Launch of The Potters Bank - a new credit union for Stoke-on-Trent

A new chapter in community finance has begun with the official launch of The Potters Bank.

It is a credit union designed to combat illegal lending and provide safe, affordable financial services to the people of Stoke-on-Trent.

The city has been without a credit union for nearly two decades, during which time the need for ethical financial alternatives has grown significantly.

The Potters Bank aims to fill that gap, offering residents a secure place to save and access low-cost loans - especially those most vulnerable to predatory lending practices.

The credit union will complement wide ranging work that the council carries out to provide financial support for residents under its Help is at Hand Banner - Supporting our city | Stoke-on-Trent. 

This includes Money MOTs delivered through Citizens Advice, Saltbox and Disability Solutions, as well as help through the Household Support Fund and community lounges.

As well as being delivered through a dedicated website it will also be available through the council's community lounges.

The initiative was born from a conversation between local businessman James Adams, founder of mortgage brokerage My Simple Mortgage, and Stoke-on-Trent City Council. Their shared concern over the closure of high street banks and Post Office branches—and the rise of payday lenders and loan sharks—sparked a plan to bring community banking back to Stoke.

“We wanted a financial solution for the people of Stoke, provided by the people of Stoke,” said James Adams, who was invited by the council to lead the project.

Councillor Sarah Hill, cabinet member for finance, anti-poverty and corporate services at Stoke-on-Trent City Council, said: “This is great news for the city because it is all about providing low-cost, safe loans and helping people avoid the trap of dangerous debt.

“It’s also about helping those people who most need support and sits alongside the wide-ranging help we provide to combat the cost-of-living crisis through campaigns such as Help is at Hand.” 

The Potters Bank will be operated by Just Credit Union, a not-for-profit organisation already serving Shropshire. Chief Officer Karen Farrow explained: “We operate in a similar way to a bank, but we’re owned by our members and run for their benefit. We offer access to low-cost, affordable loans and a safe home for savings.”

The official launch event took place at Stoke-on-Trent City Council’s Civic Centre on 4th November, marking a significant step forward in financial inclusion and community empowerment.

The website for the new credit union can be found here - www.thepottersbank.org