Question 1

What is Reliance Bank?

Accepted Answer

Reliance Bank is a specialist ethical banking institution in the United Kingdom, focused on retail and business banking with a particular emphasis on serving charities, churches, and socially-focused organisations. As of 2024, the bank holds total assets of approximately £276.89 million and employs 63 people. Reliance Bank operates as a private limited company and is wholly owned by The Salvation Army International Trustee Company.

The bank positions itself as the UK's first ethical bank, donating up to 75% of its allowable profits to The Salvation Army International Trust to support evangelical and charitable work globally. Over the past decade, the bank has contributed £12 million to The Salvation Army.

Question 2

When was Reliance Bank founded?

Accepted Answer

Reliance Bank was founded in 1890 by William Booth, the founder of The Salvation Army. Originally established as The Salvation Army Deposit Bank, the institution was created to attract investments to finance mortgages on properties vital to The Salvation Army's mission to help London's poor, destitute, and hungry.

In 1891, the bank was formally registered as The Salvation Army Bank. As the bank expanded and required limited liability status, it was renamed Reliance Bank Limited on 28 December 1900. The bank was incorporated under company number 00068835, which remains active today.

The bank's founding philosophy, articulated in William Booth's 1890 book "In Darkest England and the Way Out," centered on social good and ethical banking practices—principles that continue to underpin Reliance Bank's operations more than 130 years later.

Question 3

Where is Reliance Bank headquartered?

Accepted Answer

Reliance Bank is headquartered at Faith House, 23-24 Lovat Lane, London, EC3R 8EB, United Kingdom. The bank has maintained this London address for over 23 years.

The headquarters houses the bank's main operations, including its UK-based Customer Experience Team. Historically, the bank was located at 103 Queen Victoria Street, next door to The Salvation Army International Headquarters, until the building was destroyed by fire during an air raid in World War II.

Question 4

Where does Reliance Bank operate?

Accepted Answer

Reliance Bank operates throughout the United Kingdom, serving customers across England, Scotland, Wales, and Northern Ireland. The bank prioritizes business lending to organisations delivering positive social impact within the UK.

While Reliance Bank does not operate traditional branch networks, it provides counter services through partnerships with HSBC and NatWest branches across the country. The bank also offers access to services through Post Office locations and Banking Hubs throughout the UK.

Question 5

What services does Reliance Bank offer?

Accepted Answer

Reliance Bank provides a focused range of banking services tailored to individuals, businesses, charities, and churches:

Retail Banking: Savings accounts, cash ISA accounts, and mortgage loans. In April 2021, the bank ceased offering personal current accounts to new customers, though existing accounts remain serviced.

Business and Charity Banking: Business and charity current accounts, commercial loans, commercial mortgages, business overdrafts, and personal overdrafts. The bank achieved a significant milestone in 2022 when its loan book reached £100 million.

Digital Services: Online banking platform and internet banking services for account management, bill payments, and transfers. The bank's digital offerings ranked first for Internet Services in the 2024 Charity Finance Banking Survey.

Telephone Services: UK-based dedicated customer support line, which consistently ranks first in the Charity Finance Banking Survey for telephone services.

The bank also offers international payment capabilities, though some high-risk countries may have restrictions. Reliance Bank is not a clearing bank and uses NatWest as its agent for clearing services.

Question 6

What makes Reliance Bank unique?

Accepted Answer

Reliance Bank distinguishes itself through several key characteristics:

Ethical Banking Pioneer: Claiming the title of the UK's first ethical bank since 1890, the institution prioritizes social good over profit maximization. The bank donates up to 75% of its allowable profits to The Salvation Army International Trust.

Charity Banking Excellence: The bank consistently achieves top rankings in the Charity Finance Banking Survey. In 2024, Reliance Bank achieved first place overall and led in categories including Telephone Services, Internet Services, ESG Credentials, Branch Service, and Relationship Management.

Social Impact Focus: The bank prioritizes lending to organisations delivering positive social impact. This includes charities, churches, social enterprises, and businesses committed to community benefit.

Salvation Army Heritage: As the official bank of The Salvation Army International, Reliance Bank maintains a unique 134-year relationship with one of the world's most recognized charitable organisations.

Industry Recognition: In 2024, the bank was awarded "Community Lender of the Year" by the National Association of Commercial Finance Brokers (NACFB), recognizing its commitment to community-focused lending.

Question 7

What type of financial institution is Reliance Bank?

Accepted Answer

Reliance Bank is classified as a Private Limited Company Bank in the United Kingdom, specifically operating as a specialist retail and commercial bank focused on ethical banking practices.

The bank is authorized and regulated by the Financial Conduct Authority (FCA) under reference number 204537. It operates under the Companies House classification code 64191 (Banks) and participates in the Financial Services Compensation Scheme (FSCS), which protects deposits up to £85,000 per depositor.

Unlike major clearing banks, Reliance Bank operates as a non-clearing institution, partnering with NatWest for clearing services. This specialist model allows the bank to maintain its focused mission on ethical banking, charity banking, and social impact lending while remaining a fully regulated UK banking institution. The bank's Legal Entity Identifier (LEI) is 213800EO3S4IKXAPB795.

Question 8

What is Reliance Bank's commitment to corporate social responsibility?

Accepted Answer

Reliance Bank demonstrates exceptional commitment to corporate social responsibility through both its operational model and community engagement. The bank consistently ranks first for Commitment to Corporate Social Responsibility in industry surveys.

Beyond its profit-sharing arrangement with The Salvation Army, the bank offers specialized products like the Charity Giving Savings Account, where a percentage of the interest rate is donated to The Salvation Army for every account opened. The bank has also signed the HM Treasury Women in Finance Charter, demonstrating commitment to gender equality in financial services leadership.

The institution's lending policies explicitly prioritize organisations delivering positive social impact, making social good a core business criterion rather than an ancillary consideration. This approach represents a business model where money is viewed as "a force for good" and a tool for positive change.

Question 9

How has Reliance Bank performed financially?

Accepted Answer

As of the financial year ending March 2024, Reliance Bank demonstrated solid financial performance and growth trajectory. Total assets reached £276.89 million, representing a 9.80% increase from the previous year. The bank reported an annual profit of £1.85 million for 2024.

Customer loans totaled £125.7 million, showing 5.83% growth year-over-year, while cash holdings reached £109 million, an increase of £25.74 million (31% growth). The bank maintained a loans-to-deposits ratio of approximately 57%, indicating conservative lending practices.

The bank's return on assets stood at 0.05% and return on equity at 0.71% in 2023. These figures reflect the bank's ethical approach, where maximizing shareholder returns takes secondary importance to social impact and sustainability. Staff grew significantly by 34% to 63 employees, supporting the bank's expansion and customer service excellence.

Reliance Bank

in the United Kingdom 🇬🇧

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About Reliance Bank in the United Kingdom