Members eNewsletter June 2022 edition
Welcome to the June edition
As the world opens, many have now started thinking about travelling abroad for holidays. Therefore, we have put together some travel tips to help you save money along the way. If you haven’t got the budget for a holiday, why not start saving towards it with our holiday savings account?
In this issue, we also look at some facts about Middlesex, what credit unions are and how you can improve your credit score.
With kind regards,
Thamesbank editorial team
Get more for your holiday
With the summer holidays approaching fast, now is the time to book your holidays. From choosing a destination to dining, get our top travel tips from our website.
How well do you know Middlesex?
To celebrate Middlesex Day which took place on 16 May, John Taylor shares some facts about Middlesex.
Did you know that the county lies within the London Basin, and three rivers provide most of its boundaries: the Thames in the south; the Lea to the east; and the Colne to the west? It also has a line of hills that forms the northern boundary with Hertfordshire.
Another fact is that the Middlesex flag (pictured) has a red background with three swords/machetes and a gold crown above.
Get all the facts about Middlesex from our website.
Improve your credit score for a loan application
Want to apply for a new credit card, a large loan or a mortgage?
Checking and/or improving your credit score can be a necessary goal if you’re planning to apply for a loan to make a major purchase, like a new car or home.
It can take several weeks, and sometimes several months to see a noticeable impact on your credit score.
Find out some frequently asked questions about credit scores from our website.
What are credit unions?
Credit unions, are co-operative societies which are able to offer smaller, shorter-term loans to borrowers who may find it difficult to get loans through mainstream lenders.
They also charge lower rates of interest than specialist or subprime lenders, as credit unions charge below the maximum interest rate, an APR cap of 42.6% set by the Government.
Credit unions can also provide better returns than banks or building societies. For instance, Thamesbank Credit Union declared a dividend of 0.25% to their savers this year, 2022.
Holiday Savings Account
You can start planning your holiday with us by opening a Holiday Savings Account. You can save as much as you want and whenever you wish. When you are ready, you can take all your money out to pay for that dream holiday.
To set up your savings account, contact us via email at firstname.lastname@example.org.
Words of wisdom
If you are shopping, investing or buying, remember:- “Price is what you pay, value is what you get.”
So remember that even when the quality is the same, the only change is what you pay for. Some people refer to it as “good value”.
Catch up on our #MondayswithMukesh posts on social media
Our #MondayswithMukesh posts on social media give you insight on various topics around financial literacy by our very own chair, Mukesh Malhotra. You can catch up on the latest posts using the following links:
Growth in member savings and loans
We are pleased to inform you that our member savings have grown to £884,000. Since 01 October 2021, we have loaned £260,000 to our members. We would like to say a big thank you to all our members for using our services. If you know anyone who lives or works in the London Boroughs of Ealing, Hounslow, Kingston Upon Thames, Richmond Upon Thames, Wandsworth and the Borough of Spelthorne, Surrey, please let them know that Thamesbank Credit Union is here to help with their financial needs.