If you are looking for an ethical place for children’s savings, an East Sussex Credit Union Junior account is a good deal. Currently the interest rate is 2%, paid and reviewed quarterly. More information here… All savings are protected by the Financial Services Compensation Scheme
Adults can now join online Membership is growing rapidly, helped by a new partnership with Unite the Union, inviting new members from across South East England.
Some large businesses and other organisations in East Sussex, such as the Brighton & Hove Buses and Lewes District Council, have payroll schemes with ESCU for their employees. These can be a painless way of saving, and loans may be available on better terms. The Credit Union is looking for more local businesses who will offer this to their employees – it is very simple to set up.
Saving and borrowing at a credit union means more money stays local – both our savings and the interest payments if we get a loan. People can avoid doorstep lenders and money shops that will charge far higher rates and not allow early repayments. ESCU also welcomes donations, which help to fund smaller loans that often go to people most in need.
With new funding and support, our local Credit Union is growing steadily, and becoming more like a community bank – future developments include basic bank accounts and membership for community groups and businesses.