• 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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A new book about the experiences of a Far East Prisoner of War is being launched in London on Tuesday 28 July, with 30% of the proceeds going to national charity COFEPOW.

The launch of Benedict’s Brother and the Benedict’s Appeal takes place on Tuesday 28 July in London, in conjunction with COFEPOW, at Foyles bookshop and the Victory Services Club. The charity’s supporters and all those interested are invited to go along.

The acclaimed “Book of the Year” novel by Tricia Walker is based on the story of her great uncle who was a Far East Prisoner of War and Tricia has kindly agreed to donate 30% of the book and film proceeds to COFEPOW (Children and Families of Far East Prisoners of War).

COFEPOW is a national charity dedicated to to keeping alive the memory of Far East Prisoners of War and raising awareness of the suffering they endured.

The event takes place from 9.30am to 1.30pm at Foyles on Charing Cross Road, and then from 3.30pm to 5.30pm at the Victory Services Club on Seymour Street.

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London Capital Credit Union has had one of its best months ever, with member savings rocketing by £300, 000 in March alone.

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.

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