Northern Community Bank looks to the future after major Burnley expansion

Northern Community Bank may have more than four decades of history behind it, but chief operating officer Tia Warbrick believes there is still plenty more to come.

Following a period of major change which has included a new name and a move to new premises in Burnley, attention is now firmly turning to the future.

“I think there’s so much opportunity with the products and services that we offer, especially now we’re in this branch where our team can collaborate more closely together,” said Tia.

“We’ve changed quite a lot over the last few years with the move here and the rebrand. We’ve also introduced new products. But there’s so much more we still want to do.”

That sense of opportunity is reflected in the new Manchester Road branch.

While some visitors have jokingly asked “Where has the bar gone?” since the former Wetherspoons was transformed, the aim was to create somewhere people would still want to visit.

For Tia, that applies just as much to colleagues as it does account holders.

“We wanted to create a place where staff and account holders came in and really enjoyed spending time here,” she said.“And we feel that’s what this building does.”

The branch includes flexible spaces for staff and community partners, as well as a training room for up to 30 people and a boardroom reflecting Northern Community Bank’s vision and principles.

“The team absolutely loves having more space to work together. It means people can get together much more easily, whether that’s across different teams or with the partners we work with in the community,” said Tia. “It’s absolutely perfect for our growth.”

That growth is also being supported by a broader range of products, with Northern Community Bank’s savings accounts attracting particularly strong interest.

Its one-year fixed-term savings account, which pays 4.5% interest on deposits of up to £120,000, has become one of its most popular offers, appealing to savers looking for a competitive return over a relatively short period.

The Northern Saver account offers another option for those who want easier access to their money, paying 2.78% interest monthly.

Alongside those newer products are accounts which have been part of Northern Community Bank for much longer.

Its Christmas Savings Account remaining one of the most popular. Last year, customers saved £760,000 through the account, but perhaps more tellingly, 90% of those using it said they had never had a Christmas savings account before joining Northern Community Bank.

Helping younger people get used to saving is another area the organisation wants to build on.

A dedicated area has been created for young savers inside the Manchester Road branch, giving children their own space while parents or guardians deal with their accounts.

Northern Community Bank has also partnered with more than 100 primary schools through its Money Matters Suitcase project.

Supported through its £20,000 community donation programme, the project aims to improve children’s financial knowledge and has already received a positive response from schools.

Savings may remain a cornerstone of Northern Community Bank, but lending continues to be a major part of what it does.

The organisation provides loans ranging from £150 to £15,000, helping account holders with planned purchases as well as unexpected household costs.

One of its biggest successes has been the £500 Family Loan and Saving Scheme, introduced in 2019.

The scheme has now helped more than 10,000 families by providing access to affordable borrowing while also helping people build savings.

Tia believes products like that can also help challenge the perception that community banks are only there for people who are struggling financially.

“I think obviously we try our best in terms of raising awareness of all the things that community banks do,” she said. “But we do want to be there for everybody.

“The 4.5% interest-bearing account has obviously brought in a different demographic of people into the community bank.”

She added: “I think the £500 Family Loan and Saving Scheme was absolutely amazing at doing this. We’ve now got 10,000 account holders that we’ve helped by providing accessible lines of credit and also building savings accounts.”

Over the past 40 years, Northern Community Bank has supported people with more than £200m. in loans.

It is a scale that would have been hard to imagine when 15 savers pooled just £75 to establish Nelson Community Credit Union in 1982.

The move to the Northern Community Bank name is intended to help the organisation build on that growth and reach people who may never previously have considered using a credit union.

“I think that the name really signifies more that we’re there for the community,” said Tia.

“It breaks down the barriers when people don’t know what a credit union is. It has a much more modern feel to it and I think it gives us space to grow further and develop and obviously reach more people.”

That ambition to reach more people is at the centre of what Tia wants to see happen next.

“In five years’ time, I hope that we’re reaching more account holders within our communities that we serve. I hope that we’re lending more and also building better saving habits and making it easier for more people to manage their money.”

For Northern Community Bank, that means continuing to develop products which respond to what people actually need.

“We are really excited about the future of Northern Community Bank,” said Tia.

“It’s too easy to say we want to be there for everyone in the community, but that really is our goal. Every day we’re working to improve every aspect of this community bank for savers and borrowers, whilst helping people to manage their money better.”

The name and surroundings may have changed significantly since those early days in a Nelson church hall. The next chapter is about making sure more people understand what Northern Community Bank can offer them.