased a new building on the site of the Roman Circus it discovered in 2004.

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