Cookies help website users perform certain functions. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website.

If you wish, you can change your cookie settings at any time.


Login to your online accountRegister for your PIN to access your account onlineCustom Button 1

Tel: 01902 572340 Email: contactus@wccul.co.uk

NewsWhy should young people join credit unions?
Print
19-July-2016
Why should young people join credit unions?

Hi! I’m Jazzmynne, and I’ve been working at Wolverhampton City Credit Union (WCCU) since 2012. I started out as an apprentice and now I’m an
administration assistant. I may or may not be a young person by today’s standards (I’m 25), but I recognise the challenges that people my age
face today regarding money.

Before I joined WCCU, I didn’t know much about credit unions. I knew they were big in America and they were like banks, but that’s it! Occupy Wall Street was happening just as I joined WCCU, and people weren’t happy with the big banks. The UK was recovering from the recession (and still is, to some extent) and payday adverts were rife. I liked the fact that credit unions were a more ethical option and served their members rather than shareholders.

In addition to working at the credit union, I’ve had a savings account here for three years now. Working here has really opened my eyes to money. It’s encouraged me to save more and to think about how I spend my money. I’m in the “Millennial” group - I live with my parents and I’m paying back my student loan. I’d like to get a place of my own, but it’s difficult these days - however, saving with the credit union is helping me get there.

Here are some reasons why credit unions are great for young people:

1. They’re a great way to save for your children from an early age

If you’re looking to get your children on the right track, you can open a Junior savings account. You’ll need to provide the child’s birth certificate, plus ID for yourself, such as a driving licence, and proof of address such as a utility bill. You can choose how often to save into the account and your child will have their own passbook with stickers, so they can see their savings building up. You will be the trustee on the child’s account until they turn 16 - after that they manage the account themselves.

2. We offer great rates on savings
For the last three years we’ve paid a dividend of two per cent to our savers - rewarding them for saving with their local credit union. The dividend is the surplus after our running costs and outgoings for the year. We’re a credit union so we don’t have any shareholders to pay - we’re owned by our members, and any money that’s left over goes straight back to our savers. Savings rates on the high street have been poor recently, so 2% is a competitive rate and a great reason to save locally.

3. We offer low-interest loans compared to payday lenders

If you borrowed £300 from the credit union, you would pay £10 per week over 34 weeks, and you’d pay about £30 in interest, so your total loan would be £330.
If you borrowed £300 from Wonga using their new “Flexi 3 Month Plan”, you would pay £152.65 per month for 3 months and pay £159.40 in interest, so your total loan with Wonga would be £459.40.
The credit union loan is £129.40 cheaper!

4. You can now bank with us online
Just because we’re smaller than banks doesn’t mean we’re low-tech! We’ve just launched a new online banking system and a mobile app is on its way too. It’s important that we keep up-to-date with technology and provide members with easy ways to access their account. With our online banking system, you can check your account balances, see your statements, and make transfers to your bank account for free. As long as you transfer before 3:30pm, the money is transferred to your bank account on the same day.



Find Us here:
FacebookFacebook
TwitterTwitter
YouTubeYouTube
  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: contactus@wccul.co.uk