HEY Credit Union Celebrates 25 Years of Service

Friday 15 November 2024

HEY Credit Union took over Hull Guildhall for the occasion and welcomed members, volunteers and staff from a branch network stretching from Bridlington to Grimsby and Goole to Withernsea.

Guests were welcomed by the Lord Mayor, Cllr Mark Collinson, and they heard from speakers who represented the past, present and future of an organisation which has generated millions of pounds for the regional economy by offering a fairer banking alternative for savers and borrowers and helping the community develop a better understanding of everyday finances.

Cllr Mike Ross, Leader of Hull City Council, and Cllr Daren Hale, Leader of the Opposition, both spoke about the significance of HEY Credit Union and the difference it has made, while HEY CEO, Matthew Stevens highlighted achievements of the credit union since its formation.

He told of modest beginnings when the Credit Union was set up in a back room in the Guildhall to help council workers build up savings and get cheaper credit.  Over succeeding years it made the most of a change in the law to go community-wide across Hull and East Yorkshire, Northern Lincolnshire and North Yorkshire, enabling 18,000 members and junior savers to accumulate nearly £15 million in savings.

Matthew said: “Lots of members have told us that, without us, they’d never have got into the habit of saving regularly. We’ve also issued 81,000 low-cost loans, to a total value of £60 million. We estimate that we have saved people who have borrowed with us, instead of taking out credit with doorstep lenders and other high cost credit sources, at least £25 million in interest charges.

“We’ve also returned £1.6 million to our members as Dividend, sharing the benefits of Co-operative trading with those we serve. These funds have stayed within our region’s economy instead of being sucked out to make profits and bankers bonuses for City bankers”.

Also present at the celebration were some of the 32 employers who support their workforce wellbeing with direct payroll deductions for Credit Union savings and loans.  Matthew said: “None of this success would have been possible without the dedication of our amazing team of staff and volunteers.  The work they do, day in, day out, to look after our members is tremendous and I’d like to thank them all, not only for their loyalty and support but also the way they live up to our co-operative ethics and values in everything they do”.

Andy Stankard, outgoing President of HEY Credit Union and an employee of Hull City Council, told how he was approached in the early 2000s to help with the Credit Union’s expansion. His involvement led to him becoming Vice President in 2014 and President in 2017.

Joe Hendon, who will succeed Andy in December, said: “I am excited to take on this role and really enthusiastic about what HEY Credit Union does now and what it has the potential to do in the future.”

Andy also made a special presentation to John Smith, founder member and inaugural CEO, to mark his 25 years’ service to HEY Credit Union.