10,000 Credit Union Current Accounts

Jackie Arnott from Portsmouth has become the 10,000th person to open a Credit Union Current Account.

Jackie, a member of Portsmouth Savers Credit Union, has never had a current account before, but was happy to open her first account with her local credit union, as she knows and trusts them.

"I haven't used current accounts before, but I decided to open this one with my credit union as I have been a member for five years and have received such a good service."

Credit unions are financial co-operatives set up to give access to financial services for their members. Although credit unions have been offering financial services for over 25 years in Britain, they are new to the current account market. However, increasing numbers of members are now recognising the valuable benefits such accounts can bring.

"One of the main reasons I wanted an account with the credit union," says Jackie, "was to enjoy the convenience of having a card to use cash machines and the ability to set up direct debits. It was natural for me to choose my credit union as the place for my bank account as they are community-based and I trust them.

"Another great benefit to me is that there is no overdraft facility, so you always know that you won't be hit with any unexpected charges."

According to Mark Lyonette, Chief Executive of ABCUL, there is an increasing awareness of financial issues due to the current economic situation and the impact this is having on people. This growing awareness is reflected in a greater interest in credit unions as safe and respected providers of current account services, as well as loans and savings products."

As community-owned and controlled organisations, credit unions offer local people a well-trusted financial solution, dedicated to meeting their needs, rather than maximising profits and catching out the unwary.

Mark continues: "The Government has recognised that those people who do not have a current account are at a disadvantage in society. For example, without a current account, you cannot benefit from the convenience and cost savings of direct debits. The Credit Union Current Account is enabling more and more people to access the benefits of the banking system, often for the first time, helping them to manage their money more effectively and preventing them from getting into debt so easily."

Adds Jackie: "The staff at Portsmouth Savers are lovely, they are on the same wavelength as their members and they really want to help you. They are conveniently located for me and they even helped me sort out a recent problem with my rent. I'm convinced that is because they are there to deal with their members' needs and not to make a profit for shareholders."