We may have just got Christmas 2020 out of the way, but it is never too early to start saving for next Christmas.
Christmas can be one of the most expensive times of year and it is all too easy to put off saving up for it. Many people can then end up having to borrow money at the last minute, at high rates of interest, or building up expensive credit card debt.
Why not get ahead of the game in 2021 and start saving for Christmas now? Putting away just a little bit each month can soon turn into a nice little nest egg that you can withdraw in the run up to Christmas.
If you open one of our Christmas savings accounts you can start saving straight away, which could make all the difference next year. You can save as little or as much as you like with the Credit Union, although we recommend at least £20pcm or £5pw. (There is a slightly higher minimum level of savings if you’re using our Saver Loan).
We want to make it as easy as possible for people to save and our members can save by standing order directly from their bank. Employees of organisations that participate in our payroll deduction scheme can even have savings deducted directly from their salary.
You can withdraw your savings on demand (unless you have a loan with us), although we recommend keeping your funds in your Christmas savings account until you need them for Christmas. You can check your balance online at any time, by phone or by texting the word ‘MyBalance’ to 60060.
While we do not pay interest on savings accounts as such, we distribute any trading surplus to our members in the form of a dividend calculated on average savings, and this is often extremely competitive compared to bank interest.
Savings with the Credit Union are protected by the Financial Services Compensation Scheme, so they’re safe and secure – and they’re ethical too. Money saved with us is used to provide a fair and affordable alternative to high interest loans, helping thousands of people in our communities escape from debt.
Credit Union Chief Executive Martin Groombridge said: “We know just how expensive Christmas can be for people by the numbers who turn to us each year for help. And while our fair and affordable loans are there if you need them, we would always encourage people to save, so they no longer need to borrow.
“Open a Christmas saving account with us today and make those last minute financial panics – and the New Year debt hangovers – a thing of the past.”
