How HEY Credit Union can help you have a happy Christmas
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For many people it’s the most expensive time of the year and, although it’s important to remember that a Credit Union is not just for Christmas, the festive season places the biggest demand on family funds.
Research among the members of HEY Credit Union found that 39 per cent use our services to save for Christmas or other festivals, with 23 per cent saving for children or other family members and 2 per cent for holidays.
The biggest proportion of savers – 50 per cent of them – are doing it for a rainy day, building resilience to cope with whatever financial challenges come their way. By definition, unexpected bills and family crises are impossible to foresee, but Christmas is fixed.
We are known as the fair banking alternative for our commitment as a not-for-profit financial co-operative to providing fair and responsible savings and loans.
As we mark our 25th anniversary we are again helping people prepare for a happy Christmas by enabling them to spread the cost throughout the year and by offering loans of all sizes, starting at £100, whether the money is needed for gifts, food and drink, a festive break or whatever.
We set up our Christmas Saver Account in 2007 in the wake of the Farepak hamper collapse when customers lost an average £400, and some as much as £2,000.
In our region there is a well-established tradition of saving up for Christmas with informal savings clubs known as “diddlums”, often run at workplaces, community centres or by a group of neighbours.
Diddlums are based on trust and the majority run smoothly but funds in these clubs are not protected from theft and sadly on occasion they have been in the news for the wrong reasons.
With over 1,500 accounts now amassing £1 million by November each year, the HEY Credit Union scheme is arguably the biggest Christmas Club in our region. It is certainly the safest, with all funds protected by the Financial Services Compensation Scheme.
In addition, since 2015 we have worked with the Stop Loan Sharks team and with our local authorities to offer incentive bonuses of £25 to people who open and use a Christmas Saver account for the first time. The scheme draws on Proceeds of Crime Act (POCA) funding from convicted loan sharks, and over 2,000 bonuses have been awarded so far.
Feedback from our members indicates the importance of the Christmas Saver Account.
One said: “Without the Credit Union I would struggle to save for Christmas. I have also been able to budget better.”
Members can pay into the Christmas Saver all year round, as they can with our other accounts including the Family Benefit Plan, the First Saver Account and Payroll Save & Borrow. We have branches across the region so please get in touch to find out how we can help you.
To find out more visit https://hullandeycu.co.uk/