Our local community bank, HEY Credit Union, has just celebrated 22 years of helping families make the most of their money.
John Smith, one of the founders, says the idea behind credit unions is to provide a not-for-profit alternative to big banks: “Our ethics are all about people helping people – we are owned by those who save and borrow with us, and run entirely for their benefit. Anyone who lives or works in Hull, East Yorkshire and Northern Lincolnshire is welcome to become a member.”
Credit unions aim to provide safe ways to build up handy savings as well as a cheaper, fairer option when members need to borrow sensibly, for example to spread out the cost of a major purchase.
John says, “Our different approach to other financial firms means we’re quite happy to consider smaller loans, and every application gets looked at by a human being, not scored by a computer. We’ve also kept our branches going, besides having user-friendly online and telephone contact options. We’re a very friendly team, proud to be helping over 15,000 members, and saving them at least £2 million a year in interest charges. We’ve had some lovely reviews on Trustpilot and even gained the highest possible 5-star Fairbanking Mark”.
HEY Credit Union’s family-friendly products include some not offered by banks. Their Christmas Saver account is probably the region’s biggest Christmas Club, with £1 million flowing in annually towards the big festive spend, all safely locked away until November. The Financial Services Compensation Scheme protects all members’ savings, just as with banks and building societies.
Another popular product is the Family Benefit Plan, which helps members manage their money by sensibly combining saving and low-cost borrowing, to smooth those ‘lumpy costs’ of raising a family. You can even open First Saver accounts to encourage juniors to catch the savings habit from an early age!
To find out more, visit www.hullandeycu.co.uk, call 01482 778753 or pop into one of HEY’s local branches (you can find a list of them here).
NB This is an Advertorial feature for HEY Credit Union