JOHN’S BLOG – MAY 2019

As ever, there’s a lot happening at HEY Credit Union, so it’s time to give our members and supporters an update on our progress!

Members, Savings and Loans all growing steadily    

We’re now past the half way stage of our financial year and it is good to see that we’re building on the excellent progress of 2018.  Membership (including Junior Savers) is up by 9% to almost 15,000, making us Britain’s 8^thlargest ABCUL credit union.  Savings are up by 5% year on year while our total loans are up by an amazing 32%.

Our Spring Loan Sale, with rates reduced by 15% on loans from £2,000 to £7,500, is attracting lots of attention.  If you have a project where it makes sense to spread the cost, do ask us for a quotation – we can and often do beat the rates available from High Street banks.

HEYCU Mobile App

Our new Mobile App is proving very popular and within the first month of its launch we’ve seen over 500 members register to use it, with more every week.  It’s another handy way that our members can check their credit union accounts, move funds (minimum £10), find a branch or get in touch.  Here is a link if you’d like to register for our Mobile App:

https://www.securecuserver.co.uk/~hulley/webapp/login.php

We are now making withdrawals and loan payments via Faster Payments, so the funds will usually be in your bank account the same day or early next day (except at weekends).   We’ve had some great feedback from members who’ve noticed the speedier service.

HEY – it’s your credit union!  

After consulting members via the recent Member Survey, we learnt that over 80% of you are happy with our proposed new trading name – HEY Credit Union.  The Board has agreed to roll it out this year.  Our registered name will still be Hull & East Yorkshire Credit Union, but as we now have hundreds of members living or working outside our traditional county boundaries, it makes sense to adopt a shorter nametag that is just as relevant to them as to our original founders.  

Our 20^thAnniversary    

Next month we reach an important milestone – it will be 20 years since a group of colleagues at Hull City Council came together as volunteers to found what is now HEY Credit Union!   We’re planning some special activities and events between the anniversary date – 10^thJune – and our AGM in December, including prize draws and a celebration event in September.  Keep your eyes peeled for news! 

Out and about     

I’ve been to a number of events recently to “fly the flag” for credit unions and make sure that our voice is heard.  On 7 May I was invited by the Co-operative Partyto a Roundtable Event at the Houses of Parliament, along with other credit union leaders from around Britain.  Jonathan Reynolds MP, Shadow Economic Secretary to the Treasury, hosted the meeting which discussed the challenges and opportunities facing our movement and the support we would like to see from future governments to help it to grow and thrive as it has in the USA, Canada, Australia and Ireland. In the USA credit unions have been allowed to provide a wider range of consumer products such as credit cards and car loans for their members, which UK law doesn’t currently permit us to offer, and it is widely felt this is holding back UK credit unions from reaching their full potential as champions of responsible saving and borrowing.

Our President and I also attended the ABCUL Larger Credit Union Groupin Sheffield, which was hosted very well by a top credit union – Transave UK.  The sessions there were on a similar theme – how can we all work co-operatively to make sure we are delivering services relevant to the modern world and giving our members best value for money?   We also met with the Money and Pensions Service, to update them on the work credit unions are doing to support financial wellbeing in the workplace.

Mental Health Awareness Week

https://www.mentalhealth.org.uk/campaigns/mental-health-awareness-week

As I write these notes there is a big focus on mental health.  People’s mental wellbeing is majorly affected by worries about money. It is said that 1 in 4 workers regularly lose sleep over money worries; perhaps not surprising when the Money Advice Service says more than half the adult population in regions such as Yorkshire & Humber and the North East have no more than £100 tucked away to stave off a financial crisis.  Credit unions like ours have shown we can help people to build up some useful savings through painless payroll deduction schemes at work.  We can turn borrowers into savers and help them achieve the financial resilience that makes those money worries go away.   If you’d like to save and borrow with us direct from your pay, why not ask your employer to contact us about starting a payroll partnership?  It costs nothing to operate but the benefits to employers and employees alike can be huge.

Withernsea – to be a Credit Union Town   

We’re thrilled that Withernsea Big Localhas entered into a three year partnership with us to expand our branch at The Shores, with extended opening times, better facilities and much more involvement with the local community.  We’ve appointed Matt Lloyd as our local Credit Union Champion and he is already busy making links with all kinds of organisations to make them aware of what we do. Our aim is to make Withernsea a Credit Union Town – one that says NO to high cost credit, NO to doorstep and payday lenders and loan sharks, but YES to affordable responsible credit, and YES to safe savings and common sense money.

We are keen to recruit some additional volunteers to help us.  Then we’ll be able to open longer, perhaps run a school savings bank and support more members.  Would you like to learn new skills, meet people and help the people of Withernsea?  If so, call Matt on 01964 615190 or email mlloyd@hullandeycu.co.uk– we’d love to hear from you.

Sunny summer activities in our Region

With summer on the way, it’s time to think about some activities to entertain the whole family, without breaking the bank. Some great things to look out for on your doorstep:

·      Visit The Deepin Hull – Yorkshire’s #1 aquarium, home to over 3,000 aquatic creatures

·      Hit the beach at Hornsea, and take in the sights and sounds of the beautiful coastal town

·      Climb the heights of Withernsea Lighthouse Museum. Standing at over 127m tall, it remains one of only a handful of lighthouses built inland, and is open to visitors

·      Get up close and personal with the world’s wildlife, at Bridlington Birds of Prey & Animal Park

·      Step into the past, at Grimsby’s Time Trap Museum, for an insight into what life was like before mobile phones and the internet!

Our Charity of the Year 

Don’t forget we are raising money this year for Yorkshire Air Ambulance.  We’ll be telling you next time about some new fundraising events for our members, staff and volunteers to get involved with.

Best wishes and thank you all for your support …

HEYCU activities over the last week!

Nearly 2 million adults are without bank accounts

The latest findings of the Financial Inclusion Commission are worth a read.  According to this organisation, which includes politicians, representatives from the financial services industry and charities, people without bank accounts face extra costs of £1,300 a year and a worse choice of goods and services.

They are also concerned that people aren't saving enough to deal with a sudden financial shock. Apparently fewer than half of British households are saving and 13 million people wouldn't have enough savings to support them for a month if their income was cut by 25%, while the use of high cost borrowing and illegal money lenders has grown. 

The Commission's chairman said their vision was "for everyone to enjoy decent financial health in the UK.  That means every adult is connected to the banking system, has access to affordable credit, is encouraged to save, has the right insurance at the right price, and access to impartial financial services advice."

Thanks to a landmark deal with the big High Street banks everyone should be able to get at least a basic bank account while we in the Credit Unions are working hard to promote access to our affordable credit (capped by law) and provide a popular range of savings account products.

Hull City Council Tenants Participation event

I spent an enjoyable hour with a group of Hull City Council housing tenants last week, explaining the services we offer and how people can join us.  They were very interested and there was a very lively question and answer session at the end.  We look forward to welcoming many more Council tenants into membership and helping them to benefit from our “not for profit” services. 

New tax allowance

Following the 2015 Budget, the marriage tax allowance is back.  Married couples will need to register on line at www.gov.uk/marriage-allowance to receive more information. A calculator is available on this website to calculate how much may be saved in tax paid. Savings are available if one partner earns £10,600 a year or less.

Business start-up loans

Are you planning to start up a new business, or perhaps you already have but are still in your first year or two of trading?   We may now be able to offer you a business loan. Hull and East Yorkshire Credit Union is working in partnership with a consortium other credit unions to deliver start-up loans and business mentoring to entrepreneurs on behalf of the Start Up Loans Company.  Applicants who would like to be considered need to provide a costed business plan and other vital information that demonstrates their dedication and passion for pursuing a sound business opportunity.   Help is at hand in the form of mentors who can work with loan recipients to ensure that their start-up business has the best chance of success.   To find out more, ask us for an application pack.

Our 2015 Strategic Planning Event

Once a year our directors hold what we call a Planning Day when we look in more detail at our Credit Union's Business Plan, check if we are moving forward with the plans we made a year ago, discuss some hot industry topics, and then "roll forward" our plans for another year.   As a result the Board will soon be approving a fresh 3-year Plan covering the period 2015-18.  It's amazing how quickly the years roll by, but this is a very important activity for us because, as they say in business "to fail to plan is to plan to fail", something that we would never want to happen.

This year's Planning Day was held on a Sunday, which says a lot for the dedication of our volunteer directors.  We spent the morning looking at all the different risks a business like ours can face, and considering how best to manage them.  In the afternoon our Employees' Council joined us and presented their draft Members' Promise, which we hope to introduce this year.  More about this soon.  And on the way out we all admired the new Investors in People Bronze Award plaque that now graces our Central Office foyer.  Do look for it next time you pop in, and be proud!

A Hull Pie anyone?

For our Planning Day lunch we thought we’d sample the famous Hull Pie that everyone’s talking about (when they’re not eating them, that is).  What an inspired choice - they were scrumptious! 

As we are owned by the people of Hull, East Yorkshire and Northern Lincolnshire, we do like to support other local businesses whenever possible (for example most of our printing is done by firms in this area), so for a tasty treat why not pop down to the “little blue pie hut” outside St Stephen’s shopping centre.  Find out more here www.thehullpie.co.uk.

Northern Lincolnshire business development

Now that the dust has settled on our merger, we’re making plans to recruit more members and build more business in Northern Lincolnshire.  Forging partnerships with the region’s employers is one way that has proved successful elsewhere.  We’ve now had some productive meetings with the very positive people at both North Lincolnshire Council and North Lincolnshire Homes (Ongo) and they are going to help us promote “saving direct from pay” among their workforces. 

We’re planning some “roadshows” at their offices in June and July when colleagues will be able to find out more and sign up to this painless saving opportunity.   If you work for these organisations, check out our website or social media to see when we’ll be in your area.

And if you are an employer in the region interested in offering a popular staff benefit for minimal time and effort, do get in touch. 

Spread the cost - with a low cost Freedom Loan!

Whether you are planning to spruce up your garden ready for the summer, get down to some home decorating, or maybe fancy taking a few days away, your Credit Union offers a great deal on small loans to help you spread the expense.  We are many times cheaper than typical doorstep or online credit.  Check out our Freedom Loan today!