Don’t forget to check your pockets and down the side of the sofa for old £5 notes, they are being phased out by 5th May 2017.
Paper ‘Elizabeth Fry’ £5 notes are being withdrawn by the Bank of England and will not be accepted by Advance Credit Union from Saturday 29th April
Find out more about the new polymer ‘Winston Churchill’ £5 note plus the new £1 coin launched on 28th March.
The Fairbanking Foundation have recently published a report that highlights the overwhelming evidence that shows that borrows that save whilst paying pack a loan become habitual savers. Research by the Fairbanking Foundation carried out by Ipsos MORI shows that 67% of save as you borrow users who had no savings, and found it impossible to put money aside, now have plans to save regularly throughout the year as a result of using a Save As You Borrow product.
The report findings are no surprise to Advance Credit Union; our members with a loan save £3/week or £12/month alongside their loan repayments. For some members this is the first time they have saved and they know it is their financial buffer to smooth out life’s surprises. For other members save-as-you-borrow is simply an easy way to save regularly.
2016 was a really good year for Advance Credit Union. Our thanks to everyone attending the AGM on Saturday, we are pleased to announce a 1% dividend on savings. We will get that paid into member’s accounts as soon as possible.
Congratulations also to the raffle prize winners, Michael, Sinead and Michael. Your prizes of £5, £10 and £20 will be paid into your credit union savings. This year our staff member Nathan has been raising funds as part of the CUFutures training scheme, all money raised from the raffle and recent cake sale will go to the Credit Union Foundation, which does invaluable work funding education and development within UK credit unions.