Have you heard about Credit Unions?

Are you looking to open a new savings account or you want to find out more about alternatives to the high street banks?

A Credit Union could be the place for you.

These are community based saving and lending schemes which are a bit like a bank, but with fewer facilities. Some offer current account banking, but most focus on savings accounts and low cost loans.

Each credit union has its own eligibility criteria, but the 2 schemes available in our immediate are Boom Credit Union, for people who live or work in West Sussex, Surrey and Kingston and East Sussex Credit Union for people who live or work in East Sussex including Brighton and Hove.

These organisations follow co-operative principles and are ‘not for profit’, which means any profit made is returned to you, the saver, not the Credit Union.

They are good for people trying to save up for something (even if its just a rainy day) or for those who think they might need a low interest loan in the near(ish) future.

Some offer incentives for signing up, especially those working in partnership with local businesses. For example, East Sussex Credit Union are currently offering a subsidised annual Brighton and Hove bus ticket (but an annual student ticket is still cheaper)

Student Advice Service