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14 Nov
2013

Bishop launches Nottingham Credit Unions Corporate Savings Scheme.

Posted On: 14/11/2013 11:17:00

On the 17th of October, International Credit Union Day, Nottingham Credit Union officially launched its new corporate savings account, and the first deposit was made by the Bishop of Southwell, seen here handing over a cheque for £5000 to Ella Ferris the General Manager of Nottingham Credit Union, also pictured is Glyn Draper who is a volunteer with the Credit Union.

The Corporate savings scheme means that organisations as well as individuals can save with Credit Unions. Following on from the successful 100 x 100 initiative in partnership with the Diocese of Southwell and Nottingham, Nottingham Credit Union is launching 25 x 25, with the aim being for 25 organisations to save £5000 with NCU.

Martyn Swaby who is the Business Development Consultant for Nottingham Credit Union says: “if we can encourage 25 organisations to save £5000 with us that is £125,000 extra capital that can be leant out to those who otherwise would be at the mercy of horrendous interest rates charged by some payday and doorstep lenders. This would mean an approximate saving of £100,000 in interest payments over a 12 month period on those loans.”

Dana Brealey, who joined the Credit Union as she and her partner needed a loan said: “What I like is that if you mess up NCU will still help you out and they are more personal than the banks that are faceless businesses, and the cheaper interest rate does help.”

Bishop Paul added: “I am a great fan of credit unions because they offer a way in to saving and borrowing at sensible interest rates for those with the lowest incomes. There is a real concern about payday loans which charge very high interest rates, sadly legally. Then there is also real concern about loan sharks exploiting the poorest. If those of us who have more save with credit unions then we help them have increased capital to offer helpful loans to those who need them at reasonable interest rates.”

To find out more about NCU’s services you can contact the head office on 0115 828 3121, or email: martyn@nottinghamcu.co.uk or for general enquires: info@nottinghamcu.co.uk.

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