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A unique, reliable and easy way to save

July 13, 2020

How easy is it to spend money these days? It used to be difficult. Visiting your bank where an austere cashier would frown as you waited in the queue to cash a cheque was an experience best avoided whenever possible. That awkward, cash-based system meant that it used to be much easier to follow the ideal: “Save first and spend what’s left.”

Those days are long gone. We still all recognise the value of saving, but cash machines have made accessing our money much easier, providing 24-hour access to a vault in the wall. Even Chip and PIN debit cards, which themselves replaced the experience of begrudgingly parting with cash, are being superseded by the rapid rise of contactless payments.

All you have to do is waft your bank card in the general direction of the till at your nearest coffee shop and the money is snatched from your bank account faster than it takes the vendor to spell your name wrong. In fact, we don’t even need a bank card; a smartwatch or phone will do the same job –removing any association with banking, or the payment of cash.

Time is precious

This is all great. Our time is precious. In a remarkable world where we can land a spacecraft on a comet 500 million kilometres away travelling at 55,000 km/h, then of course it should be possible to order a pizza at 11pm without going outside.

But this remarkable, superfast, online and electronic world where spending is so easy makes the art of saving incredibly hard. It takes determination and will power not to use the “1-click ordering” button online. Impressive, calculated marketing endeavours to make this temptation too great to resist. Anything and everything conspire to make it easier for us to part with our money.

The result is that nowadays we generally “spend first and, if we’re lucky, save what’s left at the end of the month.”

The Keep solution

What we need is an option that makes saving as easy as spending. And that’s where your credit union come in!

There are 68,000 credit unions across the globe, serving 235 million members. In the UK, credit unions have a unique relationship with many employers, including the Co-operative Group. For decades, thousands of Co-op colleagues have been finding that saving securely and regularly by payroll deduction is incredibly easy.

By nominating an amount to be deducted at source from your salary and paid “unnoticed” into a credit union account, your money is tucked away before you get a chance to wave
your smartphone at the barista.

And because this happens automatically every payday, you’ll be delightfully surprised how quickly you’re able to build up a useful sum.

Plus, with full 24/7 access through websites and mobile phone apps, you can keep track of your savings and access them when you need them anytime, anywhere. It’s the perfect combination of traditional and rewarding savings methods with innovative online technology to help you build up savings even in today’s material society.

Co-op colleagues agree

The model provides a simple but very effective method of saving and is supported by actual feedback from Co-op colleagues:

It helps me save, I did not before I joined.

It must be the easiest way to save.

I love getting surprised by how much I have saved.

These are all very common examples of responses from our many thousands of members and confirmation that a credit union savings account is ideal for building up a reserve of savings… savings that can be easily accessed to cover expected spending, such as for Christmas, holidays or school uniforms, as well as for unexpected emergencies such as car repairs, broken fridges or school trips.

Regular saving is good, but regular saving with a credit union is even better

A credit union account provides welcome comfort and support to help you buy the things you need, for you and your family. It helps you avoid stress and financial headaches, especially at times of the year when you need that bit extra, like Christmas and holidays.

By saving through a credit union, your membership entitles you to have a say in how your financial institution is run and receive a share of profits by dividends paid on your savings. There are no outside, arm’s-length investors, or directors, or hedge funds making a profit at your expense.

Value, comfort and security for the family

Plus, of course, should you require access to larger funds, above what you have saved, then you can turn to a low-cost loan. Also repaid through payroll deduction, your credit union loan keeps budgeting simple and removes stress. All interest paid is used to help strengthen the credit union service rather than to pay outsiders’ bonuses – you might even get an annual rebate of interest.

Easy to save and easy to join

We appreciate the value of saving and acknowledge that it isn’t easy. Keep Credit Union membership provides a straightforward, fair and ethical solution that is already benefiting thousands of our members, and has been, for over 30 years.

Nick Laws
CEO, Keep Credit Union