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 …

January 2016

Have you kept your New Year Resolutions?

We are now nearly one month into 2016 so how are you all getting on with those New Year Resolutions?  Aha, I thought as much! Making them (and telling the world, so that you can’t easily duck out) seems so important at the turn of the year, whether it be giving up smoking, adopting a healthier diet, taking a brisk daily walk or making more time for the family.  But, one month on, let’s face it, they’re often as memorable as last Sunday’s newspaper!

But it’s not always like that.  Our staff and volunteers are pleased to see more people than ever popping in to open Christmas Saver accounts this January.  Getting organised for a happy Christmas eleven months before it’s due to happen is a great idea – and we are helping by offering up to £10 bonuses to match your first deposit.  If you’re in Northern Lincolnshire, there’s also an extra £5 for you if you open one and then recommend a friend to do so too!   No other bank is offering anything like it – so don’t miss out, check it out and jump aboard.

Our members say it’s “life changing” when the festive spending season comes along and they have all the money saved up for the first time ever – so no more stress when those January credit card bills arrive, and no more paying over the odds to high cost lenders.    

How’s that sound for a New Year resolution you could keep?    Ok, then, pass me another chocolate….

AGM Feedback

We had a wonderful AGM in December and very much enjoyed meeting our members, reporting to them on our eventful year, and hearing their opinions.   Our Credit Union has now been part of the local scene for 17 years yet every year we manage to have some fresh news to share with those who support this popular annual event.  

We asked members to complete a short questionnaire afterwards to tell us what they liked or didn’t like about the event, and what could be done better next time.  Pleased to say the responses were hugely positive, the only “negatives” being that members would have preferred to sit at tables, and would have liked a microphone to be available.   Hull Guildhall, whose room we use, tell us that unfortunately that meeting room is not wired up for sound, and can’t accommodate tables like the upstairs Reception Room.  We couldn’t have used that room due to another booking, but didn’t want to change the meeting day since members are used to it.

Congratulations to Lynda Brown, David Whiteley and June Blexill whose names came out of the hat to receive a Say Shopping voucher as a “thank you” for returning our survey! 

Board of Directors 2015-16

Following the AGM we welcomed to their first Board meeting our two new directors – Bill Meadows and Juliana Okai-Aboagye. 

You can read a profile of Bill and Juliana on our website.

At the December Board meeting we traditionally appoint the Officers and Directors with special responsibilities for the coming Board year.   Alan Hignett was re-elected to serve a second two-year term as President, with Andy Stankard continuing as Vice President.  One of the duties of Vice President is to chair our Personnel Committee.  Other officers elected were:

·        Jane Walton – Treasurer

·        John Bailey – Assistant Treasurer

·        Emma Garland – Secretary

·        Sue Nicholson – Assistant Secretary

·        Tony Craggs – Chair of Risk Committee

Remember, all these members and their director colleagues volunteer their time and skills to help our Credit Union develop, which is quite unique in the financial services industry.

Support for Alderson House

A “small change” collection taken at the AGM, together with the proceeds of a “staff collective Christmas card” organised by Sheila at Central Office, amounted to £117.50.  

Our Employees’ Council selected Alderson House at Bridlington to receive this donation which was handed over by Sarah, a staff member from the local branch.

Alderson House is one of the Royal British Legion’s Poppy Break Centres.  It’s a real “gem” of a place where serving and former soldiers, sailors and airmen can enjoy a well-earned break with their families, sometimes between assignments.   Sarah tells me the facilities are very impressive and funded by the annual Poppy Appeal but for entertainment, outings and treats they must rely on donations.   We were delighted to help with that, and hope our relationship with the Centre will long continue.

Save money on gas and electricity with Co-operative Energy

In the midst of the heating season many of us are finding our heating and lighting bills are still rising.  How would you like to save some money on your gas and electricity?   Wouldn’t you like to switch to a co-operative provider that is in business to support its members and not make massive profits for rich city shareholders (just like us, in fact)?

Well, thanks to our new partnership with The Co-operative Energy, now you can.  Just pop in to our branches next week with a recent gas and electricity bill, or your key card, and you’ll be able to obtain a free, no obligation quote, showing how much you’d save by switching to them.   Everyone who gets a quote will be given a £5 Co-op shopping voucher as a “thank you”. 

Tim, the Co-operative Energy man, will be in our branches on:

Monday 1^st and Tuesday 2^nd February – Hull Central

Wednesday 3^rd February – Scunthorpe

Thursday 4^th February – Bridlington

You can also find out more by clicking on the Energy banner on the HEYCU website or phoning 0800 093 7511 quoting “HEYCU” to see what you could save. 

Northern Lincolnshire forging ahead!

We are thrilled to have signed up two new employers to our rewarding payroll deduction scheme.  Staff at North Lindsey College in Scunthorpe can now save with us, and repay Credit Union loans, very painlessly by direct deduction from their wages.

Carmel (Northern Lincolnshire Partnership Officer) and I took part in a lunch time member recruitment session at the College on 14 January and lots of staff members signed up on the spot to open Christmas Saver accounts.   Some very nice people will be enjoying their starter bonuses next Christmas!    We were very impressed with the College HR team, who couldn’t have been more helpful. 

Another Scunthorpe business is also keen to offer its employees this valued staff benefit.  Lebus Upholstery, one of the region’s leading makers of upholstered furnishings, has also agreed to make Credit Union payroll deductions.   We are looking forward to working with them too.

At the Ongo Group, where we’ve had a payroll partnership for some time, we held a Credit Union Champions Briefing recently.   The Champions are colleagues who work at Ongo who have volunteered to help to promote the Credit Union’s services to their workmates and in the wider community.  It was a lively session, facilitated by John Lawrence, their manager, and they were full of good ideas for ways that we can work together to achieve success.

It’s positive news on the Winterton front as well.   With support from the Winterton 2022 Project, the town’s two schools are ready to launch Pennies2Pounds School Banks, just like the ones that we run across East Yorkshire.  Won’t it be brilliant that the children and families in the town will be introduced to positive ways with money through this exciting project?

Meanwhile, back at our branch in Scunthorpe High Street, paint brushes are being wielded with great force to spruce up the in-branch environment for members and our staff and volunteer team. 

We’re in the Hull Journal

Are you a reader of the Hull Journal?  This monthly “coffee table magazine” is distributed to residents in the West Hull villages and Beverley and goes on sale at local newsagents.   It’s a stylish publication that is found in many homes, cafes, hair salons and doctor’s surgeries across the area.  The Journal’s typical advertisements feature top-of-the-range cars, kitchen furnishings, high fashion and fine dining.   And there on page 19 of the February edition is a full page feature on … you’ve guessed. .. our Credit Union! 

Our latest campaign, courtesy of the Credit Union Expansion Project, aims to make the whole community aware of what credit unions have to offer, including our competitive loan deals up to £15,000.   We are keen to tell the world that Credit Unions are here for everyone, so we hope our story will help to spread a better understanding of our mission.   The Hull Journal’s strapline is “Celebrating East Yorkshire’s finest”, so I think we are all “on the same page” there!

UK Credit Unions reach 1.6 million members

According to figures released by the Bank of England, adult membership of credit unions in England, Wales, Scotland and Northern Ireland reached 1.6 million in June 2015.   England saw the biggest growth, of 9.2% over the previous 12 months.  It seems an average of 232 adults joined a credit union in the UK every day.   The UK’s growth is part of a global push to bring credit union services to more people, as the World Council of Credit Unions aims to attract a further 50 million consumers into membership over the next five years.

Looking for a loan to improve your home?

We can offer very competitive deals on loans up to £15,000, from 4% APR – please give us a chance to serve you.  No hidden fees, no early settlement penalties.   Apply online or in branch.

This week’s news – w/e 19 June 2015

It’s time to celebrate Co-operatives Fortnight!

The next two weeks (20 June to 4 July) are Co-operatives Fortnight, an annual celebration designed to reveal to everyone the strength and diversity of the co-op sector of the UK economy.  What’s this got to do with our Credit Union, you may ask.  Well, credit unions are co-operatives. 

From high street retailers to community owned pubs, fan-owned football clubs to farmer-controlled businesses, co-operatives are everywhere. There are over 6,000 across the UK and together they contribute a staggering £37 billion to the British economy. 

Often co-operatives look like any other business. What makes them unique is that they are owned and run by ordinary people. Not investors or fat-cat shareholders, but people like you and me – customers, employees, residents, farmers, artists, taxi drivers . . .

Each member of a co-operative has an equal say in how the business is run and shares in its profits. Globally, co-operatives give nearly one billion people control things that matter to them. 

It’s no surprise that co-operatives are local, loved and trusted and we at Hull & East Yorkshire Credit Union are proud to be one.

It’s the ethics that count

Continuing on a similar theme, I was interested in recent comments by Sir Stuart Hampson, who was 14 years at the helm of one of Britain’s most successful businesses, the John Lewis Partnership (a firm owned entirely by its workers).   Sir Stuart argued that it was outdated to think businesses could choose to focus either on ethics or on profit as a route to success.  He said progressive firms understood that the only way to achieve long term sustainability was by being a business recognised for its strong ethics and values.   

When asked what ethics contributed to a positive culture, he said the key thing was to act with integrity at all times.  By doing so, admitting when it was wrong and doing its best to put things right, John Lewis had earned tremendous trust from its customers.  During the economic downturn they continued shopping there, knowing they could rely on it, while other firms lost ground.   It’s a powerful message and one that we know many credit union members feel passionate about.

School banks update

Our latest Pennies 2 Pounds School Bank has got off to an excellent start at Spring Cottage Primary School, Sutton-on-Hull.  The Year 5s are saving up for their final school trip at the end of next year, which can be a big outlay for families, so the savings facility is a great help.  Our fabulous team of volunteer helpers includes two year 5 pupils.  The school is very keen on financial education and they seem a “money savvy” bunch, with one pupil insisting on doing some research on our Credit Union to make sure his savings would be safe before depositing any money (quite right too!).   Another young helper asked Mum to take her into town to visit the Credit Union bank and check it out (we will give her a guided tour).   

Meanwhile the St. Marks Pre-School at Anlaby P2P, now in its second week, is doing well with lots of children filling their money boxes.   There’s a bit of competition going on between the adult and junior savers apparently, but the juniors are streets ahead as they’re busy collecting up any loose change they find around the house!

Schools Summer Competition

Our schools competition for the children at Pennies 2 Pounds Clubs is now open to enter, so why not have a go, there's some good prizes to be won.  There's a separate competition for Key Stage 1 and Key Stage 2 pupils - just make sure the entries are handed in to your school bank or children's centre by Friday 3 July.

Payroll partner campaign

We recently launched a campaign to recruit more local businesses to become Payroll Partners.  Payroll partners are firms who let their workers save with us straight from their wages. 

It's a worthwhile staff benefit helping working people to manage their money well by putting aside some regular savings each time they get paid.  They can also repay any credit union loans (privately) the same way.   As the money comes out at source, the employee doesn't miss it, and before long they've built up an amazing nest egg – just right for Christmas, holidays or just a rainy day.   It's also ideal for "secret saving" (don’t tell the partner!) for that family celebration or holiday of a lifetime!

Existing payroll partners include Hull City Council, the HICA Group, East Riding of Yorkshire Council and Hull College Group - with hundreds of staff using the service to great effect.  But we’re keen to have more.   Payroll savers are good with money, but also happy, unstressed workers. 

Through Hull & Humber Chamber of Commerce, we've sent an invitation to over 1,400 employers in the Humber Region to get in touch about offering this service.  It's easy to operate, and costs the firm next to nothing, like any deduction schemes.    If you are an employer, please call us or email to request a Payroll Partner Information pack.  And if you work for a firm that doesn’t offer the service yet, why not ask your HR people to consider it?

North Lincolnshire Homes (part of Ongo Partnership)

One of our newest payroll partners invited us in for a sign up day at Meridian House, Scunthorpe last Monday. It was a big success, with a great response from those who dropped in.  Even the manager joined, taking advantage of the special offer on our Christmas Saver account to match the first deposit up to £10 (open until 31 July). 

Quite a number of colleagues also signed up to be Credit Union Champions.  This means they'll get our monthly newsletter with all the latest CU information to share with their workmates.  It's perfect for pinning up on staff notice boards to encourage others to join.

We look forward to the next sign up day at Crosby Employment on 25 June.

Business Start-up Loans up and running

This week we’ve also launched our new Business Start-up Loan product.   Offered in partnership with Leeds City Credit Union and the Start-up Loans Company, we now have something to appeal to people across the Humber Region who are planning a new business venture, or run a business within its first two years of trading.

Business Start-up Loans can be for up to £25,000, depending on how many people are involved in the business and are repayable over up to 5 years with an interest rate of 6.19% APR.   The loan comes with free business mentoring, advice and access to special offers.  

All kinds of businesses can apply, so whether you are planning to open a shop or café, or a budding designer, baker, hairdresser or joiner needing some equipment to get going, this could be the help you are looking for.    To allow us to consider your plans, you’ll need to let us see your business plan and cash flow forecast.    Take a look at our website which has samples of these documents.   

So, come along, all you keen entrepreneurs in the Humber Region, we’re waiting to hear from you!

Our low-cost Freedom Loan offers a helping hand

With the summer finally here, perhaps it’s time for a nice little holiday.  Would a Credit Union Freedom Loan help?   Remember, we offer the best deal around on small loans (check our Loan Calculator if you don’t believe me)!