JOHN’S BLOG – SUMMER 2021

 We hope all our members and supporters are keeping well, and enjoying the sunnier days.  It’s high time we updated you on how 2021 is turning out here at HEY Credit Union…

HOW HAVE WE BEEN DOING? 

At the end of June, we passed the three-quarter point of our financial year, which runs from October 2020 to September 2021.  With all the turmoil affecting personal and business life, you may be keen to know how your Credit Union is faring:

John Smith, CEO

·       Business has been steadily returning to its normal seasonal pattern since Easter and we’ve recently enjoyed a record inflow of loan applications of all sizes.

·       New member recruitment (net) is around 34% ahead of the same period last year.

·       Members’ Savings – now totalling £13.7 million – are up by 14%.  Lots of members have increased their regular savings as they were unable to spend normally.  It will be interesting to see whether these funds flow out as the economy bounces back.

·       After a big fall in demand for Members’ Loans (especially for larger loans), we’ve now issued 28% more loans this year than over the same period of 2020.

·       With income (mainly loan and bank interest) a little higher, and costs well under control, we’ve earned a higher Surplus (after tax and dividends) than a year ago.

New member pack

It also gives me and the Directors some satisfaction that, despite the tough challenges our staff and volunteers faced, we never failed to provide our members with a service for even a day during the whole Covid period.  A big thank you to our fantastic team and to our members for your superb loyalty!

OUR SPEEDIER DIGITAL JOURNEY

I asked Matthew, our Project & Systems Manager, to explain how we’ve moved on apace with adopting new technology solutions to improve our members’ and colleagues’ experience.   While some changes were brought forward in 2020 to help us through Covid times, they form part of a longer term Digital Strategy that we’re developing, in conjunction with our main software partners and other key providers.  

On our Website, we’ve simplified the Become a Member section, making it easier for new members to join, whether to save or borrow, without having to click through lots of screens.  Electronic IDV means applicants often don’t need paper documents to prove their ID and address.   Our Web App, which lets members make transactions and apply for loans from any device, gains new users every week, with over 60% of members now using it regularly.

We’ve revamped our website Loan pages to make it easier to find the loan you want and added online forms for our popular Family Benefit Plan and Members’ Lottery.

We introduced a more user-friendly online loan application experience.  A postcode look-up feature helps applicants enter their home details correctly.  Applicants receive emails to keep them updated, giving them peace of mind and avoiding the need for follow up calls.  For us, it eliminates manual paperwork and data input, helping to turn loans round even quicker (same day sometimes).  

We now use Open Banking during the loan assessment process, to view an applicant’s bank account history and, when a loan is approved, we can use an electronic signature system, and a messaging facility to keep in touch.   On our website, there’s a chatbot called Jude, who answers queries and provides information even when our offices are closed.

Technology has even transformed our meetings!  Instead of our Directors having to travel long distances to a central boardroom, they now use Go to Meeting, connecting virtually from their own home or office, just as members did for the 2020 AGM.  Many business meetings are held this way using various systems (Zoom, Teams etc).

We use Mail Chimp and Social Media to tell our ongoing story and engage with members.   Do make sure HEY Credit Union is “white listed” on your email account to avoid our news dropping into your junk folder.  We collect data (analytics) to learn about the effectiveness of each activity, what works well and what doesn’t.

 

PROGRESS IN BRANCHES

Unlike our major banking competitors, HEY Credit Union isn’t planning to withdraw its branch network.  While many members happily deal with us online or by phone, our walk-in branches offer a vital personal presence, where local residents can call in to see our friendly teams face-to-face.  We know they are valued.

After some temporary closures due to lack of staff cover (some colleagues had to look after family members or home-school their children), all branches are now welcoming members back:

Goole and Driffield re-opened in March, with a free raffle for all members popping in.   Driffield volunteers handled record deposits on their opening day and their raffle prizes were provided by local businesses The CoZee Café and Raffles Fruit Shop.  Goole held a fund-raiser for the Toy Appeal and Yorkshire Air Ambulance plus a Euro 2020 themed draw, with a super prize donated by Morrisons.

  
Driffield raffle; Goole Euro 2020 display

Bridlington branch was given a mini-refit and painted inside and out, to greet members with a sparkling new look when it re-opened, and a new team member – Helen - joining Sarah.  They have started a Bridlington Members Facebook page – if you live in the area, please give it a Like, and keep in touch with all the news!

Bridlington branch

Withernsea branch works with the new Shores Community Pantry to make users aware of Credit Union services; a Spring Newsletter went to all homes via Royal Mail and some cheery window stickers were issued to local traders to show support for our Big Local funded Credit Union Town project.

Scunthorpe and Hull Central branches remained open throughout, but with restricted hours and Covid safety measures always in place.

Finally, Grimsby/Cleethorpes is the only large urban area (population 127,000) in our region without a branch.  I am pleased to say we are seeking a suitable town centre base and plan to be up and running very soon.

 

CREDIT UNION PEOPLE NEWS

It’s been a time of change on the “people” front, too, with our long-serving, first ever Finance Manager, Eddie Hotham, retiring at the end of March after 22 years’ service!   John says, “We shall really miss Eddie; she started along with me as one of the founder volunteers back in 1999, and has been a constant presence, ever willing to take on new challenges, but always determined to keep our finances in good shape.  We all wish her a long, happy and well-earned retirement.”

Eddie's retirement

Two new members recently joined our volunteer Board of Directors:

Terry Dagnall is a self-employed shop owner in Withernsea.  He is passionate about improving the East Coast town and getting a better way of life for its residents. A member of Withernsea Big Local, a Town Councillor and Town Mayor 2017-20, Terry is also a Director and Chairman of the Meridian Centre. 

Terry Dagnell

 

Matthew Kelly has nearly 20 years' experience working in social housing and currently serves as Income Manager for Ongo Homes in Scunthorpe, one of our payroll partners.  He served on the board of Advice North Lincs and is a member of the Institute of Leadership and Management.  

Matthew Kelly

 

On the staff team, we welcome Lauren (Branch Development) back from maternity leave after the birth of her daughter, Eleanor.  And Matthew Lloyd (Withernsea Branch) has been selected nationally to take part in this year’s CU Futures, a leadership development programme for young credit union professionals.

 

WE’VE BEEN OUT AND ABOUT…

Pleased to see our Social Impact Report getting some great coverage in around 20 newspapers and web magazines recently.   The articles, tailored to each of the main towns where we have branches, explained how we’ve been helping people and families across the Humber Region, and beyond, to improve their financial wellbeing since 1999.   Thank you to the local members who agreed to be interviewed for these stories, you did a fabulous job.  Take a look at the stories here.

Some of you may have spotted us at the Hull Big Malarkey this year.  This popular weekend festival, a celebration of arts, crafts and literature for young people organised by Hull Libraries, was held in East Park at the end of June and we were proud to sponsor it.

Hull Big Malarkey

We’re also featured in the Hull & East Riding Mumbler, a much-visited online parenting community.   Head over there to see our articles, ads and offers.

 

A SPECIAL VISIT

Finally, in May we were honoured with a visit from the Lord Mayor of Kingston upon Hull, Councillor Lynn Petrini, accompanied by Councillor Gwen Lunn.  They made two presentations, one to our staff team in recognition of the way they’ve gone the extra mile to help the people of Hull during these difficult times.  Steve Verity, Acting Branch Co-ordinator, accepted on behalf of all colleagues.   And then, much to my surprise, they presented me with an engraved tankard and Lord Mayor’s Certificate in appreciation of my work for the community over many years, as a local government officer, Co-operative Group director and first ever CEO of HEY Credit Union.  I was very thrilled with my award and will treasure it always.

Lord Mayor's Certificate presentations

Don’t forget, we are here to help – please give us the chance.  Here’s 3 ways to support us too:

·       Leave a review on Trustpilot.

·       Recommend a friend, family member or work colleague to join us.

·     Vote for us in the Consumer Credit Awards – by 15 August – you could win £1,000!

HEY CU’s Christmas Blog

The most wonderful time of the year is fast approaching, and with it comes presents, clothes, holidays and shopping lists so long you’ll have to check them more than twice! The festive season is the most expensive time of year for most of us, so we at HEY Credit Union have put together a few handy tips to help cut the cost of Christmas this year.

1.    Stick to the budget!

It may seem obvious, but sticking to a set budget is one of the best ways to make sure you don’t overspend this Christmas. Sit down before you start shopping and draw up a list of everything you can think of – including presents, food & drink, clothing, transport, and so on – and the amount you estimate to spend on each. You can then keep track of how much you’re spending on each item, and tick them off the list once purchased. You’ll also be able to see where most of your budget is being spent, and will find it easier to reduce costs where possible.

2.    Beware of Christmas ‘deals’

Retailers know that almost everybody is in shopping mode the closer it gets to December 25^th. Almost every advert and email you come across is trying to persuade you to part with your cash in exchange for Christmas gifts, with the promise of discounts and exclusive offers. In recent years, Black Friday and Cyber Monday promise slashed prices, and whilst you may be able to pick up the odd bargain – it’s essential to remember that retailers are trying to get you to spend as much as possible. Beware of overspending on items you don’t need, and be especially careful of Black Friday scams.

3.    Try ‘Secret Santa’

Gifting presents doesn’t have to cost a fortune, and the gifts we remember most are the ones that come from the heart. If you usually have a long list of people to buy for in your family or friendship group, why not try a Secret Santa? Each person gets given their own person to buy for – so you can really think about getting the perfect gift, whilst saving a pretty penny! It all adds to the excitement and thoughtfulness of the holidays.

4.    Take advantage of loyalty schemes

If you shop at a supermarket throughout the year, make sure to take advantage of any bonus or loyalty points you’ve accumulated. All of the major chains provide loyalty schemes to keep customers coming back, and Christmas could be a perfect time to cash in on the purchases you’ve made in the past 12 months. 

5.    Proper preparation

Despite it only being just the one day, we all know preparation for Christmas starts well in advance of the 25^thDecember. By making sure you get a head start on the festivities, you can save yourself quite a bit, especially if you’re booking travel over the Christmas period. Trains and flights tend to shoot up in price the nearer to Christmas you go, so try to plan ahead and book as early in advance as possible. 

Whilst planning in advance is a great idea, it’s worth bearing in mind that many retailers drop their prices in the January sales. It could be worth keeping this in mind when shopping, and promising your loved ones their presents after the Christmas rush.

6.     Open one of our Christmas Saver Accounts for 2020!

This year, our members broke records, as they saved a huge £850,000 in this account over the course of 2019! We believe it’s the safest, and biggest, festive savings pot in the whole of the Humber region. By putting away as much or as little as you throughout the year, you can take the financial stress out of Christmas. Get a head start on 2020 and apply for an account today.

As November ends and December begins, here are a few fantastic events to get you in the mood for Christmas 

Hull Christmas Market

With a magical Christmas tree, Kids Zone and festive food and drink stalls, you’ll be hard pressed to find anywhere better to kick off the festive season. It’s also walking distance from our Head Office!

Driffield Christmas Lights

Come see us in Driffield Town Centre on Friday 29^th November for the Christmas Lights Switch On, and say hello to Penny the Pennywise Penguin!

Scunthorpe Food and Gift Fair

For one day only on Saturday 14^th December, Scunthorpe town centre will be transformed into a winter wonderland with gifts, treats and snacks aplenty on offer.

See Santa’s Sleigh in Bridlington

Take the little ones to see Santa’s Sleigh in all its’ glory this December, as he makes his way around the streets of Bridlington from 1^st December.

Wishing everybody a wonderful Christmas and a happy new year, from all of us here at HEY Credit Union.

John

CEO, HEY Credit Union

JOHN’S BLOG – AUGUST 2019

6 tips to help with the cost of sending the kids back to school

The summer holidays will soon be drawing to a close, and so it’s natural for thoughts to turn to the cost of sending the children back to school. With new uniform, equipment and kit to pay for, the cost can soon mount up, especially if you have more than one child due to return to education this September.

Here are 6 handy tips to help you save money before the school year starts.

1). Use and reuse

The size of the inventory list can be pretty daunting at the beginning of the year. Thankfully, not all items have to be brand new. You’d be surprised at how much can be reused for the following year, when given some care and attention. Try giving any lunchboxes or pencil cases a good clean, for example. You can even get the little ones involved, and get creative to redesign any old equipment with a little paint and PVA glue – and hey presto! Good as new.

2.)  Shop local where possible

When shopping around for school supplies, it can sometimes pay to go off the beaten track. The multi-national chain stores and supermarkets can be expensive, so try looking in places you wouldn’t usually think. Local businesses such as the Yorkshire Trading Co can be great for bargains, and you can even try online too - many web-based retailers offer exclusive discounts for new customers – so be sure to shop around.

3). Take advantage of loyalty schemes

This is less of a money saver, and more one for the long-term. If you tend to do most of your shopping in supermarkets, make sure to sign up for their loyalty scheme programmes. Tesco, Sainsbury’s, Asda, and Morrisons, all offer loyalty points for customers, so that you can gradually build up in-store credit. If you happen to be an Engage Card customer with us, you can earn cashback rewards at many different stores – including Asda and Sainsburys. Click here for a full list of reward partners - think of it as a way to stock up on discount – ready for when the next school year comes around.

4). Where possible, buy in bulk

For things that aren’t likely to expire in the short-term, try to buy in larger amounts if you can. Notepads, folders, and pens all become cheaper if you buy in bulk. This makes extra sense if you have a number of children in school or college at the same time, too. Try places like Costco and other wholesale suppliers to try and make savings on your school shop.

5). Use student discount where possible

Lots of places offer exclusive student discount – from electronics and clothes to stationery and sports kit – many retailers offer between 10-20% for college and University students. This is particularly useful if you’re looking at making a large purchase, such as a laptop or tablet for the new school year.

6). Finally – speak to your credit union!

Last, but most definitely not least, speak to your credit union for guidance with budgeting ahead of the school year - ask in branch for one of our free Budget Planners. If you need to spread the cost, our Child Benefit Loan and Savings Plan could be the ideal answer. We offer low interest rates on loans up to £500, which you can repay directly using your Child Benefit payments. You’ll also add to your savings each time you make a repayment – a perfect way to build up your own nest egg or save for your child’s future.

Remember, if you have any queries about managing the cost of sending the children back to school, pop into one of our branches, call us on 01482 778 753, or email info@hullandeycu.co.uk and we’ll be happy to help.

While you’re here, have you entered out competition yet?!

Have you heard? We’re giving away £150 to one of our lucky members, every 2 weeks! All you need to do is be a member, and head to our Facebook page and tag 3 friends. Hurry – winner announced every other Friday!

Thanks again for your continued support,

John

CEO, HEY Credit Union