Our Heritage
Ethical banking. A little trend we started back in 1890…
Soup, soap and salvation
A former Methodist Reform Church minister named William Booth founds the East London Christian Mission, later renamed The Salvation Army. At a time of immense hardship, its mission is to help London’s poor, destitute and hungry, by providing “first, soup; second, soap; and finally, salvation.”
1890
The bank is founded
William Booth (founder of The Salvation Army) sets up The Salvation Army Deposit Bank. All deposits are used to help buy properties for The Salvation Army. From day one, social good is at the heart of the bank’s mission.
A year later the bank is registered as The Salvation Army Bank.
1890
A rallying cry from William Booth
Booth writes a book entitled ‘In Darkest England and the Way Out’. Describing the social crisis of the time and his vision for change, it lays out his early philosophy for The Salvation Army – a philosophy that has underpinned Reliance Bank ever since.
1891
Salvation Army Match Factory opened in Old Ford, East London
The famous match girl strike was caused by the poor working conditions and severe health complications of working with white phosphorus, in the match factory. So William Booth improved the safety of matches and working conditions for the factory workers.
1899
A gift to the Salvation Army
Instructed by General Bramwell Booth (William’s son) the bank makes a deposit of £682 to The Salvation Army. Worth almost £87,000 in today’s money, it is the first recorded example of a gift from the bank to support the work of The Salvation Army.
1900
Mortgages for Salvation Army properties
Deposits lodged with The Salvation Army Bank total over £200,000. Over half of this is being loaned to The Salvation Army on property mortgages at home and abroad.
1901
Change of name and limited status
The Salvation Army Bank becomes Reliance Bank Ltd. The bank moves to 103 Queen Victoria Street, next door to the Salvation Army International HQ. It is said that William Booth, waiting for a cab, looks through the window to approve how earnestly the bank staff are working!
1901
Encouraging thrift
A significant feature of the bank’s business is savings accounts with interest at 2.5% and withdrawals on demand. At least two fifths of these accounts are held by working class people, supporting William Booth’s cardinal principle to encourage thrift.
1941
Disaster strikes
The bank is destroyed by fire after an air raid. The next morning, emergency business is transacted from a temporary office. The day after that, trestle tables are set up in vacant classrooms at The International (William Booth Memorial) Training College in south London. This remains the bank’s home for the next 6 years.
1948
The bank moves back to Queen Victoria Street
1950
‘A vigorous instrument of a noble ideal!’
Reliance Bank receives a positive write-up in The Banker magazine.
2018
A change of ownership and beginning of a new chapter
The Salvation Army International Trustee Company Ltd became the sole shareholder of the Bank following many years of joint ownership with The Salvation Army Trustee Company Ltd. A new 5- year strategic plan was approved providing investment to introduce new and improved products, improve operational capabilities and support an expanded mission to enable positive social impact.
2019
Giving Money Meaning - rebranding Reliance Bank
The bank launches its new branding, updated to reflect the bank’s renewed commitment to socially responsible banking.
2020
Charity Finance Banking Survey
In the 2020 annual charity banking survey, conducted by Charity Finance, we were delighted to come first in over half the customer satisfaction categories. The categories we came first in were: Telephone services, Sector knowledge, Fees/charges, Interest rates and Commitment to Corporate Social Responsibility (CSR). When it came to the overall score, we beat all the high street banks.
2021
Charity Finance Banking Survey
In the 2021 Charity Finance Banking Survey, Reliance Bank achieved first place overall for customer satisfaction, outperforming high street banks. We were rated in first place for: Relationship Manager, Telephone Services, Fees/charges and Interest Rates.
2022
Charity Finance Banking Survey
The 2022 Charity Finance Banking Survey revealed that Reliance Bank achieved FIRST place overall for customer satisfaction, outperforming high street banks, as voted by our customers. We were rated in first place for the following categories: Relationship Manager, Branch services, Telephone Services, Internet services, Sector knowledge and Interest Rates
2022
£100m Loan Book
In 2018 we set-out a mission to achieve a loan book of £100million by 2022. Paul Croucher – CEO for Reliance Bank is proud to announce that the Reliance Bank team has achieved this very important milestone. Both our key commercial and mortgage lending areas surpassed the £50m point as we met a significant landmark in our 5 – year strategic plan.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.