Specialist lender Cambridge & Counties Bank has seen customer deposits hit £1 billion for the first time since the bank was launched in 2012.
The record level in deposits - up from around £900 million at the end of 2020, follows a period of strong lending for the bank, despite the economic headwinds from the Covid-19 pandemic. For the full-year 2020, the bank saw gross new lending increase by almost 40%, with a 9% rise in total loans and advances to customers to £828 million.
Cambridge & Counties Bank offers notice and fixed rate accounts to a range of organisations such as businesses, charities, and trusts. Growth in deposits has been driven by competitive rates across key markets, particularly in fixed rate accounts, with increased levels of savings supporting the bank’s lending growth in areas such as asset finance, property finance and classic car finance.
In July this year, the bank capitalised on its momentum in the market through a new brand proposition. Research conducted to support the initiative underscored the importance of personable and dedicated customer service, the value placed on human interaction, and the bank’s success in building bespoke lending solutions.
Christian Cowie, Director of Savings & Marketing at Cambridge & Counties Bank, said:
“While Bank of England base rate remains at an all-time low, Cambridge & Counties Bank has increased rates on a range of accounts over the past four months. We continue to focus on offering competitive rates and differentiating factors such as a rich customer experience and tailored solutions, as the bank looks to meet strong lending demand from our target SME and real estate markets.”