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Tel: 020 7561 1786    |    Fax: 020 7272 8192    |    Email: info@credit-union.coop

New Year, New Start

Now the Christmas festivities are over, it’s a good time to think ahead and to look at ways of managing your money better in 2020.

No doubt many of us will have spent more than we budgeted for over Christmas and there will be some hefty bills landing on the mat. However, with one of our Saver Loans, not only could you pay off your Christmas debt, but you could also start to build up a pot of savings for next Christmas.

Our unique low cost Saver Loan sees part of your regular repayments allocated to your savings account, which means that as you repay your loan your savings continue to grow. The Saver Loan principle means that you can gradually reduce and ultimately eliminate your need to borrow and you can access your savings once the loan is repaid.

For example, £1,500 repaid monthly over a year at our typical rate of 12.7% APR, would mean 12 monthly repayments of £134, with typical total interest paid of £100. In addition, the value of savings at the end of the period would be £336.

You can apply for a low cost ‘Saver Loan’ at any time if you are using our Salary Savings Scheme. Members using other payment methods will be required to save at least £20 per calendar month for two consecutive months before we consider a Saver Loan application, although we do have other loan products available without a pre-saving requirement.

Perhaps you don’t need a loan, but would like to start building up some savings for a rainy day. If so, the Credit Union can offer a secure and ethical home for your hard earned cash. You can save as little or as much with us as you would like, although we would recommend at least £20 per calendar month or £5 a week.

Members can save by direct debit or standing order directly from their bank, or employees of organisations that participate in our Salary Savings Scheme can have savings payments deducted directly from their salary.

Our new PrizeSaver account, with the opportunity to win up to £5,000 each month, might be just what you need to persuade you to save regularly for the future.

We also offer multiple ‘budgeting accounts’ so a single payment to the credit union can be allocated to different accounts for things such as Christmas, holidays, children’s accounts or ‘pets and vets’ costs.

Martin Groombridge, Credit Union Chief Executive, said: “The New Year is an ideal time to sit down and review your finances. For some of us, we may need a little extra help to cover the cost of Christmas, and rather than piling up the debt on your credit card or turning to high cost lenders, one of low cost Saver Loans could be the answer.

“For others, the opportunity to start building up a pot of savings is the priority, and we provide our members with a safe home for their savings. As well as offering a dividend on our savings accounts, our new Prize Saver account gives members the chance of winning one of over 20 prizes each month.

“So, whether you need to save or borrow, why not talk to us in 2020, as we could have just the solution you need to help you manage your money.”

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