Living Here - Bedford Credit Union

The Bedford Credit Union provides an alternative service to the high street banks and the doorstep lenders. Often those on low incomes are dependent on "loan sharks" and high interest lenders. The BCU encourages regular saving and thrift to all its members. As an organisation their aim is to educate their members in money management and offer access to a local debt counseling service when required.

The uniqueness of a Credit Union is the common bond - this means that our members have to live or work in Bedford Borough or North Central Bedfordshire.

How does Bedford Credit Union work to benefit its members?

The members save regularly and create a fund to make loans to each other. Bedford is a member-owned organisation, a social enterprise - the surplus income generated from loans is returned to the members as a dividend on their savings or re-invested.

Your Money is Safe and Secure because the deposits of Bedford Credit Union members are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to members if a Credit Union is unable to meet its financial obligations. Most members are covered by the scheme.

Schools Savings Clubs

Currently the Bedford Credit Union operates sixteen School Savings Clubs, the most recent new clubs being at Cotton End Lower School and Templefield Lower School in Flitwick. A number of schools are currently in various stages of planning, but we are now in a position where we are unable to take on any further schools at present.
 

What is a Schools Savings Club? :

• A banking facility for savings and withdrawing money
• Open to students, their families and school staff
• Enables young people to learn the saving habit and plan ahead for spending
• An opportunity to develop numeracy, literacy and financial skills.
   

How do they operate? :

• Volunteers are recruited and trained by BCU staff and supported to run the Savings Club
• Open on a regular day and time during term so that each week money can be paid in and withdrawn
• Based in an appropriate place such as the school library or reception
• Each member has their own account and account card which they bring in each time they wish to pay in or withdraw money
• Junior members (under 18) join free
• Adult members pay an annual £3 membership fee, to cover administration
• Certificates for involvement are given to members after they have been saving for a period of time.
  
   

How do Savings Clubs benefit schools? :

• broaden learning opportunities of all involved linking to each Key Stage in terms of financial matters, numeracy and literacy
• Contibute to the "Every Child Matters" criteria
•  Raise the profile of the school in the community.
   

If you are a pupil, parent, teacher or school governor and you believe in helping children to save and develop good habits while they are young, we would like to hear from you. Please let us know if you would be interested in helping to set up a school saving clubs in a particular school in the future.