The bank that helps you to pray as well as pay

Kingdom Bank, the Christian owned and run bank based near Nottingham, has been bought by leading Christian financial charity Stewardship and a group of Christian philanthropists, all of whom have significant business and financial expertise. Stewardship, which has encouraged Christian giving in the UK for 110 years, now owns 35 per cent of the Bank and the philanthropists 65 per cent.

The new owners are all committed Christians. They plan greatly to expand the Bank’s activities over the next few years, taking deposits from Christians and lending to churches, charities and Christian workers. They will be investing additional capital in order to achieve this and profits will be reinvested to enable further growth. 

Like all UK banks, Kingdom Bank is authorised by the Prudential Regulation Authority and regulated by them and the Financial Conduct Authority. Importantly, this means that all deposits up to £85,000 are fully protected through the government’s Financial Service Compensation Scheme.  

I am one of the investors and have 35 years of banking experience, having been CEO of the UK's oldest family-owned private bank, C Hoare and Co before having to step down with incurable cancer in 2015. You can read my story about hope in the face of death in my new book Beyond the Big C. Stewardship (where I am also a trustee) has more than 30,000 Christian customers and plays a leading role in encouraging churchgoers to be generous across a huge range of churches and charities. 

We bought the bank because of its unique mission: the glorification of the Lord Jesus Christ. Other banks lend to churches, of course, but Kingdom Bank is unique because it offers specialist products for the church sector. It takes deposits from individuals and churches, on which it aims to pay attractive rates of interest. Having these deposits is essential for it to be able to make loans.

This money is then lent to churches (for example for new or refurbished buildings) and Christian charities, such as food banks. Or it may go to church workers who may need a mortgage, for example returning missionaries, or those who may be "living by faith” and receiving personal support from friends and family. It is very often hard for these individuals to access appropriate financing through high street banks and building societies. 

An additional benefit of Kingdom Bank is that its depositors can be sure that every pound invested is directly used to finance Christian work. Additionally, the bank offers a specialist market leading insurance broking capability which enables churches to find the best insurance quotes for their particular needs, again enabling them to access specialist expertise not available from most other brokers or providers. 

The bank, which was previously owned by the Pentecostal “Assemblies of God” denomination, has been running for 60 years. Its dedicated staff provide customers with an excellent personal service, including praying with them, if they wish, and they and the management will remain after the acquisition. In the past, the bank has tended mainly, but not exclusively, to focus on Pentecostal churches. One important consequence of the Bank’s expansion is that we hope to broaden the range of churches using its services, especially placing deposits. 

In my view there has never been a more important moment for clergy, churches, charities and their staff to be able to access specialist financial expertise quickly, easily and with an undoubted personal touch. This acquisition therefore marks a major new step in supporting and financing future church growth.

Jeremy Marshall held a number of senior banking posts in the UK and abroad during his 35 year career including being CEO of the UK’s oldest family-owned private bank, C Hoare and Co.