The credit union saw its savings deposits grow by almost 4% last month, taking the total amount of member savings to over £7.75 million for the first time.
Martin Groombridge, Chief Executive of London Capital Credit Union, said: “2015 is proving to be another exceptional year for us, with more people than ever turning to the credit union to find a safe home for their savings.
“With bank interest rates at rock bottom, the dividend offered by London Capital Credit Union looks very attractive – last year, for example, we paid 1.2% on all of our members’ savings. For an instant access account, this rate of return is not to be sniffed at.”
Martin adds that many people are also turning to the credit union because they like its ethics and philosophy of putting customers first.
“As a co-operative owned and controlled by its members, people like the fact that their money is staying in the community and not being used to generate profits for investors or speculators.”
London Capital Credit Union is dedicated to promoting saving and helping people deal with debt and now has over 11,000 members.
“At London Capital Credit Union, we believe that one of the best ways of keeping people out of the clutches of payday lenders and other high interest lenders is to encourage a savings habit and, by putting a little bit away each month, people can soon build up a pot of money to cover any unexpected expenses,” says Martin. “We are pleased that our message is getting through and that more and more people now see the credit union as a good place to save.”
London Capital Credit Union provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington. As a locally owned and run co-operative, all the money saved in the credit union stays in the community and is used to help other local people.
Find out more at www.credit-union.coop.