If you open a savings account with the credit union, not only will you get a safe home for your hard-earned money and competitive dividend rates, but you will also be doing your bit to help some of the most vulnerable in our communities.
As a co-operative, the Credit Union has a set of values and principles at its heart which includes social responsibility, helping people to help themselves, and carrying out business in a fair, open and honest way. As we are owned by our members, everything we do is for them, and they have a direct say in how our Credit Union is run.
The money our members save with us is put to good use providing much-needed low cost loans to those who may otherwise fall prey to loan sharks, payday lenders and other high cost lenders. When people fall into debt, it can often be hard for them to get out of the trap, leading not only to financial problems, but to mental and physical health issues too.
While our primary objective is to encourage people to save, we are there to provide low cost loans when people need them. When you save with us, you too can benefit from our range of affordable loans.
Our Credit Union has been around for nearly sixty years, providing a secure home for members’ savings, and these savings are of course protected by the Financial Services Compensation Scheme.
We offer a range of flexible savings accounts to meet different needs. You can make a lump sum deposit, or you can start a regular savings plan for as much or as little as you like, although we usually recommend at least £20 a month. We offer multiple ‘budgeting accounts’ to help you save for special occasions, such as Christmas, important life events such as weddings, or major expenses like a new car or ‘pets and vets’ bills. We also offer children’s accounts.
You can save by standing order or direct debit directly from your bank account and employees of the many organisations that participate in our Salary Savings Scheme can have savings deducted directly from their salary.
We do not pay interest on savings accounts as such, but we distribute any trading surplus to our members in the form of a dividend calculated on average savings, and this is often extremely competitive compared to bank interest.
Credit Union Chief Executive Martin Groombridge said: “With our Credit Union, you can rest assured that your money is being put to good use for those who need it most, providing a low cost alternative to high interest loans and helping thousands of people escape from debt.”
Click here to join us and to find out more about saving with us click here.
