Stafford and Rural Homes

March 6, 2009

The Staffordshire Credit Union Ltd has officially launched and is now accepting applications from anyone, wishing to open a savings account.

The scheme is open to anyone who lives, works or studies in Staffordshire and members will be able to save up to £10,000, with the possibility of gaining a return on their investment in the form of a dividend.

A credit union is a not-for-profit financial institution which is supported by its members as a co-operative and therefore can only use money from its member’s deposits to finance loans to other members who require that facility.

Kevin Waters, Chief Executive, said: “We want to bring about a fairer system of finance to people struggling to make ends meet. The local Citizens Advice Bureau reports that over 70 per cent of their work relates to people in financial crisis.

“The Staffordshire Credit Union will provide ordinary people in this area with the opportunity to access a different type of financial service, one that helps those who may have previously been excluded from mainstream financial markets because they are seen as too much of a risk.”

Members can join a range of flexible saving schemes, such as Christmas, holiday and hamper clubs, and can save as much or as little as they like. “A lot of people don’t save at the moment,” continued Mr. Waters, “So perhaps now, with the credit crunch and current economic climate, it is the right time to be looking at saving rather than spending.”

From its base at the Dudson Centre in Stoke-on-Trent, it is hoped that the Staffordshire Credit Union will become the first credit union in the UK to go completely cashless, with deposits being made by payroll deductions, standing orders, direct debits, Pay Point, Post Offices and online banking.

A Top Up debit card, which can be topped up at the credit union office from members savings, is also being planned for the future. This will provide the members who have no banking facilities the opportunity to make purchases from shops and supermarkets and can even include cash back facilities. Similar successful projects in Lichfield, Tamworth, Crewe and Nantwich provide the Staffordshire Credit Union Ltd with the ambition to strive for a membership of 3,000 within three years.

The Staffordshire Credit Union, which is a not-for-profit organisation, is approved by the Financial Services Authority (FSA) and regulated in the same way as high street banks and buildings societies and is covered by the Financial Services Compensation Scheme of up to £50,000 savings per member. It is supported by Stoke-on-Trent City Council, Newcastle Borough Council, Staffordshire Moorlands District Council, Stafford Borough Council, as well as Housing Associations, trade unions and other partners.

For further information on becoming a member of the Staffordshire Credit Union, call 0845 224 1215, email info@staffscu.co.uk or visit www.staffscu.co.uk