HEY Credit Union took over Hull Guildhall on Friday 8^th November for a big Celebration of its first quarter century.

Those present included founders and early members from 25 years ago, directors, volunteers and staff from a branch network stretching from Bridlington to Grimsby and Goole to Withernsea, as well as representatives of partner organisations and service providers, all of whom have played their part in the Credit Union’s success to date.

Guests were welcomed by the Lord Mayor of Kingston upon Hull, Cllr Mark Collinson, and they heard from speakers who represented the past, present and future of an organisation which has generated millions of pounds for the regional economy by offering a fairer banking alternative for savers and borrowers and helping the community develop a better understanding of everyday finances.

Cllr Mike Ross, Leader of Hull City Council, and Cllr Daren Hale, Leader of the Opposition, both spoke about the significance of HEY Credit Union and the difference it has made, while Matthew Stevens, its CEO, highlighted achievements so far.

He told of modest beginnings when the Credit Union was set up in a back room in the Guildhall to help council workers build up savings and get cheaper credit.  Over succeeding years it made the most of a change in the law to go community-wide across Hull and East Yorkshire, Northern Lincolnshire and North Yorkshire, enabling 18,000 members and junior savers to accumulate nearly £15 million in savings.

Matthew said: “Lots of members have told us that, without us, they’d never have got into the habit of saving regularly. We’ve also issued 81,000 low-cost loans, to a total value of £60 million. We estimate that we have saved people who have borrowed with us, instead of taking out credit with doorstep lenders and other high cost credit sources, at least £25 million in interest charges.

“We’ve also returned £1.6 million to our members as Dividend, sharing the benefits of Co-operative trading with those we serve. These funds have stayed within our region’s economy instead of being sucked out to make profits and bankers bonuses for City bankers”.

Also present at the celebration were some of the 32 employers who support their workforce wellbeing with direct payroll deductions for Credit Union savings and loans.  Matthew said: “None of this success would have been possible without the dedication of our amazing team of staff and volunteers.  The work they do, day in, day out, to look after our members is tremendous and I’d like to thank them all, not only for their loyalty and support but also the way they live up to our co-operative ethics and values in everything they do”.

Andy Stankard, outgoing President of HEY Credit Union and an employee of Hull City Council, told how he was approached in the early 2000s to help with the Credit Union’s expansion. His involvement led to him becoming Vice President in 2014 and President in 2017.

Joe Hendon, who will succeed Andy in December, said: “I am excited to take on this role and really enthusiastic about what HEY Credit Union does now and what it has the potential to do in the future.”

Andy also made a special presentation to John Smith, founder member and inaugural CEO, to mark his 25 years’ service to HEY Credit Union.

ENDS

Further information

HEY Credit Union – John Smith (Governance Officer)

Email jsmith@hullandeycu.co.uk

Call 07896 267517

Credit Union keeps multi-million pound “bankers bonus” in the local economy as it reaches 25-year milestone

An organisation set up to help families in Hull manage their finances estimates it has saved members across the region a staggering £25m in interest charges during the quarter of a century since it was launched.

HEY Credit Union – which was founded by a small group of Hull City Council colleagues in 1999 and now operates across the Humber region – has also returned £1.6m in dividends to its savers.

John Smith, HEY Credit Union’s Governance Officer, said: “In a commercial bank, that money would most likely have lined the pockets of corporate investors or global hedge funds or ended up as ‘bankers bonuses’ for highly paid managers and directors.”

Feedback from the 18,000-strong membership indicates they place a high value on the efficiency and flexibility of the service and see HEY Credit Union with its not-for-profit co-operative approach as a fairer alternative to savers and borrowers.

Matthew Stevens, Chief Executive of HEY Credit Union, said: “The cost of living crisis has brought more people to us as they regard us as a trusted local alternative to high street lenders. They seem to like the friendly service and the fact that we are working for them and not trying to make money out of them.”

Since HEY Credit Union was founded it has outgrown a tiny office in the Guildhall and  now has its own headquarters in Brook Street in Hull city centre.

The aim from the outset was to provide safe savings accounts and competitive credit facilities that help people to afford their lives, build financial resilience to withstand hard times and manage their money wisely.

Most of  the services are online, but as the major banks have reduced their physical presence in towns and cities HEY Credit Union has strengthened its commitment to retain a visible presence in key communities where people can access face to face enquiries, transactions and support. It now operates branch offices across the Hull and Humber region in Bridlington, Goole, Scunthorpe, Grimsby, Driffield and Withernsea.

John was one of 21 founder members in 1999 and served as Chief Executive until stepping down in 2023. He recalled that, at a time when Kingston Communications was being floated on the Stock Exchange, many of the early low-cost loans were to people who wanted to buy shares in the much-loved organisation.

John said: “We had heard great things of financial services co-operatives called credit unions being set up in other cities and we wanted to provide our colleagues at the City Council with easy ways to save, access to affordable loans and other handy services to help them manage their money better.

“It was very exciting when, on 10 June 1999, we received our registration certificate from the Registrar of Friendly Societies and were able to open for business!”

Since then HEY Credit Union has issued 81,310 loans to a total value of £59,018,666.  The biggest spend has been just over £14m on home improvements, which have accounted for 15,975 loans.

A total of £8.8m was spent on cars, caravans, cycles and motorbikes, just over £6m was borrowed to spread the cost of a holiday and £5.8m was used to buy furnishings, domestic appliances and household goods.

Other reasons for borrowing have included computer equipment, clothing, school uniform, vets fees, legal fees, family celebrations, bereavement costs, bonds, paying off a mortgage and consolidating debts to reduce monthly outgoings.

Christmas has been one of the biggest spends over the years with the issue of 16,467 loans worth a total of £8,165,389 (14%) were to help with Christmas. A Christmas Saver account, which lets members lock funds out of temptation’s way until the festive season, was introduced at the request of members and is believed to be the largest Christmas Club in the Humber Region, with around £1 million saved into it each year.

The HEY Credit Union board has calculated that its members have saved at least £25m in interest charges by coming to them for affordable loans instead of dealing with doorstep lenders and other high cost credit providers. 

John said: “Added to the dividend, HEY Credit Union has therefore pumped at least £26.6m back into the regional economy, demonstrating the power of co-operative enterprise to make a significant social impact.”

Businesses and other organisations are also supporting HEY Credit Union with the introduction of payroll partnerships, under which more than 30 employers provide their workforce with direct payroll deduction for savings and loans.

Matthew said: “This has been a growth area because payroll deductions, before a wage or salary hits the worker’s bank account, are proven to be the best way to start and maintain a savings habit, which builds financial resilience, enabling the saver to withstand the shocks of unexpected bills, loss of income, ill health and adversity.”

ENDS

Credit Union keeps multi-million pound “bankers bonus” in the local economy as it reaches 25-year milestone

An organisation set up to help families in Hull manage their finances estimates it has saved members across the region a staggering £25m in interest charges during the quarter of a century since it was launched.

HEY Credit Union – which was founded by a small group of Hull City Council colleagues in 1999 and now operates across the Humber region – has also returned £1.6m in dividends to its savers.

John Smith, HEY Credit Union’s Governance Officer, said: “In a commercial bank, that money would most likely have lined the pockets of corporate investors or global hedge funds or ended up as ‘bankers bonuses’ for highly paid managers and directors.”

Feedback from the 18,000-strong membership indicates they place a high value on the efficiency and flexibility of the service and see HEY Credit Union with its not-for-profit co-operative approach as a fairer alternative to savers and borrowers.

Matthew Stevens, Chief Executive of HEY Credit Union, said: “The cost of living crisis has brought more people to us as they regard us as a trusted local alternative to high street lenders. They seem to like the friendly service and the fact that we are working for them and not trying to make money out of them.”

Since HEY Credit Union was founded it has outgrown a tiny office in the Guildhall and  now has its own headquarters in Brook Street in Hull city centre.

The aim from the outset was to provide safe savings accounts and competitive credit facilities that help people to afford their lives, build financial resilience to withstand hard times and manage their money wisely.

Most of  the services are online, but as the major banks have reduced their physical presence in towns and cities HEY Credit Union has strengthened its commitment to retain a visible presence in key communities where people can access face to face enquiries, transactions and support. It now operates branch offices across the Hull and Humber region in Bridlington, Goole, Scunthorpe, Grimsby, Driffield and Withernsea.

Sarah Hanson of HEY Credit Union’s Bridlington Team, said: “Our members tell us all the time how much they love coming into the branch to see us.  They say we are open and friendly and always try to help them if we can.  With so many banks having closed down in Bridlington, we know this personal touch is warmly appreciated. 

“In our branch we have made a community notice board with lots of information about services in the Bridlington area, such as The Hinge, a locally-based charity with a wide variety of groups that we can signpost people to.  We held a Chat, Chill and Cake Day and invited residents in to talk about what is on offer in our community.

“Recently one of our members in Bridlington had a credit card debt of £2,000 that she was paying £178 a month on.  With £85 of that interest, it would have taken four years to pay back.  We were able to offer her a Credit Union Loan to pay off the credit card, paying back just £90 every four weeks for two years.  As a result she will save around £1,700 in interest charges. This, as well as freeing up some monthly income, has made her so happy.”

John was one of 21 founder members in 1999 and served as Chief Executive until stepping down in 2023. He recalled that, at a time when Kingston Communications was being floated on the Stock Exchange, many of the early low-cost loans were to people who wanted to buy shares in the much-loved organisation.

John said: “We had heard great things of financial services co-operatives called credit unions being set up in other cities and we wanted to provide our colleagues at the City Council with easy ways to save, access to affordable loans and other handy services to help them manage their money better.

“It was very exciting when we received our registration certificate from the Registrar of Friendly Societies on June 10, 1999, and were able to open for business!”

Since then HEY Credit Union has issued 81,310 loans to a total value of £59,018,666.  The biggest spend has been just over £14m on home improvements, which have accounted for 15,975 loans.

A total of £8.8m was spent on cars, caravans, cycles and motorbikes, just over £6m was borrowed to spread the cost of a holiday and £5.8m was used to buy furnishings, domestic appliances and household goods.

Other reasons for borrowing have included computer equipment, clothing, school uniform, vets fees, legal fees, family celebrations, bereavement costs, bonds, paying off a mortgage and consolidating debts to reduce monthly outgoings.

Christmas has been one of the biggest spends over the years with the issue of 16,467 loans worth a total of £8,165,389. A Christmas Saver account, which lets members lock funds out of temptation’s way until the festive season, was introduced at the request of members and is believed to be the largest Christmas Club in the Humber Region, with around £1 million saved into it each year.

The HEY Credit Union board has calculated that its members have saved at least £25m in interest charges by coming to them for affordable loans instead of dealing with doorstep lenders and other high cost credit providers. 

John said: “Added to the dividend, HEY Credit Union has therefore pumped at least £26.6m back into the regional economy, demonstrating the power of co-operative enterprise to make a significant social impact.”

Businesses and other organisations are also supporting HEY Credit Union with the introduction of payroll partnerships, under which more than 30 employers provide their workforce with direct payroll deduction for savings and loans.

Matthew said: “This has been a growth area because payroll deductions, before a wage or salary hits the worker’s bank account, are proven to be the best way to start and maintain a savings habit which builds financial resilience, enabling the saver to withstand the shocks of unexpected bills, loss of income, ill health and adversity.”

ENDS

Credit Union keeps multi-million pound “bankers bonus” in the local economy as it reaches 25-year milestone

An organisation set up to help families in Hull manage their finances estimates it has saved members across the region a staggering £25m in interest charges during the quarter of a century since it was launched.

HEY Credit Union – which was founded by a small group of Hull City Council colleagues in 1999 and now operates across the Humber region – has also returned £1.6m in dividends to its savers.

John Smith, HEY Credit Union’s Governance Officer, said: “In a commercial bank, that money would most likely have lined the pockets of corporate investors or global hedge funds or ended up as ‘bankers bonuses’ for highly paid managers and directors.”

Feedback from the 18,000-strong membership indicates they place a high value on the efficiency and flexibility of the service and see HEY Credit Union with its not-for-profit co-operative approach as a fairer alternative to savers and borrowers.

Matthew Stevens, Chief Executive of HEY Credit Union, said: “The cost of living crisis has brought more people to us as they regard us as a trusted local alternative to high street lenders. They seem to like the friendly service and the fact that we are working for them and not trying to make money out of them.”

Since HEY Credit Union was founded it has outgrown a tiny office in the Guildhall and  now has its own headquarters in Brook Street in Hull city centre.

The aim from the outset was to provide safe savings accounts and competitive credit facilities that help people to afford their lives, build financial resilience to withstand hard times and manage their money wisely.

Most of  the services are online, but as the major banks have reduced their physical presence in towns and cities HEY Credit Union has strengthened its commitment to retain a visible presence in key communities where people can access face to face enquiries, transactions and support. It now operates branch offices across the Hull and Humber region in Bridlington, Goole, Scunthorpe, Grimsby, Driffield and Withernsea.

Jo Evans of HEY Credit Union’s Goole Team said: “Since opening in 2009, our branch has built up some wonderful partnerships with many local agencies in and around Goole. With weekly Contact Points at Two Rivers Community Pantry, Moorlands Youth & Community Centre, and Unique Friends in Gilberdyke, plus fantastic work with local schools, Children’s Centres and East Riding of Yorkshire Council, to name a few, we’ve been really busy!

“We like our members to feel that we are their ‘community bank’ and every interaction will be a pleasant one.  Even if we can’t help, we will try to signpost them to someone who can.  With many high street banks in Goole closing, our members tell us how important our face-to-face banking experience is and how impressed they are with the services we offer. 

“Our Family Benefit Plan gives members an affordable way to spread the cost of those big outlays. The Christmas Saver account has proved especially popular in Goole with some telling us that it helped them to save for the first time ever.  The £25 starter bonus and the savings being locked out of temptation’s way until November are differences not offered by other banks. We are proud that our branch is making a real difference for local residents and hope it will long continue!”

John was one of 21 founder members in 1999 and served as Chief Executive until stepping down in 2023. He recalled that, at a time when Kingston Communications was being floated on the Stock Exchange, many of the early low-cost loans were to people who wanted to buy shares in the much-loved organisation.

John said: “We had heard great things of financial services co-operatives called credit unions being set up in other cities and we wanted to provide our colleagues at the City Council with easy ways to save, access to affordable loans and other handy services to help them manage their money better.

“It was very exciting when we received our registration certificate from the Registrar of Friendly Societies on June 10, 1999, and were able to open for business!”

Since then HEY Credit Union has issued 81,310 loans to a total value of £59,018,666.  The biggest spend has been just over £14m on home improvements, which have accounted for 15,975 loans.

A total of £8.8m was spent on cars, caravans, cycles and motorbikes, just over £6m was borrowed to spread the cost of a holiday and £5.8m was used to buy furnishings, domestic appliances and household goods.

Other reasons for borrowing have included computer equipment, clothing, school uniform, vets fees, legal fees, family celebrations, bereavement costs, bonds, paying off a mortgage and consolidating debts to reduce monthly outgoings.

Christmas has been one of the biggest spends over the years with the issue of 16,467 loans worth a total of £8,165,389. A Christmas Saver account, which lets members lock funds out of temptation’s way until the festive season, was introduced at the request of members and is believed to be the largest Christmas Club in the Humber Region, with around £1 million saved into it each year.

The HEY Credit Union board has calculated that its members have saved at least £25m in interest charges by coming to them for affordable loans instead of dealing with doorstep lenders and other high cost credit providers. 

John said: “Added to the dividend, HEY Credit Union has therefore pumped at least £26.6m back into the regional economy, demonstrating the power of co-operative enterprise to make a significant social impact.”

Businesses and other organisations are also supporting HEY Credit Union with the introduction of payroll partnerships, under which more than 30 employers provide their workforce with direct payroll deduction for savings and loans.

Matthew said: “This has been a growth area because payroll deductions, before a wage or salary hits the worker’s bank account, are proven to be the best way to start and maintain a savings habit which builds financial resilience, enabling the saver to withstand the shocks of unexpected bills, loss of income, ill health and adversity.”

ENDS

Credit Union keeps multi-million pound “bankers bonus” in the local economy as it reaches 25-year milestone

An organisation set up to help families in Hull manage their finances estimates it has saved members across the region a staggering £25m in interest charges during the quarter of a century since it was launched.

HEY Credit Union – which was founded by a small group of Hull City Council colleagues in 1999 and now operates across the Humber region – has also returned £1.6m in dividends to its savers.

John Smith, HEY Credit Union’s Governance Officer, said: “In a commercial bank, that money would most likely have lined the pockets of corporate investors or global hedge funds or ended up as ‘bankers bonuses’ for highly paid managers and directors.”

Feedback from the 18,000-strong membership indicates they place a high value on the efficiency and flexibility of the service and see HEY Credit Union with its not-for-profit co-operative approach as a fairer alternative to savers and borrowers.

Matthew Stevens, Chief Executive of HEY Credit Union, said: “The cost of living crisis has brought more people to us as they regard us as a trusted local alternative to high street lenders. They seem to like the friendly service and the fact that we are working for them and not trying to make money out of them.”

Since HEY Credit Union was founded it has outgrown a tiny office in the Guildhall and  now has its own headquarters in Brook Street in Hull city centre.

The aim from the outset was to provide safe savings accounts and competitive credit facilities that help people to afford their lives, build financial resilience to withstand hard times and manage their money wisely.

Most of  the services are online, but as the major banks have reduced their physical presence in towns and cities HEY Credit Union has strengthened its commitment to retain a visible presence in key communities where people can access face to face enquiries, transactions and support. It now operates branch offices across the Hull and Humber region in Bridlington, Goole, Scunthorpe, Grimsby, Driffield and Withernsea.

Quinn Needham of HEY Credit Union’s Grimsby Team said: “In Grimsby and surrounding areas, we have teamed up with local organisations such as Lincs Inspire, East Marsh United, Immingham Civic Centre, West Marsh Community Centre, Jobcentre Plus, YMCA, and Centre4 to offer outreach points in the community, so that we can meet our members and help even more residents to access our safe savings and low cost loans. We also attend regular meetings to promote our services to local groups and the charities that support our members.

“We’ve partnered with employers such as North East Lincolnshire Council, HICA Group, Centre4, TEC Partnership, and Dunlop Oil & Marine to offer our popular Payroll Save and Borrow financial well-being benefit to their workforce.

“HEY Credit Union’s Grimsby Branch members have given us some lovely feedback about the difference we’ve made so far and we really appreciate the warm welcome received as we approach our third year serving the friendly folks of North East Lincolnshire. We are proud to be Grimsby’s Credit Union!”

John was one of 21 founder members in 1999 and served as Chief Executive until stepping down in 2023. He recalled that, at a time when Kingston Communications was being floated on the Stock Exchange, many of the early low-cost loans were to people who wanted to buy shares in the much-loved organisation.

John said: “We had heard great things of financial services co-operatives called credit unions being set up in other cities and we wanted to provide our colleagues at the City Council with easy ways to save, access to affordable loans and other handy services to help them manage their money better.

“It was very exciting when we received our registration certificate from the Registrar of Friendly Societies on June 10, 1999, and were able to open for business!”

Since then HEY Credit Union has issued 81,310 loans to a total value of £59,018,666.  The biggest spend has been just over £14m on home improvements, which have accounted for 15,975 loans.

A total of £8.8m was spent on cars, caravans, cycles and motorbikes, just over £6m was borrowed to spread the cost of a holiday and £5.8m was used to buy furnishings, domestic appliances and household goods.

Other reasons for borrowing have included computer equipment, clothing, school uniform, vets fees, legal fees, family celebrations, bereavement costs, bonds, paying off a mortgage and consolidating debts to reduce monthly outgoings.

Christmas has been one of the biggest spends over the years with the issue of 16,467 loans worth a total of £8,165,389. A Christmas Saver account, which lets members lock funds out of temptation’s way until the festive season, was introduced at the request of members and is believed to be the largest Christmas Club in the Humber Region, with around £1 million saved into it each year.

The HEY Credit Union board has calculated that its members have saved at least £25m in interest charges by coming to them for affordable loans instead of dealing with doorstep lenders and other high cost credit providers. 

John said: “Added to the dividend, HEY Credit Union has therefore pumped at least £26.6m back into the regional economy, demonstrating the power of co-operative enterprise to make a significant social impact.”

Businesses and other organisations are also supporting HEY Credit Union with the introduction of payroll partnerships, under which more than 30 employers provide their workforce with direct payroll deduction for savings and loans.

Matthew said: “This has been a growth area because payroll deductions, before a wage or salary hits the worker’s bank account, are proven to be the best way to start and maintain a savings habit which builds financial resilience, enabling the saver to withstand the shocks of unexpected bills, loss of income, ill health and adversity.”

ENDS

Credit Union keeps multi-million pound “bankers bonus” in the local economy as it reaches 25-year milestone

An organisation set up to help families in Hull manage their finances estimates it has saved members across the region a staggering £25m in interest charges during the quarter of a century since it was launched.

HEY Credit Union – which was founded by a small group of Hull City Council colleagues in 1999 and now operates across the Humber region – has also returned £1.6m in dividends to its savers.

John Smith, HEY Credit Union’s Governance Officer, said: “In a commercial bank, that money would most likely have lined the pockets of corporate investors or global hedge funds or ended up as ‘bankers bonuses’ for highly paid managers and directors.”

Feedback from the 18,000-strong membership indicates they place a high value on the efficiency and flexibility of the service and see HEY Credit Union with its not-for-profit co-operative approach as a fairer alternative to savers and borrowers.

Matthew Stevens, Chief Executive of HEY Credit Union, said: “The cost of living crisis has brought more people to us as they regard us as a trusted local alternative to high street lenders. They seem to like the friendly service and the fact that we are working for them and not trying to make money out of them.”

Since HEY Credit Union was founded it has outgrown a tiny office in the Guildhall and  now has its own headquarters in Brook Street in Hull city centre.

The aim from the outset was to provide safe savings accounts and competitive credit facilities that help people to afford their lives, build financial resilience to withstand hard times and manage their money wisely.

Most of  the services are online, but as the major banks have reduced their physical presence in towns and cities HEY Credit Union has strengthened its commitment to retain a visible presence in key communities where people can access face to face enquiries, transactions and support. It now operates branch offices across the Hull and Humber region in Bridlington, Goole, Scunthorpe, Grimsby, Driffield and Withernsea.

Patrick Scott, HEY Credit Union’s Scunthorpe Branch Leader, said: “I started as a volunteer at the Credit Union 12 years ago, before becoming an employee in 2016.  In that time I’ve seen it grow and offer a wider range of services to help people to manage their money.  As a result many more Scunthorpe residents now know what a credit union is, and we are recognised for doing a lot of good work to support our local community.

“Recently we established a weekly contact point at Westcliff Community Centre.  We make regular site visits to our Payroll Partners including Ongo, Lebus, Bradbury Group and Doncaster Colleges and attend network meetings, as well as fairs and carnivals to promote Credit Union services.

“Our members are often fiercely loyal to their Credit Union and we get to know them well and make sure what we offer matches their needs. They appreciate the continuity of a familiar face and the fact that I live in the community and have local knowledge of the town and surrounding area.  People like being able to pop in and speak to a human being rather than a computer and to know that we always explain things in a clear, concise way.  By helping them to understand things like direct debits and electronic payments, we’ve often given them confidence to manage their financial affairs, save and borrow safely, and move on in life.

“Feeling that we can make a genuine difference to someone’s life, and their appreciation of our efforts, is very motivating and makes working at HEY Credit Union very satisfying.”

John was one of 21 founder members in 1999 and served as Chief Executive until stepping down in 2023. He recalled that, at a time when Kingston Communications was being floated on the Stock Exchange, many of the early low-cost loans were to people who wanted to buy shares in the much-loved organisation.

John said: “We had heard great things of financial services co-operatives called credit unions being set up in other cities and we wanted to provide our colleagues at the City Council with easy ways to save, access to affordable loans and other handy services to help them manage their money better.

“It was very exciting when we received our registration certificate from the Registrar of Friendly Societies on June 10, 1999, and were able to open for business!”

Since then HEY Credit Union has issued 81,310 loans to a total value of £59,018,666.  The biggest spend has been just over £14m on home improvements, which have accounted for 15,975 loans.

A total of £8.8m was spent on cars, caravans, cycles and motorbikes, just over £6m was borrowed to spread the cost of a holiday and £5.8m was used to buy furnishings, domestic appliances and household goods.

Other reasons for borrowing have included computer equipment, clothing, school uniform, vets fees, legal fees, family celebrations, bereavement costs, bonds, paying off a mortgage and consolidating debts to reduce monthly outgoings.

Christmas has been one of the biggest spends over the years with the issue of 16,467 loans worth a total of £8,165,389. A Christmas Saver account, which lets members lock funds out of temptation’s way until the festive season, was introduced at the request of members and is believed to be the largest Christmas Club in the Humber Region, with around £1 million saved into it each year.

The HEY Credit Union board has calculated that its members have saved at least £25m in interest charges by coming to them for affordable loans instead of dealing with doorstep lenders and other high cost credit providers. 

John said: “Added to the dividend, HEY Credit Union has therefore pumped at least £26.6m back into the regional economy, demonstrating the power of co-operative enterprise to make a significant social impact.”

Businesses and other organisations are also supporting HEY Credit Union with the introduction of payroll partnerships, under which more than 30 employers provide their workforce with direct payroll deduction for savings and loans.

Matthew said: “This has been a growth area because payroll deductions, before a wage or salary hits the worker’s bank account, are proven to be the best way to start and maintain a savings habit which builds financial resilience, enabling the saver to withstand the shocks of unexpected bills, loss of income, ill health and adversity.”

ENDS

Credit Union keeps multi-million pound “bankers bonus” in the local economy as it reaches 25-year milestone

An organisation set up to help families in Hull manage their finances estimates it has saved members across the region a staggering £25m in interest charges during the quarter of a century since it was launched.

HEY Credit Union – which was founded by a small group of Hull City Council colleagues in 1999 and now operates across the Humber region – has also returned £1.6m in dividends to its savers.

John Smith, HEY Credit Union’s Governance Officer, said: “In a commercial bank, that money would most likely have lined the pockets of corporate investors or global hedge funds or ended up as ‘bankers bonuses’ for highly paid managers and directors.”

Feedback from the 18,000-strong membership indicates they place a high value on the efficiency and flexibility of the service and see HEY Credit Union with its not-for-profit co-operative approach as a fairer alternative to savers and borrowers.

Matthew Stevens, Chief Executive of HEY Credit Union, said: “The cost of living crisis has brought more people to us as they regard us as a trusted local alternative to high street lenders. They seem to like the friendly service and the fact that we are working for them and not trying to make money out of them.”

Since HEY Credit Union was founded it has outgrown a tiny office in the Guildhall and  now has its own headquarters in Brook Street in Hull city centre.

The aim from the outset was to provide safe savings accounts and competitive credit facilities that help people to afford their lives, build financial resilience to withstand hard times and manage their money wisely.

Most of the services are online, but as the major banks have reduced their physical presence in towns and cities HEY Credit Union has strengthened its commitment to retain a visible presence in key communities where people can access face to face enquiries, transactions and support. It now operates branch offices across the Hull and Humber region in Bridlington, Goole, Scunthorpe, Grimsby, Driffield and Withernsea.

The branch at the Shores Centre in Withernsea is open Mondays, Wednesdays and Fridays from 9 am to 12 noon.

Matt Lloyd of HEY Credit Union in Withernsea said: “We are delighted to continue providing an in-branch service to help meet the financial needs of people in the local area. Having this presence allows us to make a real connection with people, and is something that is appreciated by our members especially in this age of personal finance being largely managed online.

“We are proud to be able to see the ‘Credit Union difference’ in action – for instance, one member commented how her Family Benefit Plan allows her to manage her money better, by being able to save easily each week for Christmas, while having access to a line of credit that helps her meet expenses such as school uniforms and birthday presents.

“We enjoy working with the wider community to spread the message that the Credit Union is here for everyone. For example, we worked with the Shores Centre on the ‘Multiply’ scheme for people who needed support with numeracy skills by encouraging them to save.”

John was one of 21 founder members in 1999 and served as Chief Executive until stepping down in 2023. He recalled that, at a time when Kingston Communications was being floated on the Stock Exchange, many of the early low-cost loans were to people who wanted to buy shares in the much-loved organisation.

John said: “We had heard great things of financial services co-operatives called credit unions being set up in other cities and we wanted to provide our colleagues at the City Council with easy ways to save, access to affordable loans and other handy services to help them manage their money better.

“It was very exciting when we received our registration certificate from the Registrar of Friendly Societies on June 10, 1999, and were able to open for business!”

Since then HEY Credit Union has issued 81,310 loans to a total value of £59,018,666.  The biggest spend has been just over £14m on home improvements, which have accounted for 15,975 loans.

A total of £8.8m was spent on cars, caravans, cycles and motorbikes, just over £6m was borrowed to spread the cost of a holiday and £5.8m was used to buy furnishings, domestic appliances and household goods.

Other reasons for borrowing have included computer equipment, clothing, school uniform, vets fees, legal fees, family celebrations, bereavement costs, bonds, paying off a mortgage and consolidating debts to reduce monthly outgoings.

Christmas has been one of the biggest spends over the years with the issue of 16,467 loans worth a total of £8,165,389. A Christmas Saver account, which lets members lock funds out of temptation’s way until the festive season, was introduced at the request of members and is believed to be the largest Christmas Club in the Humber Region, with around £1 million saved into it each year.

The HEY Credit Union board has calculated that its members have saved at least £25m in interest charges by coming to them for affordable loans instead of dealing with doorstep lenders and other high cost credit providers. 

John said: “Added to the dividend, HEY Credit Union has therefore pumped at least £26.6m back into the regional economy, demonstrating the power of co-operative enterprise to make a significant social impact.”

Businesses and other organisations are also supporting HEY Credit Union with the introduction of payroll partnerships, under which more than 30 employers provide their workforce with direct payroll deduction for savings and loans.

Matthew said: “This has been a growth area because payroll deductions, before a wage or salary hits the worker’s bank account, are proven to be the best way to start and maintain a savings habit which builds financial resilience, enabling the saver to withstand the shocks of unexpected bills, loss of income, ill health and adversity.”

ENDS

HEY CREDIT UNION COMES TO HESSLE

We are delighted to announce that HEY Credit Union, the region’s leading not-for-profit savings and loans co-operative with over 16,000 members, is about to launch its latest Credit Union access point in Hessle, East Yorkshire.

Starting on Tuesday 4^th April, HEY Credit Union’s friendly team will be present inside Hessle Town Hall in South Lane (HU13 0RR) every Tuesday morning from 10 am to 12 noon.

Anyone in the Hessle area is welcome to pop in and find out more about the range of services the Credit Union offers to help people make the most of their money.

John Smith, one of HEY Credit Union’s founders who grew up in Hessle, is working with the local team to get their latest venture off the ground.  He explained:

“If you would like to be able to build up some savings for whatever reason – Christmas, your holidays, your family’s future, or just for a ‘rainy day’ - our Credit Union is ideally placed to help you.  With us, there is no sales pressure, you can save as much or as little as feels right, whenever you like.  We will look after your money safely and ethically, return it to you when you need it, and pay you a dividend reward at the end of the year. 

“Similarly, if you need credit, whether to spread the cost of a major purchase over a sensible period, to smooth out the lumpy costs of living, or to help you cope with an unexpected bill, your Credit Union offers an affordable, trusted option tailored to your situation. 

“When a resident joins HEY Credit Union, either to save or borrow, or do both, they become one of our Member-owners and we exist to support their financial well-being, not to make money out of them.  It is free to join for life and, because we are not for profit, we only need to cover our operating costs, which enables us to keep our loan rates low while paying our savers a reasonable return.  All savings are fully protected by the FSCS, just like bank or building society deposits.

“Credit unions are well established around the world, and over the past 20 years have grown popular in Britain, because of their focus on helping people and doing things differently to the big banks.  We have kept a presence in local communities which the big banks are leaving behind.  All loan applications are looked at by a trained, human underwriter, so it’s never a case of the computer says ‘no’.  And, because we care about our members, the amount we lend is never more than you can afford to repay.  We offer flexible payments, smaller loans than banks (at rates many times cheaper than doorstep loans) and no settlement penalties if you want to repay early.” 

With some unique products including a popular Christmas Saver account and a Family Benefit Plan, HEY Credit Union is proving a lifeline for families grappling with the cost of living crisis, and a great way to build financial resilience for the future.  Its website – www.hullandeycu.co.uk – has lots of handy financial well-being information, budgeting tools, links to sources of support and helpful money tips, as well as an online joining page.  Since 1999, HEY Credit Union has established successful local branches in Hull, Bridlington, Goole, Grimsby, Scunthorpe, Driffield, Withernsea and Beverley and now looks after over £14 million in members’ savings.

Why not pop in to Hessle Town Hall for a chat – with no obligation – one Tuesday morning?  Our volunteer team assure you of a warm welcome and help with any questions you may have.

HEY Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority – firm reference number 213620.

Further information

John Smith, Governance Officer, HEYCU

Tel 07896 267517 Email jsmith@hullandeycu.co.uk

ENDS

HEY Credit Union rises to cost of living challenges

An organisation which is now in its 24^th year of providing a loans and savings lifeline for families says people in Hull and the Humber region are changing the way they borrow in the face of the cost of living crisis.

John Smith, Governance Officer of HEY Credit Union, said their annual report for 2022 showed a big increase in the number of members taking out loans with the not-for-profit mutual over the past year.

While the Credit Union can issue loans from £100 up to £20,000, depending on members’ affordability, many more of the loans issued in recent months have been for smaller purchases – including day to day living costs.

John said: “Members are generally finding the cost of living crisis very challenging. They are applying for more loans than ever before – we were up by 25 per cent over 2021 – and they are applying more often.

John also gave a warning about the activities of high interest lenders, who prey on hard-pressed families by tying them into unaffordable debts.

He said: “Once they get locked into high cost credit, whether it’s with doorstep lenders, payday credit, or unregulated loan sharks, it can be hard to break the cycle of problem debt.

“It has become a big problem over the last ten years, with the growth of online services. There are even companies who promote themselves online and on social media and tell people they can clear their debts. They make a lot of money from fees but the debt is only reduced marginally.

“We want to encourage people in the Humber Region to take a look at us first. Often we can save them a lot of money when borrowing, whether it’s to spread the cost of a big ticket item or simply to smooth out the lumpy costs of living.”

HEY Credit Union now has more than 15,000 adult members and junior savers. As well as a head office in Hull and online, there are branches in Beverley, Bridlington, Driffield, Goole, Grimsby, Scunthorpe and Withernsea, where people can walk in and talk with their local team.

The Credit Union’s assets increased by more than £800,000 during 2022 to stand at £16.5 million, with members’ savings accounting for £14 million of that.

John explained that HEY Credit Union had not increased its interest rates on loans. He said: “They are going up elsewhere but we have kept ours the same. We are not under any pressure to increase our rates because as a not-for-profit lender we only need to cover our costs.

“We have cost pressures in other areas like all businesses just now, but we don’t plan to increase our interest charges because that would just put more stress on people and cause them to go to other places that might not look after them in the same way.” 

Just before Christmas the Credit Union paid out over £135,000 in Dividends to its members as a reward for saving with it through the year. John said: “We are living proof of the benefits of co-operative trading – our surplus is returned to the members whose saving and borrowing helped to create it, and it recycles within the regional economy. It’s all being used for the benefit of the region where our member-customers live and work.”

Established products include the Christmas Saver account, which locks members’ funds safely out of temptation’s way until November. In 2022 it amassed a total of £907,000. The other big-spending time of the year for many families is the summer.

John said: “That’s when people buy school uniforms. They’re getting more and more expensive because so many of the items are branded. We can help with small affordable loans repaid direct from Child Benefit.”

Members can save directly with the Credit Union and over 3,000 of them make regular contributions via their employers with payroll save and borrow schemes. During 2022 the Hull branch recruited ResQ, Wellington Care and Hull & East Yorkshire Mind to offer the scheme as a popular staff wellbeing benefit. The branch also held workplace wellbeing sessions at KWL and Hull City Council.

The Credit Union has also moved with the times by introducing Green Loans, with a tree planted in the HEY Forest for each loan taken out.

John said: “You can borrow for things like insulation or adapting your home with solar panels or with something more modest such as travel – we can fund a bike. Quite a lot of people have applied for cycles and small value home improvements. Maybe things like loft insulation, a more efficient boiler, better electrical appliances.”

Further information from HEY Credit Union branch offices:

In Beverley, the Credit Union operates from the Cherry Tree Centre, which includes a Community Pantry. Jo Ramsay, Centre Manager, said “We are proud to host the Credit Union. It helps local people to avoid borrowing from doorstep lenders with extremely high interest rates. It offers a quick and stress-free process for people looking to manage their money well.”

In Bridlington, the Credit Union branch has formed a new partnership with The Hinge Centre, and joined in events with them, along with other community organisations, at Crown Buildings to talk with local people about budgeting and money management and make them aware of the services it provides.

In Driffield, the Credit Union branch arranged a leafleting campaign, in partnership with the Town Council, to reach out to residents in the new housing areas around the town and make them aware of its services. The branch opens every Thursday morning in the Council Offices at Market Walk.

In Goole, the Credit Union branch has an active partnership with Two Rivers Community Pantry, enabling people who visit on Thursdays to receive support and information about budgeting and money skills from a member of the local team. The two organisations also organise a Christmas toy appeal.

In Grimsby, the Credit Union branch has just completed its first year of operations and has chalked up an impressive total of 465 members, with total savings of £150,000 and loans of £320,000. It is based in Grimsby Central Library but has three community outreach points across the borough, with a fourth soon to open in Immingham.

In Scunthorpe, the Credit Union branch team has been visiting the local Job Centre to make clients aware of the services it provides for local people. It also has a developing partnership with Ongo Homes to raise awareness among their tenants and staff.

In Withernsea, the Credit Union branch has formed a new partnership with The Shores Centre, to promote Multiply, a government-funded scheme to encourage adults to improve their numeracy skills.

Further information

John Smith, Governance Officer, HEYCU

Tel 07896 267517 Email jsmith@hullandeycu.co.uk

Phil Ascough 07944 123352

ENDS

JOIN US IN CELEBRATING INTERNATIONAL CREDIT UNION DAY!

Thursday 20^th October 2022, is International Credit Union Day.   Credit Union Members all around the world will be joining in celebrations to mark the credit union movement’s impact and achievements.  

Since 1948, International Credit Union Day has been organised on the third Thursday of October by the World Council of Credit Unions.  Each year, the international event provides an opportunity to remember the proud history of credit unions and raise awareness of their power to make a big difference to the financial well-being of people and their communities.

This year marks the 74^th anniversary and the theme is Empower Your Financial Future with a Credit Union.  John Smith, HEY Credit Union’s CEO, explains:

“There are still 1.4 billion people across the globe who are unbanked. Credit unions truly have the perfect business model to empower their financial future and that is a message for our entire global movement to celebrate and promote on Thursday 20 October.

“The credit unions that we know and love today were all started in a small way by people who saw the need for everyone to be able to build up some savings safely, and obtain fair and affordable credit instead of being at the mercy of unscrupulous lenders charging extortionate interest rates. 

“Our founder-pioneers came together to set up credit unions as co-operatives whose whole purpose is to serve their member-owners, not make money out of them. They designed ethical savings and loan products to help them to manage their money wisely.  They took great care of their members’ funds, knowing the trust they had placed in them.  As time went by, more and more people flocked to join credit unions. 

“Thanks to their efforts, credit unions have flourished around the world and are making a significant social impact. They are challenging the big mainstream banks that often seem to have forgotten their own roots, and the people they used to serve, in a quest to make ever bigger profits and bonuses for their shareholders and managers.”

Here’s ten facts to share with you about HEY Credit Union and hopefully make you proud to be a Member:

• We serve around 15,000 adult members and junior savers online, by phone and at our community branches in Hull, Beverley, Bridlington, Driffield, Goole, Grimsby, Scunthorpe and Withernsea.
• Our team of 20 dedicated staff are all paid at least the Real Living Wage.
• Our 12 volunteer directors are chosen from their fellow-members, all with equal voting rights at the AGM. There are no ‘fat cats’ here lording over other members!
• We can provide loans for our members from £100 to £20,000 at very competitive rates. A trained human being, not a computer, decides on every application.
• Our Christmas Saver account (not offered by banks), with £1 million locked safely away each year, helps hundreds of members to manage their festive spends.
• Any surpluses that arise, after putting funds into Reserve for a rainy day, are shared among the member-savers whose loyalty helped to earn them. It’s called Credit Union Dividend and in 22 years we’ve paid out £1.2 million.
• We work with over 40 local, regional and national employers to provide their workforce with a popular payroll-based savings and loan facility.
• We are regulated by the Prudential Regulation Authority and Financial Conduct Authority (similarly to banks and building societies) to keep members’ funds safe and treat them fairly.
• We estimate that we are saving our members at least £2 million in total every year when they borrow from us rather than one of the high-cost credit alternatives.
• Across the world there are over 86,000 credit unions serving more than 375 million members in 118 different countries.

We truly are the People’s Business as everything we do is for our Members. We’re on a mission to help everyone who chooses to join to enjoy great financial well-being and resilience to weather any financial storm.

If you’re not a member already, we would love to welcome you into our Credit Union Family!   Click here to find out more.

ENDS

HEY CREDIT UNION NOW OPEN IN NORTH EAST LINCOLNSHIRE

HEY Credit Union, the not-for-profit community bank serving people who live or work in the Humber Region, has opened a new branch in North East Lincolnshire.

Open to anyone in the area to join, the Credit Union provides safe and handy savings accounts for the whole family, and affordable, responsible credit solutions for people looking to spread the cost of a major purchase, or smooth the ups and downs of family budgeting.

The plan is for the branch to be within Grimsby Central Library.  However, as it is currently closed for building works, the Credit Union team – comprising Quinn Needham and Sally Johnston - is based at Cleethorpes Library, opening every Tuesday, Wednesday and Thursday from 10 am to 2 pm.   They are also at Freeman Street Market (the Courtyard) every Friday morning.  

Among HEY Credit Union’s most popular services are a Family Benefit Plan and a Christmas Saver account, which helps people to plan ahead for the festive season by locking savings safely out of temptation’s way until November.  Loans can also be applied for, from £100 up to £20,000, depending on affordability, for a wide range of purposes.  For a limited period, anyone joining the Credit Union in North East Lincolnshire will qualify for a £25 bonus, provided by the Stop Loan Sharks team, when they make three savings deposits and keep the account open for at least six months.   All savings are protected by the FSCS, in the same way as bank and building society deposits.

John Smith, HEY Credit Union’s CEO, explained: “We already have around 230 members in North East Lincolnshire that we serve online but, for some time, we’ve been looking to provide a walk-in branch in Grimsby town centre where we can meet people face to face.  Now, thanks to our partnership with Lincs Inspire, we are able to do this through the local libraries.  With many of the big banks closing branches, we feel it is even more important for credit unions to provide a friendly, personal service at the heart of the community.

“As a Credit Union, we are owned by our 15,000 customer-members and operate entirely for their benefit, and so we’ll be listening to their needs, consulting them and working hard to make our local branch as successful as those in Scunthorpe, Hull, Bridlington, Goole, Driffield, Beverley and Withernsea.  We are really excited about building a long-term relationship with the people of North East Lincolnshire.”   

Credit unions work in partnership with a range of organisations to deliver benefits for the community.  In its Social Impact Report 2020, HEY Credit Union was estimated to have saved the people of the Humber Region at least £20 million in interest charges over a 21 year period, by providing credit at lower rates than other providers, such as doorstep lenders.   In this year’s Consumer Credit Awards, they were voted national Treating Customers Fairly Champions, a major achievement for a community-based organisation.

Cllr Ron Shepherd, the Portfolio Holder for Safer and Stronger Communities, commented: “This partnership is a perfect example of how organisations can work together for the good of the community of North East Lincolnshire. A wide range of local people and families are set to benefit from HEY Credit Union services and as a council we support and welcome its arrival here.”

Sue Wells, Lincs Inspire Chief Executive, said: “Libraries are easily accessible and provide a welcoming community space for residents to discover more about the HEY Credit Union services. Their purpose it to help people to improve their financial stability and build a better quality of life, so our objectives, based in improving community wellbeing are closely aligned. We look forward to this partnership and seeing HEY customers in our libraries.”

ENDS

HEY CREDIT UNION TO HOLD FIRST EVER ONLINE AGM

HEY Credit Union, the not-for-profit financial co-operative serving over 15,000 members and junior savers across the Humber Region, has announced its annual results.

Members of the Credit Union with a £1 share have been invited to register for their first ever online Annual General Meeting on Tuesday 8 December at 5.45 pm to hear how the region’s leading financial services mutual has fared during a very challenging year.

Chief Executive John Smith said the Coronavirus pandemic had made it a difficult year for most organisations and the Credit Union was no exception.  He commented: “We’ve been working hard to maintain our service to members and the safety and wellbeing of all our people has been at the centre of our planning.  We know that many of our savers and borrowers have been having a tough time, but our team has been determined to be here for them and support their financial wellbeing as much as possible.”  

As expected the Credit Union experienced some impact, with several staff and volunteers away self-isolating, school banks unable to operate and face-to-face member recruitment at workplaces at a standstill.

However, further investments made in technology meant that members could be served online, using a new user-friendly app, and over the telephone, with same-day bank transfers proving highly effective.   A new streamlined online loan application process reduced the time taken for people to access affordable credit.

Credit unions are classed as an essential service, which allowed branches to remain open during the lockdown, but with reduced opening hours and cash handling in the interests of public safety.  Many of HEY Credit Union’s members work in vital public services and, to support them through a difficult time, a Key Worker Loan option with preferential interest rates was introduced.

Despite all the challenges of 2020, the Credit Union managed to increase members’ savings deposits by 14% to £12.5 million and to strengthen its Capital Reserves by £72,000.

Members can register for the online AGM on the news page of the website www.hullandeycu.co.uk

ENDS

Notes to Editors

HEY Credit Union’s Annual General Meeting

Information about HEY Credit Union's Annual General Meeting may be found on the website at

Hull & East Yorkshire Credit Union (hullandeycu.co.uk)

About HEY Credit Union

HEY Credit Union was established in 1999 and operates from its Brook Street, Hull headquarters and eight branches in East Yorkshire and Northern Lincolnshire.  There are 22 staff and over 20 volunteers.  It serves 14,000 Adult members and 1,500 Junior Savers with a combined total of £12.5 million in savings.

HEY Credit Union is a well governed co-operative business, offering very user-friendly services, and has helped many people to save for the first time.  Its website at www.hullandeycu.co.uk has full details..

HEY Credit Union is regulated by the Financial Conduct Authority and Prudential Regulation Authority and members’ deposits are covered by the Financial Services Compensation Scheme. Thus, the first £85,000 of members’ savings is 100% guaranteed.

HEY Credit Union has a five-star Fairbanking Mark for responsible lending and is a signatory to the Armed Forces Covenant.

HEYCU’s newsletter with annual review can be viewed at Annual~Newsletter~2020~(facing~pages~version).pdf (hullandeycu.co.uk)

For more information, please contact:

John Smith, Chief Executive, HEYCU, Tel 07896 267517 or jsmith@hullandeycu.co.uk

SHORES STAFF BENEFIT FROM NEW CREDIT UNION SERVICES

Hull & East Yorkshire Credit Union (HEYCU), the region’s largest not-for-profit financial services organisation, has teamed up with the Shores Centre in Withernsea to offer their employees a simple way to make the most of their money.

With the Credit Union’s payroll partnership scheme, employees can save as they earn, with all payments taken care of effortlessly straight from their pay packet. It’s a safe and flexible way to put some money aside and to know that it’s there for sunny holidays or rainy days.

The agreed payroll deductions are transferred to one or more Credit Union savings accounts, which can include instant access savings, Christmas savings and savings for children. The member’s money is completely safe as it is covered by the Financial Services Compensation Scheme.

HEYCU are seeking to establish Withernsea as a Credit Union Town, in which local people have ready access to safe savings and affordable credit, with the support of the Withernsea Big Local Partnership. The Credit Union’s branch at Shores is open Mondays and Wednesdays 9 am to 12 noon.

The Shores Centre Chief Executive, Jayne Nendick, said:

“It’s been a tough year with the pandemic and we’ve all had to be more mindful of our finances, so we are delighted to be working with the credit union to help support our team in making their money go further.”

John Smith, HEYCU’s Chief Executive, said:

"This is a convenient and seamless way of putting money aside for all kinds of purposes, and it’s surprising how quickly your savings mount up because it’s all done automatically each time you are paid."

Shores is one of a growing band of employers across Hull and the East Riding whose staff can now join a Credit Union payroll saving scheme. Employers wishing to find out more can visit the Credit Union’s website at www.hullandeycu.co.uk, telephone them on 01482 778753, or email them at info@hullandeycu.co.uk.

ENDS 

HEY CREDIT UNION TO HOLD FIRST EVER ONLINE AGM

HEY Credit Union, the not-for-profit financial co-operative serving over 15,000 members and junior savers across the Humber Region, has announced its annual results.

Members of the Credit Union with a £1 share have been invited to register for their first ever online Annual General Meeting on Tuesday 8 December at 5.45 pm to hear how the region’s leading financial services mutual has fared during a very challenging year.

Chief Executive John Smith said the Coronavirus pandemic had made it a difficult year for most organisations and the Credit Union was no exception.  He commented: “We’ve been working hard to maintain our service to members and the safety and wellbeing of all our people has been at the centre of our planning.  We know that many of our savers and borrowers have been having a tough time, but our team has been determined to be here for them and support their financial wellbeing as much as possible.”  

As expected the Credit Union experienced some impact, with several staff and volunteers away self-isolating, school banks unable to operate and face-to-face member recruitment at workplaces at a standstill.

However, further investments made in technology meant that members could be served online, using a new user-friendly app, and over the telephone, with same-day bank transfers proving highly effective.   A new streamlined online loan application process reduced the time taken for people to access affordable credit.

Credit unions are classed as an essential service, which allowed branches to remain open during the lockdown, but with reduced opening hours and cash handling in the interests of public safety.  Many of HEY Credit Union’s members work in vital public services and, to support them through a difficult time, a Key Worker Loan option with preferential interest rates was introduced.

Despite all the challenges of 2020, the Credit Union managed to increase members’ savings deposits by 14% to £12.5 million and to strengthen its Capital Reserves by £72,000.

Members can register for the online AGM on the news page of the website www.hullandeycu.co.uk

ENDS

Notes to Editors

HEY Credit Union’s Annual General Meeting

Information about HEY Credit Union's Annual General Meeting may be found on the website at

Hull & East Yorkshire Credit Union (hullandeycu.co.uk)

About HEY Credit Union

HEY Credit Union was established in 1999 and operates from its Brook Street, Hull headquarters and eight branches in East Yorkshire and Northern Lincolnshire.  There are 22 staff and over 20 volunteers.  It serves 14,000 Adult members and 1,500 Junior Savers with a combined total of £12.5 million in savings.

HEY Credit Union is a well governed co-operative business, offering very user-friendly services, and has helped many people to save for the first time.  Its website at www.hullandeycu.co.uk has full details..

HEY Credit Union is regulated by the Financial Conduct Authority and Prudential Regulation Authority and members’ deposits are covered by the Financial Services Compensation Scheme. Thus, the first £85,000 of members’ savings is 100% guaranteed.

HEY Credit Union has a five-star Fairbanking Mark for responsible lending and is a signatory to the Armed Forces Covenant.

HEYCU’s newsletter with annual review can be viewed at Annual~Newsletter~2020~(facing~pages~version).pdf (hullandeycu.co.uk)

For more information, please contact:

John Smith, Chief Executive, HEYCU, Tel 07896 267517 or jsmith@hullandeycu.co.uk

DRIFFIELD CREDIT UNION IS OPEN

HEY Credit Union’s branch in Driffield is still open every Thursday from 9.30 am to 12.30 pm in the Town Council Offices at Market Walk.

Credit unions as well as banks, building societies and Post Offices, are classed as an essential service during this lock-down and Debbie Hayhurst, supervisor of the local branch, is keen to assure members in the town that they are still here to help them.

HEY Credit Union’s Chief Executive, John Smith, said: “At this busy time of year we are aiming to keep all our East Riding branches open as near normal as possible to help members with their savings and loan transactions and enquiries. 

“We have made all branches Covid-safe so if you are coming to see us, please observe social distancing and wear a face covering (in line with Government guildelines).  Our service may be a little slower than usual with a ‘one-in, one-out system, but it’s all to keep everyone safe.

“We really appreciate our members’ loyalty and want to support everyone to have the best possible festive season.”

Members can also access all Credit Union services online (www.hullandeycu.co.uk)  or telephone 01482 778753 (Mon-Fri 10-4) including applying for loans and registering for the online app.

HEY CREDIT UNION IS HERE TO HELP

HEY Credit Union, the not-for-profit savings and loans organisation serving the Humber Region and beyond, has assured its 15,000 members and junior savers that it is here for them, despite operating behind closed doors during the Coronavirus period.

The region’s leading credit union is still taking on new members, opening savings accounts and granting loans to members as usual, but using different contact methods.  As an alternative to visiting a branch, members can get in touch via online app, email, telephone or the contact form on their website.

John Smith, HEYCU’s Chief Executive, explained, “Our branches in Hull, Goole, Bridlington, Driffield, Beverley, Withernsea and Scunthorpe are closed to the public at present as a safety precaution to stem the spread of coronavirus. But the HEY Credit Union team are working hard behind the scenes to make sure our members can continue to access their accounts, transfer funds and apply for loans during this difficult time for everyone.

“If members’ finances have been affected because of coronavirus, we are encouraging them to get in touch; we are here to listen and try to find helpful solutions.

“I’d like to thank our members for their understanding and loyalty, and all our staff and volunteers for their efforts to keep our services running during these challenging times – the amazing feedback that we’re getting from our members shows how much they appreciate the team’s hard work.”

Financial wellbeing is just as important as physical wellbeing and so HEY Credit Union has come up with five tips to help people manage their finances successfully through the current crisis:

1 Seek out government help

The first step for anybody is to seek out and follow government advice.  The government has provided a range of support schemes for people who have suffered financially as a result of coronavirus, whether self-employed, furloughed or claiming benefits.

2 Avoid payday lenders

No matter how bad things get, we would always strongly advise against turning to expensive, short term options such as payday lenders or worse, loan sharks.  These people seek to prey on the most vulnerable in society and often it can lead to a debt spiral that becomes hard to escape. Remember your local credit union will try to help as much as they can, with much fairer conditions.

3 Speak to your creditors

If you are struggling and owe money on mortgages, loans or credit cards, speak to your provider.  They are likely to be more understanding in the current climate, and you can apply for payment holidays to give yourself more breathing space.

4 Beware scammers

It may seem hard to believe, but people are posing online as banks, the HMRC and even the NHS to try and scam people out of their money.  Always remember to stay vigilant, and never click on links that seem unusual, or give personal details to anybody that you are not completely sure about.

5 If you can, save

Finally, if you’ve been lucky enough to have your income unaffected by coronavirus, now is the time to put away the extra money saved on transport and other expenses into a savings account. You could do worse than saving with a credit union which exists to support the local community.

To contact HEY Credit Union:

• Use the members’ online app (register or login at hullandeycu.co.uk),
• Telephone 01482 778753 (Mon to Fri 10 am to 4 pm) or
• send an email to info@hullandeycu.co.uk

HEY CREDIT UNION ENJOYS IMPRESSIVE ANNIVERSARY YEAR

HEY Credit Union, serving over 15,000 members and junior savers across the Humber Region and beyond, has recorded another year of positive development.

Announcing HEYCU’s annual results, in readiness for the AGM on Tuesday 10^th December, Chief Executive John Smith said, while the uncertain economic climate had made it quite a challenging year in some ways, the Board was pleased to report that membership, loans and savings had continued to grow impressively.   Total loans were 14% higher than a year ago while income generated was up by 27%, leading to a higher surplus and an increase in Capital Reserves, in line with the regulatory target.

During the year further investment was made in new technology and a branch improvement plan, to improve the member experience.   A new Mobile App, enabling members to view their accounts in real time 24/7, transfer funds and submit enquiries direct from phones or tablets, immediately proved popular and over 2,000 members have already registered to use it.  Loans and savings withdrawals are all now issued by Faster Payments, enabling members to have funds into bank the same or next day.

After 8 years’ intensive use, the banking hall at Hull Central branch was refurbished, with a new welcome desk, consultation pods, laminate floor and Wi-fi access.   To address the concerns of the Local Members’ Group about difficult access, Goole branch was relocated to smart new premises across the road, with better facilities.   A social investment by Withernsea Big Local Partnership enabled HEYCU to expand its branch in this seaside town, with a Development Worker to engage with the community and better address the needs of residents for safe savings and affordable credit.

With the credit union’s reach now extending far beyond the traditional county boundaries of Hull and East Yorkshire, after consulting members, it was decided to introduce a new trading name – HEY Credit Union – which allows marketing and communications to be simplified while respecting its proud heritage.

2019 was HEYCU’s 20^th Anniversary year, which was marked with a Lord Mayoral visit to Central Office, a big member recruitment day at its original birthplace – Hull’s prestigious Guildhall – and various competitions and offers.  A presentation was created to demonstrate the impact made by HEYCU over the years which showed that it had granted 55,500 loans to a value of £38 million, saving the people of the Humber Region at least £18 million in interest charges.  It has also created 22 jobs for local people, provided life skills and community involvement for over 100 volunteers and shared out over £1 million to members as dividends.

John Smith said, “As one of the founders of our Credit Union 20 years ago, I have been thrilled to witness its progress and see what a difference it has made to the lives of so many people.  Unlike the big banks which have withdrawn from many of our towns, we are determined to keep our friendly local presence and we know from feedback that this is really appreciated by our members.”

HEYCU’s newsletter with annual review can be viewed at https://www.hullandeycu.co.uk/login/uploads/annual-newsletter-2019.pdf

HEY CREDIT UNION DEFIES BANK CLOSURE TREND IN 20th ANNIVERSARY YEAR

As more banks announce branch closures, a not-for-profit alternative serving the Humber Region has recorded a bumper anniversary year.   HEY Credit Union, which now serves 15,000 members and junior savers, has invested in its local branch network with a relocation, a refit and extended opening hours.

Members with a £1 share in the financial co-operative have been invited to an AGM in Hull Guildhall on Tuesday 10^th December at 5.45 pm to hear how it is doing, help to elect the directors and vote on dividends.

2019 was HEY Credit Union’s 20^th Anniversary year and Chief Executive John Smith said, “As one of the founders of our Credit Union 20 years ago, I have been thrilled to witness its progress and see what a difference it has made to the lives of so many people.  Unlike the big banks which have withdrawn from many of our towns, we are determined to keep our friendly local presence and we know from feedback that this is really appreciated by our members.”

During the year, further investment was made in new technology and a branch improvement plan, to improve the experience for the Credit Union’s members.  The banking hall at the main branch in Brook Street Hull was refurbished, with a new welcome desk, consultation pods, laminate floor and cheerful new decor.  

Goole branch was relocated to smart new town centre premises, with better access for people with disabilities, resulting in a big increase in business.  At Withernsea, a social investment by Withernsea Big Local Partnership enabled HEYCU to expand its branch opening times and employ a Credit Union Champion to engage with the community and help more residents to access safe savings and affordable credit.

A new Credit Union Mobile App, enabling members to view their accounts 24/7, transfer funds and submit enquiries direct from phones or tablets, immediately proved popular and over 2,000 members have already registered to use it.  Savings withdrawals are now paid to members’ bank accounts the same or next day.

The 20^th Anniversary year saw membership, savings and loans reach record levels, with HEYCU now among the UK’s leading credit unions, and one of only a small number of financial providers with a 5-star Fairbanking Mark.   It’s an impressive growth story from a locally-based organisation founded by a group of volunteers in Hull back in 1999.

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Notes to Editors

HEYCU’s Annual General Meeting

Information about HEYCU's Annual General Meeting may be found on the website at

https://www.hullandeycu.co.uk/news-events/annual-general-meeting-2019/

HEYCU

HEYCU was established in 1999 and operates from its Brook Street, Hull headquarters and eight branches in East Yorkshire and Northern Lincolnshire.  There are 22 staff and over 80 volunteers.  It serves 14,000 Adult members and 1,500 Junior Savers with a combined total of £10.5 million in savings.

HEYCU is a well-governed co-operative business, offering very user-friendly services, and has helped many people to save for the first time and access affordable credit, saving the community over £18 million in interest charges since its formation in 1999.  Its website at www.hullandeycu.co.uk has full details.

HEYCU is regulated by the Financial Conduct Authority and Prudential Regulation Authority and members’ deposits are covered by the Financial Services Compensation Scheme. Thus, the first £85,000 of members’ savings is 100% guaranteed.

HEYCU has a five-star Fairbanking Mark for responsible lending.

For information on Credit Unions in Britain and the rest of the world see www.abcul.org

For more information, please contact:

John Smith, Chief Executive, HEYCU, Tel 07896 267517 or jsmith@hullandeycu.co.uk

GOOLE CREDIT UNION BRANCH ON THE MOVE

Goole’s popular branch of Hull & East Yorkshire Credit Union is moving down the street to new premises this week as it marks its 10^th anniversary in the town.

The Credit Union is relocating from 22 Pasture Road, its home since September 2009, to Unit 6 at the Old Station Hotel, Pasture Road DN14 6BP and plans to be up and running at its new location by Monday 23 September.

The not-for-profit organisation provides the people of Goole and the surrounding area with safe and convenient savings accounts, affordable credit and other services related to managing their money.

John Smith, HEY Credit Union’s Chief Executive said:  “We have been very happy at 22 Pasture Road for the past ten years but now it is time for a change.  Our new branch is just down the road from the existing one, closer to the junction with Boothferry Road, but on the opposite side of the road.  It is very easy to see from the town centre and railway station.”

Jo Evans, the Credit Union’s Goole Development Officer, and her colleague Jean Taylor, have been busy preparing for the move.  Jo said, “Credit unions are owned by their members and we have a Local Members’ Group in Goole which takes a keen interest in promoting the branch.  One of their big concerns this year has been access for people with disabilities, mums with prams and those with limited mobility.  We’ve listened and I think they will be pleased with the result.   We look forward to welcoming members, old and new, to our new branch when it opens later this week.”

HEY Credit Union’s Goole branch opens every Monday, Tuesday and Friday from 10 am to 2 pm.   Members can also phone 01482 778753 or visit www.hullandeycu.co.uk to find out more about its services.

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HEY CREDIT UNION 20^th ANNIVERSARY – 10 JUNE 2019

On 10 June 1999, a group of work colleagues at Hull City Council founded an organisation destined to make a big difference to the whole community. Twenty years on, that organisation - now known as HEY Credit Union - is one of the UK’s leading examples of its kind.  

Its founders’ aims were simple:  To set up a financial co-operative – owned and run by its members – to enable anyone choosing to join to save up safely, borrow affordably and responsibly, and access a range of services that would help them to achieve financial wellbeing.

Credit unions exist in over 100 countries of the world. Some are now huge enterprises, serving many thousands of members with every possible financial product including mortgages, credit cards, car loans and business finance.   But all began in a small way, from local roots, and have stayed true to their core values of member democracy, fairness and service rather than profit.

Those of us who founded HEY Credit Union are astounded by its success.   We never imagined that, in 20 years, it would have 15,000 members and junior savers and be looking after funds in excess of £12 million.  Or that, from its Brook Street headquarters in Hull city centre, it would be running branches in Bridlington, Goole, Scunthorpe, Driffield, Withernsea and numerous other volunteer run service points.

We have issued 55,000 loans to a value of £40 million.  Two-thirds of loans were for amounts below £2,000, a field once dominated by doorstep lenders with eye-watering rates. We estimate that our existence has saved the people of the Humber Region at least £18 million in interest charges.

Many members tell us that we have helped them to accumulate savings for the first time ever, by making it easy to do so, partnering with over 20 employers to provide “save as you earn” deductions, and bringing back school banks to help young families to catch the habit early.

Returning dividends of £1 million to our members as their reward for loyalty, creating for local people 22 jobs and 100 volunteering opportunities (all our directors are volunteers!) and achieving a 5-star Fairbanking Mark are other beneficial impacts our credit union has made. 

I’d like to pay tribute to all the people whose dedication has helped to grow HEY Credit Union, brick by brick, into the organisation it has become and trust this commitment continues long into the future.

WITHERNSEA CREDIT UNION SEEKING VOLUNTEERS

Withernsea branch of Hull & East Yorkshire Credit Union (HEYCU) is looking for more volunteers to help roll out its Credit Union Town project. 

The branch, based in The Shores Centre, provides affordable and responsible ways for people to make the most of their money on a not-for-profit basis.   Local residents can become Credit Union Members, open savings accounts and apply for low-cost credit, helping them to build up financial resilience and avoid the problems of high cost credit providers such as doorstep lenders, payday lenders and weekly payment stores.

Earlier this year HEYCU was given a social investment by Withernsea Big Local to expand its seaside branch and serve more people in the town.   Local resident Matthew Lloyd was appointed as Credit Union Champion and a big expansion project is now under way, with longer opening hours, more partnership activities with the community and hopefully a school bank being planned.

Matthew is keen to hear from anyone who would like to volunteer to help with the project.  He said: “Credit unions in communities like Withernsea rely on volunteers to help them deliver caring services to their members in ways that big banks wouldn’t find economic.  

We realise that people are very busy but if someone could help us for event a couple of hours a week it would make a big difference. 

“Volunteering is a great way to meet people, learn some fresh skills and help your community.  There may well be people with past experience in banking who would like to be involved in our credit union, where the focus is very much on our members and supporting their financial wellbeing.  But if not, we provide excellent training and support for those wanting to try something new.”

HEYCU is working in partnership with Withernsea Big Local to make Withernsea a Credit Union Town – one that says no to high cost credit but yes to affordable, responsible saving and borrowing.  Residents in HU19 will get a £25 cash bonus if they join the Credit Union this year to save up safely for Christmas, thanks to HEYCU’s partnership with the Stop Loan Sharks Team.

John Smith, HEYCU’s Chief Executive, said:  “With the reduction in high street banking in rural areas, people are turning more and more to credit unions to provide a fair, friendly and ethical financial alternative.  We are very excited about expanding in Withernsea and welcoming some more volunteers to our friendly team.”

To find out more about volunteering with the Credit Union, pop into the Shores Centre in Seaside Road for a chat with Matthew, or call 01964 615190 or email mlloyd@hullandeycu.co.uk.  

HEYCU’s website has more details here:   https://www.hullandeycu.co.uk/work-with-us

WITHERNSEA SET FOR CREDIT UNION EXPANSION

Hull and East Yorkshire Credit Union (HEYCU), the region’s largest not-for-profit financial services provider, is looking to recruit a person to help it to expand in the Withernsea area.

Thanks to a new partnership with Withernsea Big Local, HEYCU is launching a three-year plan to support the people of Withernsea to improve their financial well-being. John Smith, HEYCU’s Chief Executive, explained: “We are now advertising for a Development Officer to work with our staff and volunteer team to bring it to life. For the right person it will be a great opportunity to do something worthwhile and make a real difference for the people of Withernsea. We can’t wait to get started on this exciting project and hope that the job will catch the attention of someone suitable.”

The credit union branch based at The Shores Centre offers residents a range of safe savings and low-cost credit options to help them make the most of their money. Its popular Christmas Saver account offers an ideal way to save up, in small amounts, to avoid a stressful festive season, while credit union loans, available in amounts from £100 to £20,000, offer a responsible form of affordable credit. However, as a volunteer run branch for the past five years, it has only opened on Wednesday mornings. This means that many residents are unable to access its services easily.

Now, thanks to a social investment by Withernsea Big Local, the credit union is looking to expand the opening times of the branch to four half days a week and to employ a Development Officer to work with the local community and form links with other agencies such as the Stop Loan Sharks Team and Citizens Advice, to make more impact. As well as more face-to-face time to help people in branch, the plan is to set up more Pennies2Pounds school banks like the successful one at Roos Primary School, to encourage children to have a healthy attitude to money from an early age. The credit union will recruit more volunteers to get involved with community events and help people to learn to be more money savvy.

The project’s mission is to make Withernsea into a “Credit Union Town”, which they define as a town that says “no” to high cost credit such as doorstep lenders, payday lenders, weekly payment stores and loan sharks, but says “yes” to safe savings, affordable responsible credit and helping everyone to make the most of their money.

Anyone who considers they have the skills, energy and passion needed to help the credit union to achieve its ambitions is encouraged to apply for the role by visiting www.hullandeycu.co.uk for an application form. Applications close on 31 January.

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