Credit union encourages more members
MONEY-MINDED residents are being encouraged to join the North Somerset Credit Union for a safe way to access loans and keep money in the local community.
The credit union is a savings and loans cooperative, which is owned and controlled by its members.
Any profit made is invested back into the business or given to its members as dividends.
The credit union began in Weston and has since expanded to cover the whole of North Somerset, with services offered in Portishead and Pill.
Now, staff are hoping to attract more members to allow the union to offer more services and advice.
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They are also supporting the National Move Your Money Day today (Fri), an initiative aimed at encouraging people to move their money into credit unions or other ethical finance schemes.
North Somerset Credit Union general manager Jackie Simpson said: “If people want to support local cooperatives, this is the best way to do it.
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“All our profits go back to members. We keep money in the community.
“Every pound we have in savings we can lend out to local people who spend it locally.
“We want to attract members from other parts of North Somerset because the way we grow is by savings, which we can then lend out.”
The credit union offers savings accounts as well as specialist initiatives, such as Christmas savings accounts which do not allow the saver to access the money until November. It also offers safe loans to members.
Credit unions are traditionally known for helping people on low incomes, however, the North Somerset cooperative is keen to attract a range of customers to allow it to expand.
North Somerset Credit Union runs a service at the St Barnabas Centre in West Hill, Portishead, every Wednesday from 12.30-2.30pm. A service is also available at Pill Resource Centre in Baltic Place from 9.30-11.30am on Tuesdays.
In the run-up to Christmas, a service will also be offered at Portishead Library in Harbour Road from 10-11.30am every Saturday.
North Somerset Credit Union’s head office is in Orchard Street, Weston.
* For more details visit www.nscreditunion.org.uk