Acorn Community Bank’s Festive Incentives to Save

Friday 26 January 2024

Acorn Community Bank is encouraging local people to think ahead and save for Christmas by offering a bonus when the savings account is ready to be used. Members who opened a savings account with the credit union before the 28^th July, and saves a minimum of £25 a month between July and October will receive a £25 bonus in November once the savings are available to be withdrawn.

Acorn Community Bank adopted its title after Wiltshire and Swindon Credit Union, Clivey Credit Union and Swan Community Bank successfully merged in April of this year. Acorn has nearly 8,000 members from Swindon, Wiltshire, Berkshire, Oxfordshire, and Buckinghamshire, so many members can benefit from this new scheme.

Last year, Acorn invested in a new IT system to modernise its systems and introduce new loans. It has already introduced a simple banking app and new types of lending will follow. The credit union lends more than £1m to its members a year and was recognised for its services when it won ‘Community group of the Year’ at the Wiltshire Life awards.

Chair of Acorn, Nick Gallop said: “The Christmas promotion is a way of encouraging members to plan ahead for the traditionally costly time of year. Particularly this year when so many people are struggling with the cost-of-living crisis, it’s important to try and put something away.

“We know that families, and individuals, come under enormous financial pressure during the festive period so having a little nest egg they can withdraw in November may take some of the sting out of it and by adding a bonus we hope we’ll encourage more people to think about doing it. After all, on July 28 there’ll only be 150 days until Christmas.”.

Source: Swindon Link