Whitley Bay Big Local will be launching the town’s first credit union today as part of efforts to make the area a better place to live and work.
The lottery-funded 10-year community partnership has teamed up with Moneywise Credit Union to set up a credit union in the town to help residents to take control of their finances.
To date, Whitley Bay has not benefitted from its own dedicated credit union, but an ever-growing need to provide such a service within the town has been identified.
Moneywise, a regulated provider which successfully delivers similar projects in other parts of the North East, will be setting up local collection points in the area and hopes to establish relationships with schools to encourage children and young people to develop the savings habit.
The new service will be launched today to coincide with International Credit Union Day, which has been celebrated since 1948.
While venues and times for the credit union are still to be agreed in conjunction with local community groups, the services of the credit union will be available immediately from launch.
To find out more about what Moneywise can offer or to get involved or set up a collection point, email firstname.lastname@example.org
Suzanne Halliwell, Whitley Bay Big Local board member, said: “Credit unions can benefit everyone in the community.
“They aim to help you take control of your money by encouraging you to save what you can, and to borrow only what you can afford to repay.
“This is done in a not-for-profit way, so the cash is only used to run the services and reward credit union members, with no outside shareholders.”
Annie Murphy, community development officer for Moneywise, who will be working in the Big Local area to support people to get involved, added: “Moneywise Credit Union is excited about extending our services to the Whitley Bay area. We are delighted to be working in partnership with Whitley Bay Big Local to help improve the financial well-being of local people.
“I look forward to being out and about in the local area over the coming months meeting with local people, community groups and schools.”