PEOPLE in Banbury are being encouraged to start preparing early for Christmas after the relaunch of the town's community bank.

Volunteers from Cherwell Community Bank are calling on savers not to resort to expensive payday lenders when it comes to the festive period but instead keep their money local.

It comes after the bank held a reopening event at the Citizen Advice offices in Banbury, where volunteers were joined by Banbury MP Victoria Prentis and town mayor Gordon Ross.

The service will also offer advice to customers on how they can best save their money, and offers saving plans through the Citizens Advice offices.

Anyone living or working in the Cherwell district is eligible to join as a saver or borrower.

Speaking after the event Mrs Prentis said: “It is a pleasure to be opening the re-established Cherwell Community Bank. The bank will provide a variety of financial services to people, including savings and simple banking facilities.

"Saving for the future is really important.

"It is especially helpful to have a local service which can offer advice and support to allow people to make informed decisions about what they could do with their money.

"This service will be particularly useful to those who may have difficult financial histories.”

The bank is also supported by Cherwell District Council and housing association Sanctuary Housing.

The council's lead member for housing John Donaldson said: "Community banks promote a thriving local economy. They are financial cooperatives which mean that any profits generated are shared with their members.

“It may sound early to start talking about Christmas, but the bank’s savings plan means that residents can avoid expensive borrowing at the last minute.

"And if they are in need of a Christmas loan, residents may well be in a better position to qualify for one if they have a relationship with the bank."

The community bank recently opened a new service point in Banbury at the Citizens Advice office in Cornhill, and further service points are set to open in Bicester and Kidlington in the next few months.

The Banbury service point is open on Tuesday mornings from 10am to 12.30pm.

Application packs to join the community bank can also be collected from the office or downloaded from northamptonshirecu.co.uk.