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Clockwise Credit Union

Clockwise Credit Union. Safe savings, affordable loans, friendly banking for the people of Leicester, Leicestershire and Rutland. Jackie White Community Development Officer. What is a Credit Union. Not-for-profit financial co-operative Run by the members for the members

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Clockwise Credit Union

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  1. Clockwise Credit Union Safe savings, affordable loans, friendly banking for the people of Leicester, Leicestershire and Rutland Jackie White Community Development Officer Be wise, be Clockwise

  2. What is a Credit Union • Not-for-profit financial co-operative • Run by the members for the members • All members are shareholders • For the community - Common bond • Aim to provide financial services to the financially excluded • Governed by the Financial Services Authority Be wise, be Clockwise

  3. How it works • Start with saver and investor members • Part of the savings pot is used to lend to other members at an affordable rate of interest • The interest received is used to fund the delivery of the loans and to pay a dividend to savers • Volunteers needed to keep overheads to minimum • Free life insurance is provided on savings and loans • All savings are protected by the Financial Services Compensation Scheme Be wise, be Clockwise

  4. Facts and figures for Melton • Over 6,200 (441)adult active members • Over 5,500 (441)active savers with around £500 worth of savings per person (£48,000) • 41% membership have loans with a combined balance of £2.65 million (£138,000) • Average loan value is £1,127 • 1,289 current accounts(64) • Melton figures marked in Purple Be wise, be Clockwise

  5. Our members • Ethical investors • Council employees • Benefit recipients • Excluded from mainstream banking • Loss of trust in main stream banks after the recent crash Be wise, be Clockwise

  6. Savings Accounts • Clockwise savings accounts pay a 1% dividend (as of April 2011) • Clockwise savings accounts carry a FREE life insurance • I.S.A accounts pay 2.5% Dividend (as of April 2011) Be wise, be Clockwise

  7. Current Accounts • Easy access to a Current Account for members (1289 active accounts) • Convenient access to your money, 24 hours a day, 7 days a week • Advice given over the phone by our friendly local office staff. Be wise, be Clockwise

  8. Affordable Loans • We offer affordable loans • An alternative to the Door Step Lender • Advantage Loans • Payroll Deduction Loans Be wise, be Clockwise

  9. Affordable loans CLOCKWISE £500 loan @ 26.8% APR Repayment of £10.84 per week for 51 weeks Final repayment £10.69 Total interest £63.53 Total repayment £563.53 PROVIDENT £500 loan @ 272.2% APR Repayment of £17.50 per week for 51 weeks Final repayment £17.50 Total interest £410.00 Total repayment £910.00 Taken from Provident website 23rd March 2011 Be wise, be Clockwise

  10. Benefits to Your Community • More money kept within local economy • Local access to Clockwise services • Easy access to Current Accounts • Volunteering opportunities Be wise, be Clockwise

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