Your Credit Union A better way to save and borrow

1. Your Credit UnionA better way to save and borrow Presentation by Gareth Evans: April 2013

2. What are credit unions? • Operates like a local ‘community bank’. • Financial co-operative that is owned and controlled by its members and is run for the benefit of its members and the community. • Not-for profit organisations – social benefit provide an ethical and local choice to mainstream financial service providers. • Provide safe and convenient saving facilities for its members with annual dividends. • Provide good value, accessible and flexible source of credit (maximum credit union loan rate of 26.8% APR) - very competitive particularly with extortionate sub-prime lenders 164% APR – 1,200% APR and illegal lenders • Regulated and monitored by the Financial Services Authority – members savings are 100% safe.

3. What are credit unions? Worldwide: • There were nearly 50,000 CUs in 96 countries, enabling 177 million members to access affordable financial services. • In Ireland, 50% of the population belong to a credit union, in America and Australia, the figure is around 30%. • United Kingdom: • As of March 2012, there were approximately 405 registered credit unions in UK with more than 1 million members and around £750m in saving assets and £605 out on loan.

4. About Your Credit Union? • Your Credit Union’s goal is to provide safe, sensible and socially minded financial products and solutions to our members, to help them achieve their goals independently and responsibly. • Has been established on three founding principles or values: • We will be owned and controlled by our members. • We will be professionally run. • Our work makes the community a better place • It is supported by the main stakeholders in the borough including: • Royal Borough of Kensington and Chelsea, • Kensington & Chelsea Partnership, • the local Primary Care Trust, • Various social housing providers (KCTMO, Octavia Housing, Catalyst Housing, Affinity Sutton, WPH, L&Q) • Local voluntary sector (e.g. KC Social Council, Octavia Foundation) and • Local advice agencies.

5. About Your Credit Union? • Who can join? • Membership is available to anyone who lives, works or studies: • Royal Borough of Kensington and Chelsea • or • Hammersmith and Fulham • Westminster • Queen's Park and Kensal Green wards in Brent • St. Mary's Park and Queenstown wards in Wandsworth • You can also join if you are a tenant of the following housing associations: • Catalyst Housing • Octavia Housing • Women's Pioneer Housing • Notting Hill Housing • Local businesses / organisations will soon be able to become a member of Your Credit Union to deposit funds

6. Financial Service – Savings: • Save as much or as little as you like. • Risk free and accessible range of savings accounts – your money is 100% secure. • Easy ways to deposit by standing order or via payroll (and coming soon PayPoint card). • Easy ways to withdraw by transfer to your nominated bank account (and coming soon Pre-paid card) • Annual return of profits via annual dividend (depends on how successful CU) • Different saving products – Foundation Accounts (lump-sums) Christmas, Holiday, Young Savers

7. Financial Service – Loans: • Instant access to small to medium sized loans at competitive interest rates. • Anyone who becomes a member of Your Credit Union will be able to apply for a loan. • Simple and straight forward to apply with quick decisions. • All loans are responsibly lent to ensure that members can afford the loan and the repayments. • Interest rates vary between 12,7% APR and 26.8% APR depending on how long you’ve been a member and how much you wish to borrow. • There are no arrangement feesand no hidden costs. • No pre-payment penalties if you decide to pay the loan back early so the quicker you pay back your loan the less you have to pay in interest.

8. Financial Service – Loans: • Example borrowing - interest costs of borrowing £500, repaid over 52 weeks. • YCU loan (maximum 26.7% APR) £67 • Speedy Cash Payday Loan - over 30 days (1410.3%APR) £125 • Oakam Money shop (224.1% APR) £380 • Provident door-step loan (272.2%APR) £410

9. Why Join Your Credit Union? • Everyone has something to benefit from by becoming a member of Your Credit Union: • Available to everyone – offering financial services for everyone • Simple and quick to join – you can join online, over the phone or at one of our local outlets. • Safe and secure – your money will be fully protected. • Convenient – you can deposit a lump sum or save regularly and will receive an annual return of the profits. • Flexible- loans to suit all budgets letting you borrow a couple of hundred or thousand pounds and repay weekly or monthly. • Good value –you have access to loans at affordable rates. • Local and ethical – becoming a member is helping your local community as well as yourself. • We’re not a bank! You own and control it – being a mutual means that the members own Your Credit Union. • Not just another customer - you have a share in the ownership of Your Credit Union.

10. How to become a member? • It is simple and quick to start benefiting from membership with YCU: • Join online – www.yourcu.co.uk • Complete our short online membership form and we will do the rest – including verifying your identity and sending you your welcome pack. • Join over the phone - 020 7605 6341 • You can ring one of our staff who will guide you through the membership application process. • Come and visit us at one of our satellite offices (coming soon) • We will shortly be launching three points across RBKC enabling residents to speak and join in person.

11. Your Credit Union2nd Floor, 346 Kensington High Street London, W14 8NS. Phone: 0207 605 6341 Email: info@yourcu.co.uk Web: www.yourcu.co.uk