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Saving for a rainy day?
Saving for a rainy day?
22/03/2010 12:00:00
Have you ever........
Thought about saving but never really got around to it?
Started saving at home but dipped into it?
Had an unexpected bill and wished you had savings to pay for it?
Yes???? Then read on.....
Have you started thinking about saving for Christmas 2010 yet? If not, did you know there are less than 300 days to Christmas? Have you thought that by saving a little each week you could take some of the stress out of you Christmas shopping?
Credit Unions are a great way to save money. They are financial co-operatives owned and controlled by their members. They offer savings and great value loans plus they are local, ethical and know what their members want.
BAG Credit Union will be holding an open day on the 19th March 2010, come along and find out why credit unions are a great way to save money for both adults and children. You can open a savings account on the day as long as you:
Live or work within the Common Bond area. (Greater Bargoed Area and Britannia housing and industrial estates.)
Fill in a form provided by the credit union
Provide two forms of identity, i.e. Drivers license, passport, benefit book, rent book, utilities bill.
In March only, the usual joining fee of £1 has been waivered!
BAG CU offers a wide range of ways to save. Members can save by attending the various collection points throughout the area, the Caerphilly County Borough cash offices, by payroll deduction, bank standing order or with a Paypoint Card provided free of charge by the credit union.
Once a member has been saving with the credit union for 13 weeks they are entitled to apply for a loan of up to double their savings.
The interest rates on an unsecured loan is 12.6% and on loans fully secured by savings the rate is 7.5%
e.g. Savings of £50 – Loan of £100 repaid at £3.00 per week over 35 weeks the total interest charged will be £4.18
Savings of £100 – Loan of £100 repaid at £3.00 per week over 35 weeks the total interest charged will be just £2.56. Compare this to other doorstep lenders.
All savings and loans are covered by life insurance that is free to the member. If a member should pass away under the age of 65 years then their shares are doubled and any outstanding loan is cleared, some conditions apply.
Members are encouraged to take out a loan as opposed to withdrawing their savings for a number of reasons:-
Low interest rates
Free Life insurance
Dividend on Savings.
The interest from the loans goes to finance the credit union and any profit left after paying all the bills is returned to the members in the form of a dividend.
Collection points can be found at;
47 Commercial Street Aberbargoed, Mon, Tues, Thurs 10am to 12:30 and
Fri 12 to 2:30pm
Citizens Advice Bureau, Bargoed Monday 10am to 11:30am
YMCA Aeron Place Gilfach Thursday 6pm to 6:30pm
For further information please telephone 01443 833533 or 01443 838605