Pioneering Package of Support for Members at Stockport Credit Union

Thursday 25 January 2024

Stockport Credit Union (SCU) launches a multi-pronged initiative to help 1000s of local residents tackle the cost-of-living crisis, including £1 million available to lend.

The package has been announced following the recent and alarming announcement that The Financial Vulnerability Index (FVI) has shown that Greater Manchester residents will be on the front line of the economic squeeze.

SCU’s package of support, which is available from now, includes:

• A new product called a ‘Locked Winter Fuel Saver Account’, enables Stockport residents to make a regular savings into a secure pot that can’t be accessed until at least October.
• A Member Welfare Scheme that all SCU members can access, and which includes access to a portal where they obtain discount codes for high-street shops including Asda and Morrisons. This discount programme has only ever been distributed to companies for their employees, it’s the first time the provider has worked with a member-led organisation.
• Lastly, SCU has released access to over £1 million and SCU members can apply for a loan from this amount.

Jonathan Moore, Stockport Credit Union’s Chief Executive, said: “As a not-for-profit, people-centric organisation, we want to do everything we can to help local residents during this difficult time. Saving for energy as the weather starts to get warmer might seem counter-productive to some, but it will help relieve pressures that will come around before people realise it.

“Discounts and access to safe and secure loans are often only available to those in privileged situations, we want to give this opportunity to everyone. We all need as much help as we can get.”

In recent months, press reports have shown the disparity that exists in Stockport between high-earners and low-earners and with warnings that many households will be over £1,000 worse off in 2022 – Stockport Credit Union wants to help local people feel more financially confident.