Community Savings Ltd is not a bank. It is a Jersey registered company and charity that has a similar philosophy to UK credit unions. It is exempt from registration under the Banking Business (Jersey) Law 1991, as an Exempt Person under Schedule 1 of the Business Banking (General Provisions) (Jersey) Order 2002, subject to the conditions specified therein. Community Savings Ltd is supervised by the Jersey Financial Services Commission.
Community Savings Ltd is not a participant in the Jersey Bank Depositors Compensation Scheme and customer deposits are not covered by the Scheme in event of the failure of Community Savings Ltd.
Community Savings deposits its customers funds in a bank account in Jersey with a bank registered under the Banking Business (Jersey) Law 1991, that is a participant in the Jersey Bank Depositors Compensation Scheme. Community Savings Ltd is an Eligible Depositor under the Banking Business (Depositors Compensation) (Jersey) Regulations 2009. The maximum amount of compensation payable to Community Savings Ltd, should the bank holding its deposit fail, is equal to the total of the amount each natural person has in an account with Community Savings Ltd up to a maximum amount of £50,000 in respect of each such person. The maximum total amount of compensation payable under the Scheme is capped at £100,000,000 in any 5-year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website www.gov.je/dcs or on request.
Community Savings Ltd is registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, as amended, and is subject to supervision by the Jersey Financial Services Commission in respect of its compliance with applicable Jersey anti-money laundering and counter-terrorism legislation.
Community Savings Ltd registered office and principal place of business is Commercial House, 2 Commercial Street, St Helier, Jersey JE2 3RU. It is registered in Jersey with company number 77277.
Community Savings Ltd is a charity registered in Jersey with the Jersey Charity Commissioner, registration number 94 and the Association of Jersey Charities, registration number 211.
Customer complaints can be made by telephone, email or by letter. Where a complaint cannot be settled, a customer may refer the matter to the Channel Islands Financial Ombudsman.