New home in Whitley Bay for credit union

The Whitley Bay Big Local shop.
The Whitley Bay Big Local shop.

A credit union has found a new home in Whitley Bay.

Whitley Bay Big Local will officially launch the Moneywise Credit Union on Saturday.

The Lottery-funded 10-year community partnership teamed up with Moneywise Credit Union last autumn to help residents take control of their finances and access ethical loans and savings.

Now Moneywise will have a permanent base in the Whitley Bay Big Local Shop, on the corner of Marden Road and Whitley Road, to provide a weekly credit union drop-in service every Thursday from 10am to 1pm.

To mark the launch there will be a family fun day at the shop on Saturday between 10am and 1pm. During the event, adults will be able to speak to staff from Moneywise Credit Union about the benefits of saving and opening a credit union account.

The first 50 people to join Moneywise Credit Union at the event and save a minimum of £1 per week or £5 per month will receive a £25 savings boost straight in to their credit union account after 12 weeks of saving with us.

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. We are lucky to have such a strong sense of community amongst many people living and working in the Big Local area which is why the credit union has been so well received and we know that offering a permanent, weekly service from our central location will only enhance the service that Moneywise will provide.”

Annie Murphy, community development officer for Moneywise, added: “We are delighted to be working in partnership with Whitley Bay Big Local to help improve the financial well-being of local people.

“We’ve already met up with lots of local schools and residents to talk about the services we can offer and we are looking forward to welcoming many more at our weekly sessions at The Big Local shop.”

To find out more about Moneywise email annie.murphy@moneywise.org.uk