Coastal Credit Union is an ethical, not-for-profit co-operative, run by staff and volunteers, which helps people in the Bournemouth / Poole / and all other BH postcode areas to save regularly and borrow in times of need, while promoting budgeting and thrift. It is regulated by the Financial services Authority (FSA), and the Association of British Credit Unions (ABCUL). Coastal Credit Union offers competitive loan rates and savers are eligible for an annual dividend, depending on profit made and reserves. Junior savers under 16 are paid a set interest rate – currently 1.5% per annum.
Opening an Account – Joining Coastal Credit Union is one of the best decisions you could take for your money. To actually open an Account you will need to take original documentation to confirm your ID and address, your National Insurance Number along with £5 for your Membership fee and £1 for your Membership Share deposit.
By regular saving, members can help their local communities while still keeping their own money safe. Your eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered. Coastal Credit Union can at present only take a maximum of £15,000 in savings per member. More than 2000 Coastal Credit Union members are currently saving for Christmas, new cars, family trips, new furniture and further education. Members can set up a standing order, use a workplace savings scheme, use a Paypoint card, call in at Boscombe, Kinson or Parkstone(Poole) branches, or any of the convenient service points to make deposits.
The majority of loans are linked to developing a savings habit, whether for a replacement cooker, a deposit for housing, or even buying a small car to get to work. Interest rates are competitive, especially compared with most credit cards, payday loans and doorstep lenders. There are no hidden costs, no dodgy sales techniques, and no penalties for early repayment.
Fraud is a criminal offence and suspicious activity will be reported to the police!
Financial literacy matters to everyone, and particularly when future income may be uncertain. Coastal Credit Union offers professional training and coaching to groups and individuals, helping them take control of their finances, and ensure there is enough money at the end of the month.
VOLUNTEER STAFF needed urgently to provide a friendly face in our new and existing Servicepoints in the BH postcode area! Travel Expenses will be paid.
Coastal Credit Union would be grateful for any amount of time you could spare from a couple of hours to as much time as you have available! Training and ongoing support will be given. Work Experience with Coastal Credit Union and any Training undertaken are valuable for inclusion in you CV when seeking a full-time paid job or part-time paid work!
Take a step forward as a Coastal Credit Union Volunteer and join us to serce the local community! Contact us on 01202 566878
“It’s a good feeling to know that my savings are perhaps helping a young person to put a deposit down on a flat, as the first step to independent living. I know my money is completely safe, and there for me when I have reached my savings goal.”
Coastal Credit Union, 531/533 Christchurch Road, Bournemouth Dorset BH1 4AG
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