“M for Money Credit Union” Launches Cash ISA

Published by Graham Tomlin for Credit Union Solutions Ltd in Local Government and also in Central Government, Education, Health, Housing

In a move designed to broaden their offering to savers “M for Money Credit Union” has launched their Cash ISA projecting a 3.5% return for savers.

Helena Pretorius M for Money’s Treasurer said.

“We have been recruiting a heck of a lot of new members in Harrow Council and other employers locally but as yet their savings have not matched the interest in our great value loans.

We felt that we needed to stimulate saving and we considered that the best way to do that was to offer members a Cash ISA. The result has been quite good with almost £30,000 deposited into our Cash ISA account in just over one month.

The key problem for us to address was to decide on a rate that was attractive enough to persuade members to transfer their existing cash ISA without being so large that we would have a problem meeting the payments. In the end we chose a market leading rate of 3.5% and now all we need to do is keep an eye on the total deposited in the ISA and accrue the interest each month.”

M for Money Credit Union now has the following saving accounts:

• A savings account to form the basis of a credit union loan.
• A Xmas Saving Account paid to members in November each year.
• A Holiday Saving Account to fund those special occasions.
• Junior Savings Account for children or grandchildren.
• A Cash ISA projecting 3.5% tax free interest.

Remember you can now save £5,340 each year free of any tax in a Cash ISA

Anyone that either lives or works in the London Boroughs of Hillingdon and Harrow can join M for Money Credit Union by visiting www.mformoneycreditunion.org and pressing the join now button.

Alternatively call 020 8756 3866 and speak to our administrators.