Thursday 14 August 2014

Young Savers



After years of campaigning and lobbying by a number of charities and prominent individuals, including Martin Lewis of MoneySavingExpert.com money management is now part of the National Curriculum. This should mean children will learn how to budget and navigate their way through the complex world of personal finance, finding out about savings, types of credit, pensions etc.  One of those skills of course is habitual saving.

In order to assist with this the Diocese of Lichfield have put together a Young Savers in schools scheme to 'help children save for a brighter future' in partnership with Credit Unions.  This may be of  interest to all churches, not just those in the Church of England / Diocese of Lichfield..  You can download a detailed flier or visit the Diocese of Lichfield website or contact 6 Towns credit union.  For further information, please don't hesitate to contact me via: chris@sandwellchurcheslink.org

Credit Unions and the Church



You will have seen the Archbishop of Canterbury's recent comments on Credit Unions and the positive difference they can make in people's lives. He is asking churches to use their assets: buildings, people and financial investments to actively support community credit unions.

Below is a copy of his message.

Dear friends,

A large and growing number of people rely on short-term loans at very high interest rates to make ends meet, and can easily end up in a crippling spiral of debt. One million families are taking out payday loans every month as they struggle with rising living costs.

I have seen this myself in the communities where I have lived and worked, and it is devastating. But people often have little choice, especially in deprived areas of the country.

Our faith in Christ calls us to love the poor and vulnerable with our actions. That is why the Church must be actively involved in supporting the development of real lending alternatives, such as credit unions. This is not an optional activity, but a fundamental part of our witness and service to all God’s people.

We must help credit unions to become bigger, better known and easier to access if we want them to compete effectively with high interest lenders.

We have a unique opportunity to make a difference. We can begin simply by saving some money with our local credit union, using their services and encouraging others to do the same. Some churches are already doing this, so we know the difference it can make to the local community.

Please take this opportunity to consider how you and your church could serve your community in this way. I pray that together we can make a difference to some of those who are most in need.

With every blessing,

+ Justin Cantaur”


A credit union is similar to a bank, but unlike a high street bank it is run and owned by its members and serves the community rather than working purely for profit. Credit unions need a broad range of members in order to thrive. So, by taking an active part in a credit
union you’re helping it to help people in financial need to borrow and save responsibly.

Membership of a credit union is based on a Common Bond. This can be working for a particular employer, in a particular industry, living, working or worshipping in a specific geographical area.

Credit Unions are authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. As with a bank, your savings are protected by the Financial Services Compensation Scheme for up to £85,000.

The credit union in Sandwell is 6Towns Credit Union and their head office is in West Bromwich. They offer a large range of services.

  • Savings Accounts – Instant Access Account, Christmas Account, Holiday Account, ISA's. (Dividend 3.29% past 5 years)
  • Loans – Short Term Loans, Long Term Loans, Payday Loans, Home Improvement Loans (Interest 26.8% to 48% APR)
  • Current Account – This is a fully transactional account and open to everyone no matter of Credit Rating or history and has the ability to 'ring fence' payments to Landlords, Councils and Utilities.
  • Organisation accounts – Saving Accounts and Current Accounts are coming Soon

6 Towns is keen to ensure their services are open to anyone in Sandwell and they aim to provide more than just Savings and Loans. They work a range of organisations and currently support Collection and promotion points across the whole borough, including Primary Schools, Youth Clubs, Children’s Centres and Churches. They support financial capability initiatives and as part of their ‘up skilling’ of volunteers and partners they are in the process of building a ‘Budget Training’ to enable those that deal directly with those at risk which will support and enhance the provision of an holistic approach.


What can you do to support our local credit union in the work?

  • Open a Savings Account and become a member.
  • Encourage your Church to open an account, a savings account and perhaps in time a current account.
  • If you need a loan, you may want to consider the credit union.
  • Consider setting up a Collection or Savings Point at your regular community activity such as your Coffee Morning, Place of Welcome, Youth Group or Carer and Toddler Group and after your Sunday Services.
  • Incorporate the Credit Union in any Financial Capability or Money Management training and Debt Advice provision.



6Towns Credit Union contact details:-

Tel No: 0121 553 3110
Address: 6Towns Credit Union, 382 High St, West Bromwich, West Midlands B70 9LB