Sheffield Credit Union Helps Members Face Difficult Economic Conditions

Sheffield Credit Union Helps Members Face Difficult Economic Conditions

Recent reports in the Independent and Local Government Press highlight some of the difficult financial conditions faced by many today.

No Savings: 

https://www.independent.co.uk/news/business/news/millennials-no-savings-money-debt-student-loans-home-owners-ons-a8569671.html

Credit Unions offer a variety of savings accounts for those who join.  Whether the purpose is to build up a fund for emergencies, save for something specific or even build up savings ready for Christmas, Credit Unions can help.  Sheffield Credit Union offers several accounts including a special Christmas Saver account, sponsored by the team who fights against loan sharks, and a Junior Savings account which can be opened from birth, and is transferred to the child from the age of 16.  Apart from peace of mind and the ability to make necessary or wished for purchases, there are further incentives to keeping savings locked away.  Free life savings insurance is available on some savings products*, and dividends are payable on most accounts.  Christmas Saver accounts attract a bonus voucher as a thank you and entry into a prize draw*.  All funds are protected by the Financial Services Compensation Scheme, and so are completely safe.

*Subject to terms and conditions.

Keeping up with Bills: 

https://www.localgov.co.uk/Charity-reveals-alarming-scale-of-council-tax-debt/46134.  Sheffield Credit Union is proud to offer “budgeting accounts” (SCUBA) which help people to keep up with bills, and also to repay debts – particularly with rent or council tax.  These accounts are often sponsored by the housing provider, and in many cases, have helped to prevent evictions and bailiff action.  Members open a credit union account, have some or all of their income paid in and choose how much to ring-fence to cover their chosen regular bills or debts.  Sheffield Credit Union then pays the bills at the expected times as long as the income has come into the account.  Not only does it help to avoid action being taken, it provides peace of mind when life gets complicated.