A Year Full of Highlights for HEY Credit Union

Monday 29 January 2024

Hull and East Yorkshire (HEY) Credit Union has published its annual news to members reporting on a successful year, in which its loan book grew by almost 25% with ‘Excellent’ member feedback.

This year, HEY Credit Union welcomed new Chief Executive, Matthew Stevens, who began working at the credit union in 2007 and was appointed to succeed John Smith who has moved to a part-time Governance Officer role ahead of retirement.

“I am really pleased with the progress we’ve made in my first year as CEO,” said HEY CU’s recently appointed CEO, Matthew Stevens. “We’ve put a lot of effort into reaching out to new areas, with targeted online campaigns, encouraging those who had never used a credit union before to give us a try, and showing them a great member experience.”

The ‘Excellent’ rated credit union on Trustpilot grew its loan book by almost 25% in the year – totaling almost 7,000 loans and Matthew said: “We were determined to keep the cost of borrowing low for our members so as not to add to their burdens, and they rewarded us with increased loyalty and repeat business.  In a challenging environment, we’ve added to our reserves, and members can be proud of the strong balance sheet that has been steadily built up over many years.”

HEY Credit Union grew its annual income by over 10% and the surplus (after tax and dividends) is over £115,000. Members also benefitted whereby the Members’ Lottery increased its ticket sales by 7%, enabling members to win larger prizes and monthly draws often attracted over 200 entries. Additionally, the balances of HEY Credit Union Christmas Saver accounts rose by 7% over the year.

“Of course none of this would have been possible without our fantastic team of staff, volunteers and service partners, and I thank them all for their dedication and support,” added Matthew. HEY Credit Union will celebrate its 25^th anniversary in 2024.