2013/1425 Years and Growing Stronger Together

Telephone number 0121 616 6200 . www.citysave.org.uk

“Most of us are finding money is gettingtighter, and the team at Citysave havebeen very active in developing new services and solutions to benefit our members at this time.

Members’ financial wellbeing has alwaysbeen the basis of all our work, and now,more than ever, we are determined to provide high quality help and advice.

We are working with a wide range of partners, all focused on improving ourmembers personal financial situation. I hope that members will find this newslettercontains information that will be of use tothem. You may be assured that we arecommitted to continuing to develop ourservices and to support members.”

Some of our changes:

Kiosks – Citysave has launched 20 kiosks which will be in locations across Birmingham helping members to access services.

Cash planner Account – is a new type of bank account that allows members to earn cash back rewards as they spend, and stay in control.

Loans – we are lending more loans, faster than ever, and with a new range of loans for all your needs.

Birmingham Fair Money – Citysave has created a joint brand to direct enquiries to not for profit loans providers.

Joint Working – Citysave brings new organisations to support our members and our wider community.

Access to Business Finance – Alternative finance solutions for businesses.

New Help and Advice services – we have linked up with many organisations to provide help and advice to our members.

Moneyline – New challenger to pay day lending in Birmingham.

Cash Planner account withcashback rewards:

Dr Ricky Joseph is Chair of Citysave

City

save Credit UnionCelebrating 25 year

s

NEW

Committed to supportingour members

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15%

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Ricky

Correct at the time of going to press.

The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations and all of our depositors are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit isnot for each separate account but, relates to the combined amount in all the eligibledepositor’s accounts with the credit union, including their share of any joint account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask a member of staff, refer to the FSCS website www.fscs.org.uk/ or call 0800 678 1100.

Service Matters

Online/ Outreach Kiosk Text Telephone Post Branch app

Open account 3 3 3 3 3

Apply for a loan 3 3 3 3 3

Check balance 3 3 3 3 3 3

Request statement

3

Transfer money to main account

3 3 3 3 3 3

Load your Prepaid card

3 3 3 3 3

3

Info on products / services

3 3 3 3 3 3 3

Change your saving plan

3 3 3 3 3

Peace of mindOne benefit of saving with Citysave, is that your savings are covered by the Financial Services Compensation Scheme, (FSCS) which we pay into in order toprotect our members savings.

Serving our members is our priority. To ensure you have a fast, reliable service,there are many ways you can access our services:

Standard servicesJoining fee FreeAnnual membership FreeStatements - email FreeStatements - by post £1 per annumText balance Free

Paying in to your accountBy cheque Free

Paypoint card £1 for card

Cash pay in via Paypoint £1.50

Benefits transfer Free

Payroll deduction Free

Direct debit Free

Unpaid direct debit £5

Pay in by card £1

LoansArrangement fee FreeRedemption penalty FreeLump sum or additional repayments Free

Delinquent loansDefault notice £15Solicitors letter £15Court action - All costs and disbursements will be charged in full

Withdrawal of savingsBy bank transfer Free

Community Banking Service*Cash Planner 50p per week

ATM withdrawal via card 75p with free cashback at Supermarket*For more information please refer to the

website

Have you got an active savings plan?Citysave are committed to helpingour members become financiallysavvy and build up a safety net tomanage when times are bad.

That is why we ask all of our membersto have a regular savings plan. Weare going to help all of our membersto actively review their accounts inthe months ahead and help them tosave regularly. We are also going todevelop more savings products tomeet the needs of more memberswho have different requirements from us.

If you have something that you particularly want to save for (whetherit’s an event or an item), then pleaseget in touch and tell us what youwant and we’ll do our best to help you set up a savings plan that suits you.

Telephone number 0121 616 6200 . www.citysave.org.uk

KiosksCitysave and BHSF Group, anothernot for profit organisation based inBirmingham, have launched 20kiosks which will be in locationsacross Birmingham. These kiosksallow access to services and allthe new help and advice.

2

Pay-day loans. Don’t get caught out!We are seeing a rise in loan applications wanting to re-finance pay day loans and other high cost credit.We would urge members to be mindful of the high interest rates and fees being charged by some lenders.We are always prepared to consider smaller emergency loans or to re-finance high cost debt.

Community Banking

City

save Credit UnionCelebrating 25 year

s

Save, Borrow and Plan for a Bright New Tomorrow

Cash Planner Account

3Manage account and make payments on line

3 Unique Account Number and Sort Code

3 Secure payment facility including free Cashback

3 Online shopping discounts, special offers and cashback rewards

New Citysave Visa

Apply online www.citysave.org.uk or call 0121 616 6200

Participating retailers include:

Modern banking with no hidden charges or credit checks but lots of cashback rewards...

. 50p a week

. No credit check required

. Visa Debit Card

. No hidden charges

. 24/7 emergency advice line (legal, debt and medical). Online access with secure management of your account . Personal savings plan. Access to affordable loans. Available for all adults from 16 years. Local Service Centre offering personal service

3

"I found myself in a trap

with Payday lenders, whereby each

month I was just paying interest and

unable to make any headway in

clearing the loans because the inte

rest

was so high. Eventually, I resigned

myself to the fact that the interes

t

payments would form part of my

outgoings and my earnings would

never be mine again. Short of a small

lottery win or bonus from work

they were here to stay.

Citysave was able to help me out and

I finally feel that the monkey is off

my back and my salary is back in my

control. The amount I pay Citysave is

less than the interest I was paying on

just one of my payday loans with

the bonus that I have a date in th

e

foreseeable future when the loan will

be paid off and I'm also able to

start saving with Citysave too.

I got immense satisfaction when I

called the payday loan companies to

pay them loans off in full. When they

asked why I was paying them early,

I took huge pleasure in telling them

that I didn't need them or their

extortionate interest rates any lon

ger.

The staff at Citysave were

understanding and pleasant to de

al

with. I wouldn't hesitate to

recommend Citysave Credit Union

to colleagues or friends."

This is what Mr G of Birmingham

had to say about pay day loans:

Citysave provides loans that are competitive, and with no fees. To ensure your loan is processed as quickly as possible, please remember:• Applying online will ensure your application is processed quicker• Ensure all questions have been fully answered • Provide your latest one month’s bank statement and two months payslips• Provide details relating to any defaults, ccjs and debt management plans • Emailing or faxing information will enable us to provide you with a more

efficient service• Please keep us up to date with any changes to mobile numbers and

email addresses.

We will email or post your credit agreement and expect to process your loan within one business day.

All loans are subject to current lending policy and we reserve the right to decline. If we cannot see that you can afford the loan repayments you may be asked to save first before re-applying. Please check website for full details.

Loans Latest

Telephone number 0121 616 6200 . www.citysave.org.uk

Citysave has been able to amend its lending policy to better meet the needs of our members:

Fair Terms PayDay Loan• £300 - £1000* - Interest rate is 2% per month (26.8% APR)

• Up to 2 years

• Instant top ups available after 4 months payments (16 weeks)

• Instant pay down - ie: only pay for the interest on the loan you have outstanding

*maximum of £750 if benefit dependent

Personal Loans• £1,000-£5,000 – interest rate 1.75% per month (23.1%APR)

• £5,001-£10,000 – interest rate 1.5% per month (19.6%APR)

Payroll Personal Loans • £1,000-£5,000 – interest rate 1.5% per month (19.6%APR)

• £5001-£10,000 – interest rate 1.25% per month (16.1%APR)

Top up loansWe can now consider £1000 top ups without the need for additional documentation, subject to terms and conditions of your existing loan. We reserve the right to request full documentation if we arenot sure the loan is affordable.

Consolidation loansWe will consider consolidation loans for high cost credit. Loans of up to 2x net monthly income to repay and allow applicants to escape high cost credit.

Margaret, Citysave Member

“Thank you so much for approving my loan so promptly.

I will certainly recommendCitySave to colleagues &friends as your processes are so straightforward and transfers are so simple to arrange.”

Compare usHalifax Loans - £5900.00 24.9% APR Lloyds TSB - £4990.00 20.2% APRWonga - £500.00 5853% APR Amigo Loans - £5000.00 49.9% APR • rates quoted by Halifax and Lloyds relate to existing customers only and attract up to 58 days interest charge if the loan is repaid early. • Citysave does not charge any early redemption penalties whatsoever.Correct at time of going to print.

NO FROZEN

SAVINGS

REQUIRED

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Working Together

City

save Credit UnionCelebrating 25 year

s

Save, Borrow and Plan for a Bright New Tomorrow

Top ten tips for getting out of debt1 Face the problem Did you know that people usually wait a year to get debt help? It’s easy to understand the thought process behind this...If I hang in there, that job promotion will happen, or the house will sell, or I’ll win the lottery and this will all go away! This is the ‘ostrich effect’, where you bury your head in the sand and ignore the problem, but this isn’t a good idea. Free and impartial debt advice is the answer. 2 Resist taking out further credit It’s tempting to extend your overdraft to get through a rough month, or put food shopping on the credit card. However this can make things worse. Debt consolidation also sounds great in theory until you take the high interest and longer borrowing terms into consideration. Instead, take a look at what you can truly afford right now. 3 Draw up a budget You should only use ‘disposable income’ to pay off debts. This is what’s left over once you’ve paid priorities like rent, mortgage, household bills, food and living costs. A budget outlines how much disposable income you actually have to spend. It also helps set realistic goals for saving money and becoming debt free.4 Get all the facts together Looking at your credit file is the clearest way to take stock of your debts. Noddle.co.uk offers access to your credit file free of charge. It will show who you owe money to, your balances and if you have any County Court Judgments (CCJs). 5 Give yourself a fresh start You’re doing yourself no favours staying with a bank you have

debt with. The banks have Right to Set-Off, meaning they can take payment on the debts each month before your priorities even get a look-in. Getting a basic bank account elsewhere is a crucial step towards becoming debt free. 6 Get a debt solution You can look at your options by visiting our website (www.stepchange.org) and trying Debt Remedy, our online advice tool that can give you a solution in just 20 minutes. It’s free, anonymous and easy to use. 7 Forgive yourself Don’t beat yourself up over past mistakes. Remember that you’re taking action on your debt, something thousands of people have yet to do - hooray for you!8 Look for more ways you can increase your income There’s lots of ways to make more money - you just need to get creative about it! Put that unwanted stuff on eBay. Fill in surveys in your spare time for cash. Are you claiming the benefits you’re entitled to? 9 Look for ways you can cut back Do you really need that expensive mobile contract or satellite package? Why not swap an expensive night out for a movie night in? Cutting down on smoking could get you out of debt much quicker. The NHS Smoke Free program can help you quit for good. 10 Keep focused Always think about the end goal you’re working towards; being debt free. It won’t always be easy, but you can do it, and we’re here if you need us.

For more great money-saving tips, visit our blog atwww.moneyaware.co.uk

Citysave is working with Birmingham Council to promote allthe not for profit personal finance lenders in Birmingham,and linking to the Fair Brum campaign being driven by Councillor John Cotton.

“Fair Brum is a citywide movement, focussed upon building a fairer and more inclusive city. We know that Birminghamhas tremendous strengths – its youthful population, its richheritage and diversity, its spirit of innovation and enterprise.But there are also some real challenges. Inequalities, deprivation and poverty still hold many of our fellow citizens

back. That’s what Fair Brum wants to change.

Birmingham Fair Money is part of this campaign; promoting the services of not for profit personal loans organisations in our city.”

The Financial Wellbeingof The BirminghamCommunity Campaign Birmingham has an estimated 35%of children growing up in childpoverty in the city. It will also be thecity most hit by welfare reform, losingcirca £420m per year in benefits.

Citysave is actively working with other organisations to address thePoverty Premium; and Financial Stress and its link to debt. For more information on content please see:www.citysave.org.uk/membership/birmingham-fair-money

fairness

5

John

www.birminghamfairmoney.org.uk

Citysave will be managing the new pop up shop in High Street, Birmingham through to Christmas. We are delighted to welcome many of our members and partner organisations who have volunteered to help with Birmingham’s community solution to the pay day lenders.

Maximising your income through Turn2us People can experience financial hardshipfor many different reasons. Unforeseen circumstances such as job loss, familybreakdown and illness are just a few of thefactors that can have a significant impacton household income. Rising living costs, reduced incomes and continued publicsector cuts have also had enormous effects,and increasing numbers of people arestruggling to make ends meet. Funds exist to help people who are affectedby these issues – but awareness of themtends to be low. It’s more important than ever that people inneed are aware of the financial supportavailable, and the charity Turn2us is workingto help them.The Turn2us website can help you find financial support, quickly and easily, basedon your circumstances. It features a free andeasy to use Benefits Calculator, GrantsSearch database and other information andresources.Checking your benefits entitlementsEvery year, a staggering £19billion in welfarebenefits and tax credits goes unclaimed bypeople who could need help the most.The Turn2us Benefits Calculator allows you towork out which welfare benefits you could beentitled to, and the possible amounts youcould receive. There is also information onthe website about how to claim these benefits.Seeing if you are eligible for a charitable grantThere is generally low awareness of charitable grants, and research by Turn2ushas found that nine out of ten people on lowincomes had no idea that this help existed.Yet there are over 3,000 charitable funds

available through the Turn2us Grants Searchdatabase, which help individuals with a number of different needs and circumstances. The database also includesdetails of each fund’s eligibility criteria andhow to apply.Some charitable funds award one-off grantsto help pay for specific items. There are alsofunds which provide grants to help with thecosts of education and training, and otherswhich offer advice and services.Jane’s storyJane, a single mother of three, was out ofwork and struggling to cope with everydaycosts. She had already heard about Turn2usso decided to try the Benefits Calculator tosee if she was eligible for any help. By using the tool, Jane identified that in addition to the Housing and Child Benefitsshe was already receiving, she was also entitled to Income Support at £70 per weekwhich helped her pay her rent and heatingbills. Her eligibility for this benefit meant thatshe could also apply for free school mealsfor her two eldest children and receiveHealthy Start Vouchers which help to buy nutritional foods for children up to four-years-old. Jane also managed to apply for a WarmerHomes grant to help with her energy costsduring the colder winter months.Jane, who is now working part-time, said:“Now I’m back at work I’m no longer eligiblefor Income Support, but it made all the difference and helped me through a verydifficult time. I feel much happier about myfuture, and my job at a children’s supportcentre means I now get the opportunity torecommend Turn2us to others who are in a similar situation.”

Joint Working

Telephone number 0121 616 6200 . www.citysave.org.uk

Helping to reach more people in financialneedTurn2us works in partnership with a range oforganisations that provide advice and support for people in financial need so thatmore people can access the help availableto them.Last year, Turn2us services were used by over3 million people with over 43,000 people infinancial need securing in excess of £148million in benefits and grants. With almost90% of Turn2us users likely to recommendthe service to others, the charity is showingmore and more people the support that isavailable through these difficult times. For more information, please visitwww.turn2us.org.uk - this is availablethrough the help and advice section on theCitysave website and on kiosks.

Welcome to the Board... William Schouten brings IT and financial services expertise.

Gemma Coxsey brings banking andlegal knowledge.

Steve Pamley brings banking and finance expertise.

6

Date foryour diary:

AGM on Saturday

25th January 2014.

Please come and be involved.

Cavell Nurses’ Trust:Cavell Nurses’ Trust supports nurses, midwives and health care assistants, workingand retired, who find themselves in difficulty through issues such as disability, illhealth, domestic abuse or other unforeseen difficulties. The Trust provides financial assistance, support and advice and works with other charities to maximise the support offered to its beneficiaries.

Severn Trent Water:At Severn Trent Water, we don’t want our customers to have sleepless nights; that’s why we offer a great deal ofsupport and services for those struggling to pay their water bill. We are doing a lot of work to make customersaware of the range of payment options and schemes available to them and we’ll help find you a paymentarrangement that is right for you, even if you can only pay part of your bill.Call us on 08456 022 777

Citysave is working with many other organisations including:

We are adding new contacts to the Help and Advice area on our website every week. Get the right advice whenyou need it - stay informed, stay financially well.

Finance positionOur financial position continues to bestrong which allows us to continue planning ‘for a bright new tomorrow’. The Prudential Regulatory Authority (ourregulator) continues to focus closely onthe capital and liquid positions of creditunions. Due to proactive managementour capital ratio (reserves/total assets)stands at 14% (which is well above theregulatory minimum of 5%) and liquidityratio (bank balances/total liabilities) is 47%(against a regulatory minimum of 10%).

Having such healthy ratios allows us toplan and invest for the future. Investmentsfor this year include, additional officespace - which brings efficiencies in howwe operate, new phone system - that hasimproved how we handle members’ calls,self-service kiosks - which allows membersand potential members to access ourservices more conveniently and a newrange of bank accounts - which hashelped our members manage their finances more effectively.

Looking to the future, we are planning toinvest in our IT system which will provide

Governance

City

save Credit UnionCelebrating 25 year

s

Looking for a business loan?ART is a Community Development Finance Institution providing loans of between £10,000 and £100,000 to businesses and social enterprises located in the Greater Birmingham area, which need cash to survive or grow and are unable tosecure it via conventional sources.ART has a remit to boost the local economy, helping to support enterpriseand create or preserve local jobs. ART’s portfolio of borrowers includes registered charities, sole traders, partnerships and limited companies operating in a wide variety of sectors,including manufacturing, services, foodand care industries, education and skillstraining.Full details, including an applicationform, are available fromwww.reinvest.co.uk or by calling 0121 359 2444.

Save, Borrow and Plan for a Bright New Tomorrow

If you are experiencing financial difficulties it is important that you contact us straight away. We will try to work with you for your long-term financial wellbeing.

As we lend our members money, if we are unableto obtain a suitable re-payment arrangement forany loan in arrears, it is our policy to pursue untilthe outstanding debt has been recovered in full.Our action to recover outstanding monies may include any of the below:• If you are in receipt of any Benefits we will make an application to the DWP to deduct monies from your Benefits.• Apply for a County Court Judgment, which may result in you finding it difficult to obtain further credit.• Instructing a debt collection company to recover monies on our behalf.

Enforcement of the County Court Judgment toinclude:• Attachment of Earnings – We will ask the Court to consider deducting an amount from your earnings directly from your employer.• Charging Order – If you own your property we will register a Secured Charge against your interest.• Warrant of Execution – We will instruct the Court Bailiff to attend your address to seize and remove goods. Any costs incurred to recover the debt will be applied to the loan in accordance with the termsand conditions of the loan.

Citysave Loan Arrears Policy

7

members with improved services. In addition we are looking to provide newloan products that may allow members toborrow more and for longer, provided ofcourse that they are able to afford the repayments. In the meantime we are continuing to pay a dividend (last year1.5%) and are planning to pay dividendsin the future.

All in all Citysave Credit Union is in a strongfinancial position and continues to gofrom strength-to-strength.

Andy Carswell, Chief Operations and Risk Officer

Draft accounts for agreement at AGM. All figures in £. 2013 2012

Fixed Assets 77,497 57,609Members Loans 4,285,899 4,104,123

4,363,396 4,161,732Current Assets Debtors 59,087 45,621 Cash at bank 2,604,527 2,430,746 Creditors falling due within one year (84,329) (113,912)

Total assets less current liabilities 7,042,941 6,524,187 Capital and Reserves Members Shares 5,978,162 5,533,617 Junior Savers 87,391 78,062 General Reserve 877,128 867,508Infrastructure Reserve - 45,000 Members’ Funds 7,042,941 6,524,187These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Changes to Benefit PaymentsSignificant changes are being made to the benefit and tax credits system.Universal Credit will replace many current benefits into one single payment. Other changes relate to Disability Living Allowance, Council Tax Benefits, Pension Credits and SocialFund loans. If you receive benefits currently:• Look out for any correspondence• Reply to requests for information as soon as possible. Check your benefits through Turn2Us

Citysave Credit Union Ltd, 16 Waterloo Street, Birmingham B2 5UG Telephone 0121 616 6200 www.citysave.org.uk

Steven, Citysave Member

“Citysavehas always beengood, helpful andoffers a friendly

service”

Growing Stronger Together

City

save Credit UnionCelebrating 25 year

s

Save, Borrow and Plan for a Bright New Tomorrow8

Don’t forget to talk to your unionCitysave is delighted to be working with some of the largest trade unions who are working harder than ever to support their members in difficult times.

Birmingham Citysave Credit Union has created a new arrangement with Moneyline, a leading not-for-profit personal lender. Moneyline have been helping low income individuals access affordable credit for over ten years, through a network of 18 branches at various locations in England and Wales.

Moneyline’s CEO Diane Burridge said “I am delighted that Moneyline and Citysave Credit Union are working together in partnership to widen the access to more affordable credit and savings for the people of Birmingham.

In times where many families are struggling to meet basic living expenses and are often using high cost lenders as their only alternative, it is vital that organisations like Moneyline and Citysave collaborate to significantly increase the number of people wecan help to break the cycle of debt and poverty created by the reliance on doorstep and payday lending.”

Moneyline will work from the Citysave branch in Waterloo Street, Birmingham, offering access to low value, short term personal loans from £50 to £250. The Moneyline service will begin on 1st October and they have employed three staff who will be based in the branch Monday to Friday, 9am to 4:30pm.

Citysave CEO, Angela Clements, added “we are getting more applications for small emergency loans from non members, and are pleased that Moneyline have taken up our invitation to come to Birmingham. Moneyline is the leading not for profit lender in the small loans sector, and have won Responsible Lender of the Year last year. They will be a great addition to the city,and we hope to be able to offer their customers savings plans and become members of Citysave.”www.elmline.co.uk

BETTER

TOGETHER

BEN is the UK charity for those who work, orhave worked, in the automotive industry, including their dependents.

Every year we help literally thousands of people in times of stress or hardship. Whetherit's practical, emotional or financial supportyou need, we are here to help. Calls to BENare in complete confidence and our trainedwelfare team are be there to support you inall manner of circumstances including issues

surrounding money worries, guidance on eligibility for state benefits and other allowances, disability, bereavement, illnessand relationship problems or just as a friendlyvoice to help you through that difficult time.

BEN will always be there, for you, for yourfamily, forever…..

Visit www.ben.org.uk for more information orcall our helpline on 01344 876770

Citysave and BHSF are pleased to announce theiragreement to work together to provide a wider, notfor profit range of financial solutions.

If you are interested in a BHSF health cash plan or would like further information, please call BHSF on 0800 622 552 or email sales@bhsf.co.ukquoting Citysave to get your membership discount.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority FRN: 213258.Members savings protected by the Financial Services Compensation Scheme. Members of the Financial Ombudsman Scheme. Registered address 16 Waterloo Street, Birmingham B2 5UG.

New challenger to payday lenders

Get involved... become a Citysave rep3 Help others

3 Support your local community

3 Earn rewardsEmail: brenda.spencer@citysave.org.uk to learn more.

BEN: One of the benevolent organisations Citysave is working with