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Your Council creating new earning opportunities for you
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Ten years of the people's business
Hull and East Yorkshire Credit Union is increasing the earning potential of Hull people
'Mighty oaks from little acorns grow...'
This phrase sums up the story of Hull and East Yorkshire Credit Union (HEYCU), which is making an important contribution to helping Hull people and families manage their finances – especially during the tough times of the credit crunch.
It's an ethical, 'not for profit' co-operative business that is owned and run by its members – the people who use its services.
It aims to keep money in the local economy and provides a real alternative to high street banks.
Set up by a small group of Hull City Council employees a decade ago, and initially run from a small office in the Guildhall, the credit union is now based in Hull Business Centre in Guildhall Road.
With almost 6,000 members and 520 young savers, it manages members' savings of over £3m, and has paid out more than 12,000 low cost loans to the value of £10.5m since it started in 1999.
HEYCU also has branch offices in Beverley, Bridlington, Driffield and Goole.
Its purpose is to give everyone who lives or works in Hull and East Yorkshire access to a range of affordable and competitive financial services.
Word gets around
"Credit unions were quite unknown in the Hull area when we first started but now most of our growth comes from word of mouth recommendation," says John Smith, secretary and one of the founders of HEYCU.
"Satisfied members tell their families, friends, work colleagues and neighbours about us and more and more people are joining every week.
"The credit crunch has also brought more people through our doors as they regard us as a trusted local alternative to high street lenders.
They like the friendly service and the fact that we are working for them and not trying to make money out of them."
The credit union boosts the local economy and helps local people and families increase their earning potential in a number of ways.
For example, a low-cost HEYCU loan could enable a local job-seeker to buy a new suit for a job interview, or a new bicycle for getting to college or work.
The credit union helps local people to manage their money wisely by providing financial services to encourage personal financial responsibility and regular saving.
And by rewarding its saver members with annual dividends it can help them make their money go further.
This helps Hull families free themselves from debt, stay away from loan sharks, and save up for items like Christmas presents, new clothes for the children, or a new kitchen for their home.
Members can even become volunteers with HEYCU and learn new skills, helping to run one of the city's major social enterprises and increasing their chances of finding paid employment.
And as HEYCU is owned and run by its members, all the money stays local and is invested in local people and the local economy – there are no overseas shareholders or London-based financial institutions to pay off as is the case with many high street lenders.
Members can even attend HEYCU's annual general meeting in the Guildhall every December to ask questions and have their say on how their business is run.
More about HEYCU
By becoming a credit union member, you can:
- apply for a HEYCU current account and cash point card
- apply for a Freedom Loan of up to £500 to help you break free from expensive doorstep credit firms and illegal loan sharks.
Larger personal loans may be possible for members who are already regular credit union savers
- open a Child Trust Fund account to help your child to save for the future
- make regular savings by setting up a bank standing order, direct debit, payroll deduction or state benefit contribution
- save with a Share Account, Instant Access Savings Account, Christmas Saver Account, Loyalty Saver Account or First Savers Account
- take out a Family Protection Insurance Plan to help meet the cost of funeral expenses, and obtain other insurance quotations
Linda Dobbs from north Hull has been a member of HEYCU for five years.
She uses the credit union to save up for Christmas and holidays, and she successfully applied for a low cost loan to buy a new washing machine.
Linda, a cook supervisor in a school kitchen, joined after a recommendation from a work colleague.
"I find it a very convenient way to save," says Linda.
"HEYCU staff provide an excellent service and I can strongly recommend membership to other people in the Hull area."
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