HEY Credit Union Reaches 25 Year Milestone

Friday 7 June 2024

Founded by a small group of Hull City Council colleagues in 1999 and now operates across the Humber region, formally known as Hull & East Yorkshire Credit Union, HEY has now reached its 25^th year of service.

Established to assist Hull families in managing their finances, the credit union has announced its saved its members £25m in interest charges over the past 25 years and also returned £1.6m in dividends to its savers.

John Smith was one of 21 founder members in 1999 and served as Chief Executive until stepping down in 2023. He recalled that, at a time when Kingston Communications was being floated on the Stock Exchange, many of the early low-cost loans were to people who wanted to buy shares in the much-loved organisation.

John said: “We had heard great things of financial services co-operatives called credit unions being set up in other cities and we wanted to provide our colleagues at the City Council with easy ways to save, access to affordable loans and other handy services to help them manage their money better.”

Since then, HEY Credit Union has issued 81,310 loans to a total value of £59,018,666.  The biggest spend has been just over £14m on home improvements, which have accounted for 15,975 loans.

John added: “Added to the dividend, HEY Credit Union has therefore pumped at least £26.6m back into the regional economy, demonstrating the power of co-operative enterprise to make a significant social impact.”

Feedback from the 18,000-strong membership indicates they place a high value on the efficiency and flexibility of the service and see HEY Credit Union with its not-for-profit co-operative approach as a fairer alternative to savers and borrowers.

Sarah Hanson of HEY Credit Union’s Bridlington Team, said: “Our members tell us all the time how much they love coming into the branch to see us.  They say we are open and friendly and always try to help them if we can.  With so many banks having closed down in Bridlington, we know this personal touch is warmly appreciated.

“In our branch we have made a community notice board with lots of information about services in the Bridlington area, such as The Hinge, a locally-based charity with a wide variety of groups that we can signpost people to.  We held a Chat, Chill and Cake Day and invited residents in to talk about what is on offer in our community.”

Congratulating HEY Credit Union on its milestone, ABCUL CEO, Robert Kelly said: “On behalf of the entire Association, I’d like to express our huge congratulations to HEY Credit Union on providing 25 years of vital community service and helping to build financial resilience.

“Credit unions across the country have humble origins and HEY Credit Union is no different. Well done to all involved – the board, staff and volunteer base should be incredibly proud of what you have built for your members”.