Well it’s officially the festive season now at CLEVR Money, as our members open their first gift to themselves… their Christmas Savings Accounts.
Some 429 members have saved a whopping £186,000 between them over the last 12 months, an average of£434each.
These accounts were unlocked on Friday November 1st for members to access their cash for Christmas.
The savings they have accrued over the last year will hopefully make things significantly easier on the purse strings as we enter the annual spending rush.
Christmas widely is acknowledged as the most expensive time of the year for families, with gifts, decorations, luxury foods, festive outfits, extra visitors and everything else to pay for.
Our Christmas Savings Accounts are set up especially to help with these additional expenses, and every year more and more members choose to save with us in this way.
Saving with the credit union can be pretty easy, some people put in through their wages if their employer is a Payroll Partner, others over-pay loan repayments so the extra goes into a savings account, while others just do a monthly Direct Debit.
Having a little nest egg to rely on can be so important at Christmas – or in the summer when the cost of holidays, days out and new uniforms mount up – and we work directly with our members to find out what is important to them, and tailor their savings habits to suit.
Of course not everyone has the spare cash every month to make the most of our Christmas Savings Accounts, and for anyone worried about trying to fund those special purchases this Christmas we still offer fair and affordable loans.
In particular, the Santa’s Little Helper loan provides up to £500 without a credit check to families with children, and is repayable using the Child Benefit payment.
For more information about saving or borrowing with your not-for-profit local credit union please contact us