• PrizeSaver account offers members the chance to win one of 21 cash prizes every month
• Every £1 saved is one entry into the monthly prize draw
• Part of a HM Treasury-backed pilot involving 15 credit unions around the country

Savers could boost their savings with prizes of up to £5,000 a month with London Capital Credit Union’s new PrizeSaver account. London Capital Credit Union is one of 15 credit unions across Great Britain working with the Treasury to pilot the new account, which aims to encourage saving and get more people to join credit unions.

Every month will see a top prize of £5,000 awarded to one lucky saver, with 20 smaller prizes of £20 also awarded. Accounts are available now and you can see the most recent winners at www.prizesaver.co.uk.

In 2018 it was revealed that one-quarter of British adults had no money in savings (1). The Credit Union PrizeSaver pilot is designed to help improve people’s financial resilience by encouraging better saving for the future, as well as to attract new members to credit unions. Since the pilot began in October, more than 6,000 accounts have been opened (2).

Economic Secretary to the Treasury John Glen MP said: “Saving for the future is something we all try to do, but we know it can sometimes be challenging. That’s why we teamed up with credit unions across the country to launch this new account, giving savers the chance to win up to £5,000 every month.”

Chief Executive of London Capital Credit Union Martin Groombridge said: “With over 20 prizes each month and a top prize of £5,000, what better way to kick start your savings habit than with one of our PrizeSaver accounts?

“We know that finding the money to save isn’t always easy, but by putting away a little bit each month you could soon build up a nest egg for any unexpected bills, Christmas presents or treats such as a holiday – with the added bonus of knowing you could be in with the chance of a monthly prize.”

Credit unions are a type of member-owned co-operative, controlled and run by members. Credit unions redistribute their profits to members through interest or dividends, or by investing in new services to meet the needs of their members.

London Capital Credit Union provides secure savings and low-cost loans for anyone living, working or studying in Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey Islington or Waltham Forest.

Membership of the credit union is also open to any member of Unite the Union or Unison in Greater London, any member or employee of The Co-operative Group in London and the South East Region, and the employees of many other local and national organisations.

Find out more at https://www.credit-union.coop/prizesaver.

1) https://www.independent.co.uk/news/uk/home-news/british-adults-savings-none-quarter-debt-cost-living-emergencies-survey-results-a8265111.html
2) As of 24/02/20.

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Future Co-ops 2019, which takes place on 1st and 2nd February 2019,  will address how the co-operative sector can grow.

Not everywhere is created equal. There are some well-known pockets of success in the UK where co-ops flourish – big cities, small towns, north and south. But there are plenty of co-op deserts too.

We’re all agreed we want more co-ops, better co-ops and, sometimes, bigger co-ops. Particularly in co-op deserts. But no fairy godmother’s going to wave a magic wand, so what do we, as a diverse sector, do with what we’ve got?

Join Co-operative Futures in Birmingham on the 1st and 2nd February, where they’ll be working with Central England Co-operative’s talented Think:Digital innovation team, using their new insights and participatory problem solving techniques in a fun and effective way to explore new, practical actions that participants can all take away to help co-op deserts bloom!

According to Jo White of Co-operative Futures, the organisers of the event, co-operatives can be found right across the UK but their distribution is uneven.

“Future Co-ops 2019 will focus on why these geographic imbalances exist and how we can all help create the right environment to make new co-operatives flourish.”

Early Bird prices online available until Christmas.

Where: Hillscourt Hotel & Venue in Birmingham

Info: https://futures.coop/future-coops-2019

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Martin Groombridge, Chief Executive of London Capital Credit Union

The largest ever survey of credit union customers, published by Financial Inclusion Centre, found that 81% of members across the country were extremely satisfied or very satisfied with their credit union, while 84% said they would recommend a friend or family member. This compares to a recent Which? survey showing that mainstream banks’ average overall customer satisfaction score was only 68%.

These results support the feedback received from London Capital Credit Union’s own members. Results from the Credit Union’s 2017 annual survey show a very high overall level of customer satisfaction, with an average score of 9 out of a possible 10.

London Capital Credit Union is one of the fastest growing credit unions in the capital, with over 15,000 members and outstanding lending of nearly £12 million.

Financial Inclusion Centre research also demonstrated just how important the broad range of financial services being delivered by these not-for-profit financial providers are, with the majority of respondents using their credit union as an affordable and fair source of borrowing – giving them an invaluable alternative to high-cost credit such as payday loans, rent-to-own firms and door-step lenders.

Credit unions work hard to help their members understand financial issues and members are shown to score well compared to the general population on a range of financial capability measures, saying they feel they have their finances under control and are confident in dealing with money matters.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “The findings of the largest ever credit union customer satisfaction survey back up what we see at London Capital Credit Union and show that most members are extremely satisfied with the services provided.

“With the current pressures on household finances, credit unions such as ours provide an essential lifeline for many, offering affordable loans in time of need and supporting people to develop a saving habit. At London Capital Credit Union, we believe it is important to help people make the most of their finances and this survey shows the hugely positive contribution that credit unions make to our communities.”

Mick McAteer, Co-Director of Financial Inclusion Centre, added: “These results are very encouraging and go to show that credit unions are highly regarded by those that use them, with higher satisfaction rates than mainstream banks.”

A copy of the report, ‘An Insight into Credit Union Membership’, can be found here.

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A conference that takes place in February will be addressing the post carbon landscape from a co-operative perspective.

The conference, entitled Post Carbon Co-ops, aims to bring co-operative activists together with activists from other progressive organisations to debate some of the key issues facing our future.

The current energy bonanza based on fossil fuels cannot go on forever. Climate change reasons apart, fossil fuels are not inexhaustible. New extraction methods such as fracking promise false hope and renewables can never recreate the massive energy surplus that oil, coal and gas have provided.

The post carbon landscape will impact on all areas of everyone’s lives, from access to food and transport, to energy and manufacturing. Post Carbon Co-ops will examine how co-ops can provide solutions.

Dr Mark Simmonds from Co-op Culture, who is one of the keynote speakers at the Future Co-ops conference, said: “In these times of economic uncertainty, resource depletion and climate change, the one thing we can be sure of is that the world will become a very different place in the short to medium term.

“Energy descent, in particular, will increasingly become a fact of life. We need to think strategically about the co-operative response to this challenge. How can communities co-operate to build resilience? What does a post-carbon co-operative economy that can survive and thrive, look like?”

According to Jo White of Co-operative Futures, the organisers of the event, co-operatives have led the way in offering solutions to emerging crises and the co-ops of the future need to start planning for the post carbon landscape.

“We are looking forward to welcoming a wide range of activists to Post Carbon Co-ops in February and we are hoping to move the debate forward on positive co-operative solutions for a low carbon future.”

Post Carbon Co-ops takes place on Friday 3rd and Saturday 4th February 2017 at Jurys Inn in Cheltenham and delegates can book their place online now.

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