Be wise, be Clockwise

Clockwise Credit Union

Safe savings, affordable loans, friendly banking for the people of Leicester,

Leicestershire and Rutland

Jackie White Community Development Officer

Be wise, be Clockwise

What is a Credit Union• Not-for-profit financial co-operative• Run by the members for the members• All members are shareholders• For the community - Common bond• Aim to provide financial services to the

financially excluded• Governed by the Financial Services Authority

Be wise, be Clockwise

How it works• Start with saver and investor members• Part of the savings pot is used to lend to other

members at an affordable rate of interest• The interest received is used to fund the delivery of the

loans and to pay a dividend to savers• Volunteers needed to keep overheads to minimum• Free life insurance is provided on savings and loans• All savings are protected by the Financial Services

Compensation Scheme

Be wise, be Clockwise

Facts and figures for Melton• Over 6,200 (441)adult active members• Over 5,500 (441)active savers with around

£500 worth of savings per person (£48,000)• 41% membership have loans with a combined

balance of £2.65 million (£138,000)• Average loan value is £1,127• 1,289 current accounts(64)• Melton figures marked in Purple

Be wise, be Clockwise

Our members• Ethical investors

• Council employees

• Benefit recipients

• Excluded from mainstream banking

• Loss of trust in main stream banks after the recent crash

Be wise, be Clockwise

Savings Accounts

• Clockwise savings accounts pay a 1% dividend (as of April 2011)

• Clockwise savings accounts carry a FREE life insurance

• I.S.A accounts pay 2.5% Dividend (as of April 2011)

Be wise, be Clockwise

Current Accounts• Easy access to a Current Account for

members (1289 active accounts)

• Convenient access to your money, 24 hours a day, 7 days a week

• Advice given over the phone by our friendly local office staff.

Be wise, be Clockwise

Affordable Loans• We offer affordable loans

• An alternative to the Door Step Lender

• Advantage Loans

• Payroll Deduction Loans

Be wise, be Clockwise

Affordable loansCLOCKWISE

£500 loan @ 26.8% APR

Repayment of £10.84 per week for 51 weeks

Final repayment £10.69

Total interest £63.53

Total repayment £563.53

PROVIDENT

£500 loan @ 272.2% APR

Repayment of £17.50 per week for 51 weeks

Final repayment £17.50

Total interest £410.00

Total repayment £910.00Taken from Provident website 23rd March 2011

Be wise, be Clockwise

Benefits to Your Community• More money kept within local economy

• Local access to Clockwise services

• Easy access to Current Accounts

• Volunteering opportunities