Welcome to the October edition
October is an important month on the credit union calendar as the global credit union family celebrates International Credit Union Day. The main goal is to raise awareness about the great work that credit unions are doing around the world and gives members an opportunity to get more engaged. You can find out how Thamesbank got involved in our news article, ‘Thamesbank celebrates International Credit Union Day 2021’.
As we come back to normality after the pandemic, what will you be doing with your extra lockdown savings – spend it or hold onto it? Find out what the possibilities are.
When it comes to loans, learn the truth behind some of the myths about taking out a loan. Speaking of loans, we offer Child Benefit Loans to anyone who has their Child Benefit paid into their account. We are also offering a loan top-up of £250 to Child Benefit borrowers that have taken out a £500 loan. You can read more about these offerings in this edition.
With kind regards,
Thamesbank editorial team
Thamesbank celebrates International Credit Union Day 2021
International Credit Union Day is celebrated every year in October in recognition of the credit union’s history, promote its achievements, recognise hard work and share member experiences. Its main goal is to raise awareness about the great work that credit unions are doing around the world and gives members an opportunity to get more engaged.
This year, the global credit union family celebrated its 73rd anniversary. The theme was “Building financial health for a brighter tomorrow.”
In-line with the theme, our vice-chair, Paul Oppe ran a Facebook Live ‘Ask Me Anything’ event on 14 October 2021. He spoke about financial health, tips on how to be improve your credit score, money-saving tips and more. You can watch the recording here.
We’ve also put a blog together on how you can conduct a financial health check. You can read the full article here.
Busting loan myths
Have you thought about taking out a loan but were discouraged from doing so because of what you have heard or read?
With the numerous myths out there from borrowing to having a credit card, Mukesh Malhotra, Chair of Thamesbank Credit Union, will help you debunk some of the most popular loan myths.
Spending versus holding onto your lockdown savings
One of the most debatable questions there is when it comes to lockdown savings – spend or hold onto it for a little bit longer? What would you do?
According to YouGov, a third of UK households actually saw their savings increase during the pandemic.
Covid-19 has had a massive impact on the world, causing many of us to swap commutes to the office with a quick walk to the next room, and nights out with our friends became virtual quiz nights and time spent enjoying the great outdoors on our doorsteps.
Find out what you could be doing with your extra savings from our website.
Child Benefit Loan
We understand that the day-to-day expenses of bringing up a family can really add up and that sometimes, you might just need a helping hand such as during the back-to-school season.
Therefore, we offer a Child Benefit Loan to anyone who has their Child Benefit paid into their account.
Here is how it’s calculated if you borrow £500:
Repayment of £12 a week or £48 a month plus savings.
You can save anything from £20.70 per week (if you have one child) to £48.10 per week (if you have three or more children).
Once your loan is cleared then you can withdraw all or some of your savings, continue to save or start a new savings and loan plan.
The calculation is based on a 42.6 % APR compared to a doorstep lender at 399.7 % APR.
Get ahead with a loan top-up
We are now offering our members a top up of £250 after three months and a second top up of £250 after a further three months on their loans. After the second top up, they will need to then wait to clear the loan and can then start the process again.
How do I top up my loan?
Which loan does it apply to?
This only applies to your Child Benefit Loan if you borrow £500.
We are delighted to announce our new web app, which also includes the Members Area, is now live. Existing members will need to re-register while new members will need to register to log in.