Youngsters from Northside Primary School were encouraged to save their pocket money with the help of Derwent & Solway, which has helped to launch the first Credit Union in Northside, a community-based saving and borrowing service organised by its members.
The children were joined at the launch by local residents who signed up to the scheme and started saving with the credit Union. People can join the Credit Union at any time and Derwent & Solway Housing Association have pledged to pay Northside resident’s membership fees throughout February and also pay £1 into the children’s’ savings accounts to start them off!
The Credit Union aims to encourage residents to save on a regular basis and also offer access to cheap loans without the risk of the high interest that comes with high street and doorstep lenders.
People can join the Credit Union at any time and Derwent & Solway Housing Association have pledged to pay Northside resident’s membership fees throughout February and also pay £1 into the children’s’ savings accounts to start them off!
Stella Kent, Neighbourhood Regeneration Officer at Derwent & Solway:
“There is no minimum savings contribution so it’s a great way for young people to get started and learn how to save!”
Speaking of the benefits that Credit Union will offer to other residents, Stella adds:
“We primarily want to encourage our residents to save regularly and create a financial safety net for themselves. This is a hassle and risk free way of doing it and will help people make the most of their money without getting in to masses of debt.”