Day 32
Castle Community Bank
Founder and Former Chair of Castle Community Bank, Reverend Iain May of South Leith Parish Church, writes about the founding of Castle Community Bank.
Leith has a long tradition of thrift, the folk of Leith knew how to look after a penny or pound or two - indeed banking in Leith goes back to the opening of the Leith Banking Group in 1793. Sir Walter Scott is believed to have been an account holder.
However, in more recent times Leith is a place and community where poverty and financial exclusion has become a problem. In the 2010’s the local social and economic situation made Leith a magnet for pawn shops, cash-a-cheque outlets and payday lenders, interest rates of 500% were common. In 2015 there were 11 such shops or outlets within a few minutes’ walk of the Kirkgate.
A group of local folks, under the leadership of the Rev Iain May, Minister of South Leith Parish Church, set up Castle Community Bank to give the local community an alternative to such exploitative money lenders.
Castle Community Bank follows in the footsteps of Rev Henry Duncan, who in 1810 set up the first savings bank in the UK in Dumfriesshire. The aim being to give local weavers the opportunity to save; to help those who had very little; and to do something of real and lasting value for the under-privileged. This was the beginning of the savings bank movement. Castle Community Bank was founded with the same aims, and continues this proud tradition of helping those who feel they have no alternative than resort to using high cost and exploitative money lenders.
Starting with a few hundred members Castle Community Bank now has over 4000 members who save and borrow as required. Owned by and run for, the benefit of the members and the local community, the Community Bank has been a great success. It offers saving at attractive interest rates and offers loans at affordable rates, so different to the other options the folk of Leith were exposed to a few years ago.
Located right in the heart of Leith at 49 Great Junction St, (next door to Andersons the butchers), Castle Community Bank opened its doors in 2015. Hollywood actor Michael Sheen came to give his support and highlight his passion to help those less fortunate than himself.
