Surrey's new local Community Bank

Woking Borough Council Press Release..

PROGRESS WITH NEW COMMUNITY BANK FOR LOCAL SAVERS

Members of the SurreySave steering group have taken another step towards creating a local bank for local people, by publishing their Investment Prospectus. This is designed to show the advantages of investing in the Credit Union, for local authorities, housing associations, private companies and, of course, individuals. The savings from the SurreySave Credit Union will provide a pool of funds from which low-cost, flexible loans can be made responsibly.

A task force comprising local representatives from Guildford, Waverley and Woking Borough Councils, Mole Valley Housing Association, the Co-operative Fund, the CAB and voluntary services meet regularly to work on setting up the Credit Union.

Steve Bonsor, member of the Steering Group, said: “SurreySave Credit Union will be a competitive, convenient and safe way for people in Surrey to save and borrow, rather than using traditional banking services. As well as encouraging saving, it will keep money circulating within the local area, provide advice and support to members and it will have no private shareholders”.

Heather Ward, also a member of the SurreySave Steering Group, said: “This is a good time to be setting up a credit union. For those able to save, a credit union, which is a not-for-profit organisation, is an ethical and safe home for their money.  We know that some local people, on the other hand, are in the clutches of home credit companies, loan sharks and money shops that charge a minimum of 183% APR, and SurreySave will help them organise their finances better and have access to secure banking services.”
 
Regulated by the Financial Services Authority (FSA), a credit union is run as a financial, self-help co-operative that is owned and controlled by its members, who both save and borrow from it. Any profits that are left over after running costs have been covered are paid to its saving members in the form of a dividend or interest on their savings.

For more information on the SurreySave Credit Union you can visit – www.surreysave.co.uk.

For more info see http://www.woking.gov.uk/benefits/recession/surreycreditsaveunion