As the holiday season approaches and you set your sights on achieving your financial goals, CLCU emerges as the perfect partner to guide you along the path to success. With its extensive experience in empowering individuals and families in the Liverpool City Region, CLCU has built a solid reputation as a financial institution that combines professionalism, community focus, and a genuine commitment to its members. By choosing CLCU as your financial ally, you gain access to a comprehensive range of services and benefits that will support and enhance your summer savings journey.
Whether you are saving for a dream vacation, a home improvement project, or simply seeking financial security, CLCU is here to help. In this blog post, we will delve into the reasons why CLCU is the ideal choice for your summer savings goals, explore the diverse range of savings options available, highlight the benefits of the Young Savers Scheme, and shed light on the advantages of taking out a loan with CLCU.
What Savings Options Are Available?
At Central Liverpool Credit Union (CLCU), we understand that everyone’s financial goals and needs are unique. It is why we offer a range of savings options tailored to meet your specific needs. Here are our savings accounts:
- Regular Savings Account: With this account, you can deposit money regularly and earn competitive interest rates on your savings. It serves as a solid foundation for your financial journey, allowing you to gradually build up your savings over time.
At the Credit Union, you’re not just another customer, but a co-owning member of an organisation that’s been providing services to the local community for over 30 years.
- Savings accounts pay a dividend. Dividends are a share of the profits applied as a percentage return on your savings. They are agreed upon at each Annual General Meeting but are not guaranteed.
- Christmas Saver: The holiday season can bring joy and warmth, but it can also bring financial stress. To help you prepare for the festive period, CLCU offers a Christmas Saver. By contributing to this account throughout the year, you can set aside funds specifically for holiday expenses that can be withdrawn in October. By contributing to this account regularly, you can avoid the financial stress often associated with the festive period.
- Fixed Term Savings: If your money isn’t giving you the return you deserve, CLCU offers a Fixed-Term Deposit Account. If you deposit a minimum of £500 and are able to leave it for a year, CLCU will pay interest of 5%, which is at least as good as most High Street banks.
- Corporate Deposits: If you are an employer looking to deposit some spare cash, why not not open a Corporate Deposit Account. You will receive a good rate of interest and your money will help CLCU to support the local economy, promote financial inclusion, uphold co-operative principles, align with ethical banking practices and contribute to social impact, all of which contribute to meeting your social responsibility goals.
With CLCU, you can confidently save for the future and enjoy the peace of mind that comes with being part of a trusted community-focused credit union. Central Liverpool Credit Union is a member of the Financial Services Compensation Scheme (FSCS). This means your savings will always be protected.
What Is The Young Savers Scheme?
At Central Liverpool Credit Union (CLCU), we believe in empowering the next generation with essential financial skills and habits. We encourage young members to understand the value of money. A research project running since the 1970s found kids who were taught about saving, were more likely to have a decent pension in later life. Budgeting skills mean less debt.
That’s why we have developed the Young Savers Scheme, an innovative program designed specifically for children and young individuals. The Young Savers Scheme not only aims to foster a culture of saving from an early age but also provides numerous benefits to support the financial growth and development of our young members.
The account is available from birth to 16 years:
- Encourages regularly saving
- Watch savings grow
- Plan for the future
- We have gift vouchers that can be paid into a Young Saver Account. They make a great Christmas or birthday present. Contact us to find out more.
If you would like to set up a junior savers account or find out more, fill in this form HERE.
By engaging with the Young Savers Scheme, young members can develop a strong financial foundation, gain valuable life skills, and establish lifelong partnerships with CLCU. We are committed to empowering the next generation and ensuring that they have the tools and resources they need to thrive financially.
CLCU is the Liverpool City Region’s official LifeSavers partner. We work with Just Finance to help local schools to create savings clubs for their children, whilst teaching children financial skills. Over 1,00 local children save regularly through LifeSavers and will hopefully develop that savings habit for life.
Considering Taking Out A Loan With CLCU
When it comes to borrowing money, Central Liverpool Credit Union (CLCU) stands out as a trusted and reliable lender for the people of The Liverpool City Region. Indeed we were voted Best Loan Provider in the Consumer Credit Awards for 2022. Whether you’re looking to fund a significant purchase, consolidate debts, or handle unexpected expenses, CLCU offers a range of loan options to meet your specific needs. Here’s why you should consider taking out a loan with CLCU:
- Competitive Interest Rates: We reward our savers with lower interest rates. If you’ve been with the Credit Union for more than two years and have over £500 in savings you can choose a Loyalty Loan. The interest rate you pay is much lower. And you can borrow up to three times your savings.
- More Repayment Options: With a credit union loan from CLCU, you have weekly, fortnightly, four weekly or monthly repayment options. Because of this, you can better align repayments with when you get your money. Bank loans are almost always paid back monthly. As a result, it can be hard to budget for if, for example, you’re paid weekly.
- Payroll Deduction: If your employer is on a credit union payroll deduction scheme, you can arrange for the loan repayment to go directly out of your wages. Most people find this is a less painful way to pay back a loan because you never had your hands on the money in the first place. This ensures the loan repayment is made before other expenses come along.
- Interest on the Declining Balance: You only pay interest on the outstanding balance. When a Credit Union charges interest on the outstanding balance, you only pay interest on what you owe at that time. Consequently, if you repay early, you end up paying less.
When considering taking out a loan, CLCU should be your first choice. We are here to help you achieve your financial goals while ensuring your financial well-being. Let us be your trusted partner on your financial journey.
CLICK HERE to begin your savings journey with CLCU today.