There was a brilliant programme on TV last night – all about a community bank in Burnley. The theory is simple – people save, people borrow and the profit goes to Charity.

It was so liked by the public that he had a 2 year waiting list for people to deposit monies. But of course there is a shed-load of red-tape involved in ‘banking’. In fact you need a licence and in the last 100 years only one has been given! It would seem that the barriers to entry in this market are high – so high as to be impossible.

But Dave didn’t give up – he campaigned hard. Burnley Savings and Loans was born. It is a Bank with a difference – they don’t credit score. They lend money to people not credit scores. And they reward savers well – 5% AER. You borrow at between 9 and 15% – but the amounts are modest – £500 for individuals and £7,500 for businesses. They need to be in the Lancashire area.

What I love about this story is that this man has taken on the system – and he has won. The FSA have approved him.

The Community Bank will probably spread now.

It was refreshing to see. The guy has a huge personality and is from the school of ‘never give up’.

I have some monies deposited at my ‘local’ Building Society. The Rate of Interest at paltry would be good. But have you tried to move an account – they want you to go in for an interview! It is really frustrating and designed to make everything as difficult as possible.

If Dave opened up a Bank here – I would gladly place some money with him…