Wednesday 26th Oct, 2022
Maybe you’ve heard of credit unions but thought they were for other people. But have you ever looked into what they could offer you?
HEY Credit Union is building a strong reputation as a responsible locally-run alternative to big high street banks, offering competitive and rewarding options for the whole community.
John Smith, HEY Credit Union’s chief executive, explains, “As a not-for-profit organisation, we’re passionate about providing fair, safe and affordable financial services to make the people of Hull, East Yorkshire and Northern Lincolnshire better off.
“Back in 1999 we’d heard of credit unions in other areas helping everyone club together to save up regularly and get cheaper loans. My work colleagues and I volunteered to set one up for East Yorkshire. We’re proud to think that HEY Credit Union has since grown into one of Britain’s leading credit unions, with 15,000 adult members and junior savers and over £16 million assets.
“When you save or borrow with us you are more than a customer. You are a member and the Credit Union belongs to you. Anyone who lives or works in the Humber region is welcome and the process of joining is simple and free of charge!
“We exist to serve our members, there are no external shareholders. Some members save with us, some borrow and some do both, but all members can have a say in how their credit union develops.”
By listening to members’ feedback, HEY Credit Union has developed accounts tailored to their needs. Its Christmas Saver account (which locks savings safely away until the festive season) was suggested by members after the Farepak hamper scandal; it has become a best-loved product. Similarly, Matched Loans were designed to help members to fund a big project without depleting their hard-earned savings.
We are affiliated to the Association of British Credit Unions (ABCUL) and part of an international “family” of 86,000 credit unions serving 375 million people. In the USA, Canada and Australia, credit unions are often the main community bank and widely respected for their responsible ethics. HEY Credit Union is working hard to follow their example.
As responsible lenders, credit unions take care to lend only what their members can afford to repay. They aim to offer the most competitive rates on loans from £100 up to £20,000. Unlike some lenders, interest is not front-loaded but based on the reducing daily balance and is capped by law. There are no hidden fees and no penalties for early settlement. Members also qualify for free death benefit, so the debt can die with the member (limits apply).
John explains, “We help our members spread the cost of all kinds of planned purchases including home improvements, holidays, cars and family celebrations. When considering a loan, please think of us – you may be surprised how much we can save you. The income helps us pay our savers a return, too, keeping the benefit within your local community.”
HEY Credit Union partners with lots of organisations to promote saving and responsible money management, including over 40 employers whose staff save regularly direct from their salary. It’s proven to be the best way to start a savings habit and very popular. Savings plans include Instant Access, Christmas, and Junior Saver accounts.
These comments, taken from member surveys, show how HEY Credit Union is working hard to deliver a friendly, efficient, caring and confidential service:
Why not become part of our success story? You can: