Thank you for your support

We have been open for exactly one month and so far 135 people have joined SurreySave, depositing over £150,000; a record for the credit union movement. 

We have set a date for our first members' meeting which will be held on 13th March at 6.30pm in Guildford. This will be an opportunity to meet SurreySave's staff and directors and to hear more about our plans to extend our services into Kingston.

We'll be sending out more details at the end of February.  

One of the emerging themes from our early work has been the serious problem with 'pay day' or 'high cost' lending in Surrey. Over half of the loan applications we have received showed a history of borrowing money from pay day lenders, often at rates of more than 4,000% APR. As access to credit continues to be restricted it seems likely that this problem will only get worse.

In some cases we have been able to help people consolidate these debts, but most often we refer people for money and debt advice.  

SurreySave helps people improve their financial circumstances. We always encourage people to save with us and everyone who has taken out a loan has also opened a savings account.

Please do let us know if you have any comments or suggestions.

Surrey Credit Union moves closer to opening its doors for business

“We will also provide a safe home for people’s savings, which are 100% guaranteed by the Financial Services Compensation Scheme. We aim to pay a reasonable dividend to our savers who will have the added benefit of knowing that their savings are being put to excellent use in our local community and help to support the Surrey economy in these difficult times.

“I want to thank the members of the Board and our supporters who have shown such loyalty and faith in SurreySave, and to our partners who have helped us to find the funds to launch the Credit Union.”

SurreySave will launch in January 2012 across the county offering loans and savings products. More information will be available prior to the launch. In the meantime, anyone who wants to be a founder member of SurreySave or to receive regular updates on our progress can register their interest here.

New report highlights benefit of credit unions

A new report published by the Chartered Institute of Housing highlights the benefits of partnership working between social landlords and credit unions. Working in partnership with credit unions helps tenants to save money on credit, build a vital pool of savings and ultimately helps them to sustain their tenancies, which benefits landlords as well. You can download a copy of the CIH Financial Inclusion Report.

New funding to modernise credit unions

The government has announced that it will be investing £73m in credit unions over the next four years.

The funding will improve credit unions’ links with the Post Office network so that members can access credit union services from their local Post Office branch.

The cash will also be spent on improving credit unions’ back offices so they can offer better and quicker customer service and a range of new products.

The Chief Executive of the Associate of British Credit Unions, Mark Lyonette welcomed the vote of confidence in the sector, “By linking up with the Post Office, credit unions will be able to reach many more families, making access to credit union services – such as bank accounts, bill payments, safe savings and low cost credit – that much easier.”

PM supports credit unions

The Prime Minister, David Cameron has stated the Government’s commitment to supporting the credit union sector. In response to a question from Tom Blenkinsop MP concerning the government’s policy on illegal money lending, David Cameron replied: “I think there is unity across the House that we should try to encourage credit unions and try to get people out of the hands of loan sharks. That is our policy and that is what we want to do.”

Which? magazine recommends credit unions

The consumer publication, Which?, has called on people to consider saving with their credit union as a means of giving the banks a wake-up call. Mike Saville, Principle Money Researcher for the magazine says, “banks are paying millions of us pitiful rates on our savings. At the same time they’re refusing to lend to anyone without a near-perfect credit score. A short-term solution? It’s time to give credit unions a look.” The endorsement comes hot on the heels of Which?’s recent publication of an online guide to saving and borrowing with a credit union. The guide provides full details of how credit unions operate, the advantages of membership and how to go about joining.

MPs declare support for credit unions

MPs from all parties declared their support for credit unions during a backbench business debate which called on the Government to support greater integration with the Post Office. Robin Walker, Conservative MP for Worcester said “I would like to take this opportunity to remind the Government of the revitalising effect that this step could have for both our credit unions and our post offices.” Consumer Minster Ed Davey MP responded by saying, “I support credit unions and the building of closer links between them and the Post Office, enabling more people to take advantage of their services. I am working with others across Government to establish where and how we can go further.”