Story by Rashida Hassanali
The Credit Union is traditionally aimed at adults, providing a community-friendly way of saving and borrowing money without incurring high street banking charges.
Young Savers has many potential benefits the children help out taking deposits and recording transactions and responsible saving is encouraged –supported by the maths curriculum. Headteacher, Dina Martin commented: “It is important for children to understand the importance of saving. We are encouraging a real life skill they will need to manage their lives.”
Credit Union accounts are in line with Muslim banking as no interest is paid on savings – at the end of each year, any profit made by the Credit Union is shared among its members. If people choose not to take this dividend, it can be put back into the Credit Union to help support its work, or donated elsewhere. The fees charged on loans just cover the administration costs.
If you want to join Pitsmoor Credit Union or want more information about Firs Hill Young Savers, contact Brendan Adams at PCU on 273 8555 or call in at one of the local collection points listed below: Hallcar Tavern, Carwood Estate: Mon 8–9pm Firshill TARA, 11 Firshill Glade: Tue 11am–12 noon The Rock public house, Rock Street: Tue 8–9pm Welcome Centre, Nottingham Street: Thu 11am–12 noon