Helping you make themost of your money

Stockport Credit Union - helping you make the most of your money

Amount savedeach week

Year 1

Year 2

Year 3

£2 £5 £10 £20

£104 £260 £520 £1,040

£208 £520 £1,040 £2,080

£312 £780 £1,560 £3,120

Joining and saving

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See how your savingscouldgrow with the Credit Union

Your savings are secure with the Credit Union - the Financial Services Compensation Scheme guarantees your money. The Credit Union is insured against theft and fraud. The Financial Services Authority regulates us and approves the volunteers that serve on the various committees. The Credit Union’s running costs are kept very low. At the end of each year, any surplus income is paid back to members as a “dividend” on their savings.

Stockport Credit Union is a not-for-profit community savings and loansco-operative which is owned and controlled by its members. If you live or work in Stockport you can join. Joiningiseasy - you will need to come to a collection point in person and show proof of who you are and where you live. You will also need to pay a joining fee of £1.20 and pay at least £1 into your account. After that, you can save regular amounts of as little or as much as you like, up to a maximum of £10,000.

Stockport Credit Union - helping you make the most of your money

Children can join too!

The Credit Union is for people of all ages. Members aged 0-16 can open a young savers account – they need to open the account with an adult who needs to sign for any withdrawals the young saver wants to make. Young savers don’t have to pay an entrance fee and can open an account with as little as 10p.

Young savers can pay in at all our collection points, but pupils at some schools have gone one better by training to run

their own collection point with the support of the school staff. Pupils from one local primary school organised a fantastic assembly to promote their ‘super savers’ scheme. Some dressed up as coins and others demonstrated that they would like to save for swimming lessons, holiday

spending money and computer games, among other suggestions.

Five good reasons to join

1 Pay into your account at a localcollectionpoint or by standingorder.

2 Easy and flexible ways to save for whatever you like.

3 Freelifeinsurance on savings and loans.*

4 Lowcostloans available to members who are regular savers.*

5 The Credit Union is regulatedbytheFinancialServices Authority and is part of the Financial Services Compensation Scheme, so your money’s safe with us.

* Age limits apply.

Stockport Credit Union - helping you make the most of your money

Stockport Credit Union and the Stop Smoking Service are working in partnership to promote the benefits of a healthier lifestyle. Imagine how much you could be saving by joining your local Credit Union. Some members of the Credit Union have been able to use their savings account to help them to give up smoking. This is what one member had to say:

Going smoke free is the one single thing you can do to dramatically increase your chances of living a longer life.

The money saved by not smoking could make a big difference to you and your family:

• Holidays or family days out• Home furnishing and DIY projects• Buy bicycles for family fun!

For full details on Stop Smoking, please call Stockport Stop Smoking Service on 01614265085 for local support or contact the NHS Free Smoking Helpline on 08000224332or visit www.nhs.uk/gosmokefree

Don’t let your money go up in smoke

“When I stopped smoking, I wanted to be able to save up all the money I’d have spent on cigarettes so I could see how much it had been costing me. I opened a Credit Union account because once you put your money in, you have to give a week’s notice to take it out again – for me this was a great way to make sure I’d save the money. I was amazed that after only a month I’d savedover£150”.

Stockport Credit Union - helping you make the most of your money

Low Cost Loans

Members aged 18 and over, who are regular savers with the Credit Union, can borrow from us at a very low rate of interest – just 1% per month on the reducing balance (that’s an APR of 12.68%). If you borrow £1,000 it will cost you less than £60 in interest to repay the loan within a year (based on 50 regular weekly payments). There are no arrangement fees and no penalty fee if you decide to repay your loan early. The amount you can borrow depends on the amount you have saved with the Credit Union and the amount you can afford to repay.

We asked members to share their comments on why Stockport Credit Union’s saving and loan scheme is helping them manage regular expense as well as budget for special occasions or unexpected costs.

• Car expenses such as Tax, Insurance and MOT were easier to manage spread over the year. • Christmas, holidays, football season tickets, were high on the list for members wanting to access loans for these costly times of year. • Budgeting for weddings and home improvements can be difficult to manage, as they are not everyday expenses, but a regular repayment plan with the credit union has made it a lot easier for members.• Household emergencies such as replacing expensive electrical items or central heating boilers were a worry, but knowing they had some savings, or could borrow at a very low rate of interest gave members some peace of mind.

Amountborrowed

£100

£500

£1,000

50 weeklypayments of *

£2.12

£10.60

£21.20

Totalrepaid

£106.00

£529.98

£1,059.95

* Final repayment lower.

Stockport Credit Union - helping you make the most of your money

Accessing our services

Stockport Credit Union is working in Partnership with:

If you would like a copy in large print, Braille, on audiotape or CD, please contact Stockport Credit Union (details below).

Please contact us for details of your local collection points:StockportCreditUnionLtd, First House, 367 Brinnington RoadBrinnington, Stockport SK5 8ENTel: 01614305808 Email: mail@stockportcu.com