by Michelle Horst
Hornsea’s St Nicholas Parish Hall has partnered with a local credit union to provide residents with award-winning accessible, affordable financial services.
HEY Credit Union is a not-for-profit organisation that has operated for 25 years. It continues to help people manage finances and develop their ability to cope with unexpected bills. It was first awarded a five-star Fairbanking Mark in 2017 for its ethical loan services.
The credit union follows the same legal guidance as major banking institutions, and as it is regulated by the Financial Conduct Authority, savings of up to £85,000 are protected. It offers a range of competitive loans, collectively saving its members millions on interest rates over the years.
HEY Credit Union has branches in Withernsea, Goole, Driffield, Beverley, Bridlington, Scunthorpe, Grimsby and Hull. Services are accessible, providing secure savings options, as well as services such as its School Uniform Loan and a popular Christmas Saver.
All HEY Credit Union loans are reviewed by a trained human underwriter – not decided by a computer.
The credit union is owned by its 18,000 members and is free to join. It operates entirely for the benefit of its members and pays annual dividends on savings.
Following the closure of Lloyds and Natwest in 2018 the service aims to meet residents’ desire for easy access, in-person services without having to go out of town. It follows the opening of the town’s Banking Hub last December.
Sherilee from HEY Credit Union said: “There’s nothing like it in Hornsea.”
She added: “Sometimes the ability to bank in person is important.
“People in Hornsea and the surrounding villages might struggle to get into a place like Hull, Beverley or Bridlington to do their banking.
“Covid isolated a lot of people. It took away many face-to-face services. Bringing that back is vital.”
Matthew Stevens, HEY Credit Union’s CEO, said: “We are really excited to be able to provide a walk-in branch to the residents of Hornsea where we will be able to meet people face to face.
“With many of the big banks closing branches, we feel it is even more important for credit unions to provide a friendly, personal service at the heart of the community.”
Jonathan Parker of St Nicholas Church Hall said of the new service: “We want this to be a community hub used by all of the people and organisations in the town.”
HEY Credit Union started on April 14. It will run fortnightly at St Nicholas Parish Hall, Newbegin, the next being Monday, April 28, 9.30am to 11am. More information is available at hullandeycu.co.uk.