PEOPLE in Didcot have been given an alternative to using high street banks.

Launched by mayor of Didcot Des Healy at the civic hall, the Didcot Community Bank is now welcoming applications from customers.

The bank is a branch of the Swan Credit Union, a local not-for-profit financial co-operative, and has been established to provide affordable loans for people in Didcot and the surrounding area.

Tom Fox, director of the Citizens Advice Bureau in Didcot, said: “The bank has been set up with a community ethos and will work best for people who want to make small regular savings or who want to borrow money at a sensible rate and do not have access to high street banks.

“That might be the case if they are on a low income or have had credit problems in the past.

“The community bank can offer small loans, maybe under £1,000, and that could help a family to buy a new washing machine.”

Didcot mayor Des Healy said: “This is a good opportunity for people who, for whatever reason, have not been able to get a bank account.

“I welcome the support of the CAB as that is an organisation which helps people facing financial problems. The Swan Credit Union is well established in the region and it is great to see the organisation coming to South Oxfordshire.”

Phil Stratton, one of the bank’s directors, said: “You have to save with the bank for 13 weeks and then you can borrow three times what you have saved.

“There is also a child benefit loan and savings account and mums can transfer their child benefit payments to be paid to the community bank.

“They can then borrow up to £500, depending on their means.

“There are two information centres about the bank in Didcot – one at the Citizens Advice Bureau and the other at the Soha Housing offices.”

Other organisations supporting the bank include local churches and business support group Didcot First.

To apply to join the bank online, visit didcotcommunitybank.org.uk