With the closure of the High Street Banks in Hornsea, some local residents and the Town Council have expressed interest in the region’s Credit Union providing services in the town.
Hull & East Yorkshire Credit Union (HEYCU) was established by a group of volunteers in 1999 and has been steadily expanding its membership and services across the County ever since. It is a member-owned ‘not for profit’ organisation (a co-operative) run entirely for the benefit of its 12,000 members, not for outside shareholders. Credit Unions do not have the huge resources of the big banks and so their branches are smaller, often hosted by ‘partner organisations’ and with more restricted opening hours. But they can offer a friendly, safe and ethical alternative when people are looking for locally-based financial services.
Locally, HEYCU has branches in Prospect Street, Bridlington; Market Walk, Driffield and The Shores at Withernsea. It is regulated by the Financial Conduct Authority and members’ savings are covered (up to £85,000) by the Financial Services Compensation Scheme just like bank or building society deposits. It’s also one of only a handful of UK organisations to receive a Fairbanking Mark.
What can the Credit Union offer residents?
Savings accounts for the whole family:
Instant Access – members can have up to four accounts to save up for specific purposes or just a rainy day. Dividends are paid to reward savers from the Credit Union’s annual surplus.
Christmas Saver – a very popular account which locks savings away until 1st November to remove the temptation to ‘dip in’.
Junior Saver – for the special children in your life up to age 16. These can also be offered via schools, such as the Pennies2Pounds Clubs at Aldbrough, Roos and Beeford Primary Schools.
Sensible, responsible Loans from £100 to £20,000 at very competitive rates:
With a legal interest cap of 3% per month, Credit Unions offer the cheapest small loans available, enabling members to pay far less interest by switching away from doorstep lenders, weekly payment stores, payday lenders etc.
Child Benefit Loan & Savings Plan – this popular product helps families to make the most of their money by combining saving and sensible borrowing to smooth the year’s peaks and troughs.
Larger Loans – these are often cheaper than those offered by High Street Banks, with repayment periods up to 10 years. Members can apply to ‘Swap & Drop’ high cost credit for a cheaper CU loan. A slider bar on the website gives a guide to current rates.
HEYCU doesn’t offer a full current account at present but members can apply for a prepaid Debit Card facility. Organisations such as clubs, societies and small charities can apply for a deposit account called a Community Account and let the Credit Union safely look after their funds.
For more information about HEYCU’s services visit www.hullandeycu.co.uk WOULD YOU USE THE CREDIT UNION IF IT CAME TO HORNSEA?
HEYCU is conducting some research to find out if there is a demand for its services in Hornsea. Please help by returning this short questionnaire to [email protected]
1 Would you be likely to join and use a Credit Union contact point if it opened in Hornsea? Yes No
2 If yes, how often would you visit the branch? ……………………………
3 What type of account(s) would you be likely to open? …………………………………….
4 Would you be interested in taking out a Credit Union Loan? Yes No
5 Would you consider being a Volunteer for the Credit Union, helping to promote it locally? Yes/No
Name…………………………………………………………… Contact…………………………………………………………………
Thank you. Please reply by 30th June
We will publish the results of the questionnaire in the August edition.
John Smith, Chief Executive, Hull and East Yorkshire Credit Union
T: (01482) 778753 M: 07896 267517
E: [email protected]
www.hullandeycu.co.uk
