Charter Savings Bank deposits hit half a billion

25 June 2015

Charter Savings Bank, one of the challenger banks to launch this year, is celebrating a landmark milestone as the bank surpasses half a billion pounds in deposits from customers. The dedicated savings bank, which launched in March of this year, has over 10,000 customers who have deposited their savings across Charter Savings Bank’s range of easy access, notice accounts and 1 – 5 year fixed rate bonds.

Paul Whitlock, Director of Savings at Charter Savings Bank said: "2015 has, so far, been an incredible year for us. When we launched in March, we knew that a combination of great rates, straightforward products and reliable service would be attractive to those looking for a new home for their savings. In just over 3 months it’s encouraging to see that this formula is working. We now have more than 10,000 customers and between them they've deposited over £500,000,000 of savings across our product range, with the 1 year bond being the most popular account to date. We're delighted to be helping so many savers achieve their savings goals and look forward to welcoming many more."

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Charter Savings Bank Newsletter - Issue 1 June 2015

01 June 2015

Welcome to our first newsletter, this issue takes a look at the savings landscape for the rest of 2015.

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New Wolverhampton based savings bank celebrates launch with guests of honor

11 March 2015
  • Emma Reynolds, Shadow Housing Minster officially launched Charter Savings Bank (CSB) in Wolverhampton
  • CCFS’ workforce has already increased to nearly 300 and further recruitment is planned in the months ahead.
  • Charter Savings Bank (CSB), the new savings proposition from Charter Court Financial Services Ltd (CCFS), celebrated its official launch with an Open Day held on Friday afternoon. The Open Day marked a celebration for the firm following what has been an already busy year in which CCFS received their banking licence in January.

    The celebrations kicked off with an opening speech from Ian Lonergan, Chief Executive Officer of CCFS followed by the inaugural cutting of the ribbon by Emma Reynolds, Shadow Housing Minister, which marked the official opening of CSB.

    Alongside Emma Reynolds, many other guests attended the Open Day including representatives from Wolverhampton Rugby Club and CCFS’ chosen charity for 2015 “Believe to Achieve”.

    The arrival of CSB is just part of a continuing regional success story for Wolverhampton, which has seen unprecedented development recently. CCFS has been based in the city since 2008 and employs 273 staff; the introduction of CSB will undoubtedly bring new opportunities for recruitment and demonstrates the firm’s commitment to the local area. Jaguar Motors has recently set up offices in the nearby area which received a £6m investment pledge from the Government in 2014.

    CCFS has been an avid supporter of the local community and CSB will endeavor to work with local charities throughout 2015. The firm will also continue as proud sponsors of Wolverhampton Rugby Club.

    Ian Lonergan, Chief Executive Officer of CCFS, commented, “The Charter Savings Bank open day on Friday was a real celebration for us all at CCFS. The past 12 months has been an exciting time for us all, with a lot of work going into the rigorous Prudential Regulation Authority authorisation process.

    “However, the real work begins now and we are all really eager to get going and start serving customers of Charter Savings Bank. We promise to provide competitive rates and excellent, reliable service to our customers. It’s a very exciting prospect and we hope to see further growth and bring even more employment opportunities to the local area.”

    Emma Reynolds, Shadow Housing Minister and local MP said: “In the last six months Wolverhampton has enjoyed a real boost to its economy. Many large businesses have moved offices to the surrounding area and it’s becoming a real business hub, rivaling many of the larger midlands cities. Big names such as Jaguar Land Rover have set up in Wolverhampton over the past year, and the launch of Charter Savings Bank signals further signs of economic growth.

    “This marks a hugely exciting time for Charter Court Financial Services and all of its employees. I’m excited to see how Charter Savings Bank progresses and look forward to the boost in employment in the local area. The launch is a fantastic achievement for Ian and the team at CCFS and is yet another positive step forward for the region. I wish them the best with all the hard work they have ahead of them.”

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    New Bank launches with competitive savings accounts

    02 March 2015

    The UK’s newest bank, Charter Savings Bank has unveiled a portfolio of savings accounts designed to meet the needs of UK savers. The accounts, available from today (2nd March 2015) will focus on meeting the needs of those saving for both the short and long term, and those seeking a regular income from their savings.

    Charter Savings Bank offers three core savings account types: Easy Access, Notice and Fixed Rate Bonds, for deposits from £1,000 to £250,000. Each account boasts attractive rates and straightforward features:

  • Easy Access variable rate of 1.25% AER*
  • - Ability to pay in and withdraw funds at any time with no notice and no penalties

  • 95 Day Notice variable rate of 1.75% AER*
  • - Access to funds after providing 95 days’ notice, with no early withdrawals and no interest penalties

  • A full range of Fixed Rate Bonds (1,2,3,4 and 5 years) ranging from 1.80% AER*up to 2.50% AER*, allowing customers to lock away their funds whilst knowing what interest they will receive.
  • All accounts are available with monthly or annual interest payments, giving savers the option to draw a regular income from their savings.

    The bank announced approval of its banking licence by the Prudential Regulation Authority (PRA) in January 2015 and represents an alternative to traditional banks, providing accounts that offer a straightforward and transparent savings solution for a customer base which is currently struggling to achieve its financial goals. The online bank, which removes the cost associated with a physical presence on the high street, is a UK bank for UK savers with a dedicated UK telephone customer support team that operates seven days a week.

    Charter Savings Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme, which protects customers’ eligible deposits up to a total of £85,000.

    Ian Lonergan Chief Executive Officer of Charter Savings Bank commented: “When we launched Charter Savings Bank our vision was simple: to create straightforward savings accounts with competitive rates, backed by reliable service, to help savers meet their financial goals. We know a significant number of savers are struggling to achieve good returns on their savings in today’s economic climate, but we are confident that our accounts will provide a better deal for customers.”

    Paul Whitlock Director of Savings Charter Savings Bank: “We’re proud of our core products which aim to provide a portfolio of saving accounts with something for everyone, whether they need access to their funds straightaway or if they want to put them away for a longer term. Increased choice from banks will benefit consumers, not just in price, but also in the service they receive.”

    Customers can also stay up to date with product information by following the bank on Twitter @Charter_SB and on Google+.

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    CCFS to launch new challenger bank

    07 January 2015

    Charter Savings Bank, a dedicated savings proposition from Charter Court Financial Services Ltd (CCFS), will launch in early 2015 following the approval of its banking licence by the Prudential Regulation Authority (PRA).

    The Bank joins a small group of challenger brands who have recently moved into the retail banking space and comes at a time when savers are suffering from a lack of options from high street banks. Acting as a true challenger, Charter Savings Bank will represent a real alternative to traditional banks, bringing a straightforward, transparent savings solution for a discerning customer base which is currently struggling to achieve its financial goals.

    The new Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme, which guarantees eligible customers’ deposits up to a total value of £85,000.

    The online and telephone based proposition, which removes the cost associated with a physical presence on the high street, is set to launch early 2015 and will be a UK bank for UK savers. The products will focus on offering attractive and competitive rates across easy access, notice and fixed rate savings accounts supported by excellent customer service.

    CCFS has made a number of senior board appointments to support the launch of the banking proposition and the future growth of the company. Philip Jenks becomes CCFS’ Chair after a forty year career in retail banking. Ian Ward, former Chief Executive Officer of Leeds Building Society has been named Vice-Chair and will be responsible for overseeing the savings proposition.

    Tim Brooke, formerly a partner of PWC who has held senior positions at several retail banks, joins the Board with specific responsibility for overseeing the Bank’s risk functions. In addition, Ian Wilson joins with a wealth of retail banking experience as the Bank’s Chief Risk Officer.

    Ian Lonergan, Chief Executive Officer of CCFS, will take overall control of running the new Bank. Paul Whitlock, formerly Director of Savings at Shawbrook Bank, has been appointed Director of Savings at Charter Savings Bank and is the chief spokesperson on banking issues.

    Ian Lonergan said: “We see the development of a retail banking proposition as a logical extension for our business, enabling it to diversify into new markets and build a sustainable and competitive business model for the future. Being granted this licence by the PRA demonstrates the strength of our offering and the ambitious plans we have to champion savers and help them realise their financial goals.” Paul Whitlock, commented: “We will bring competitive rates and excellent, reliable service to a customer base which has too often been taken for granted by high street banks. A significant number of savers are dissatisfied and feel unrewarded in today’s economic climate and we intend to provide new options that meet their needs.” He added: “It’s high time, in what has become a listless market, that straightforwardness and robust rates are re-introduced to the market. Charter Savings Bank aims to do just that.”
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    Financial Services Compensation Scheme

    Financial Services Compensation Scheme

    Your eligible deposits with Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit