Stockport Credit Union (SCU) is on a mission to encourage Stockport residents and employees to start saving for next Christmas, now!
In recent weeks, press reports have shown the disparity that exists in Stockport between high-earners and low-earners and with warnings that many households will be over £1,000 worse off in 2022 – Stockport Credit Union want to help local people feel more financially confident.
SCU is offering a Christmas Saver account, it is a locked share account that is unlocked in October in time for those early Christmas shoppers. It is perfect for people who want to save up for Christmas but may feel tempted to dip into their savings. The Christmas Saver is fully protected by the Financial Services Compensation Scheme, so people can be assured their savings are fully protected, just as they would be with a high street bank.
This call-to-action on Christmas savings comes after the SCU has published content in January to help educate residents and employees of Stockport about how to get their finances back on track for the year.
Credit Unions are membership-based not-for-profit organisations whose core principle is that they are owned by their members. To become a member of SCU you must live or work in the SK1-SK8 area of Stockport or work for one of their payroll partners (list of organisations on the SCU website).
SCU, with its head office in Brinnington, is supported by volunteers in both back-office and customer facing functions, as well as on its Board. More than 30 volunteers work with the Credit Union’s employees to support over 4,500 members, keeping costs low and enabling more reinvestment into the community.
Jonathan Moore, Stockport Credit Union’s Chief Executive, said:
“Credit Unions are often one of the UK’s best-kept secrets but we’re looking to change that here in Stockport. We want to encourage people to plan ahead and live a life where money stress is minimised.
“Starting to save for Christmas the January before might seem strange to some but it’s a great way to help relieve pressures that come around before people realise. Making regular small payments into a savings account throughout the year is a great way to ensure that Christmas shopping is covered, meaning that Christmas shopping can be enjoyed, rather than a source of pain and worry.”
The Credit Union is a saving and loans co-operative, regulated by the Bank of England and the Financial Conduct Authority. SCU provides essential savings and lending services within the Stockport borough. They also work with partners to provide payroll support.
