Ethical approach is a great choice for savers

Members of Somerset’s local credit union, Somerset Savings and Loans, recently approved a 0.6% dividend payment at its AGM on March 18th, easily beating the UK average of 0.15% return on instant access accounts*.

Anybody living in Somerset and North Somerset can join the credit union and have a say in the way the cooperative is run. The credit union’s ethical approach and cooperative values, combined with great returns on investments demonstrate that being a member is a great choice for residents of Somerset. In addition, members can be sure their money stays within Somerset to help others in their local communities. Last year the credit union lent over £1million to its members.

The credit union is also calling for more volunteers to help support the financial wellbeing of Somerset residents.

Jackie Simpson, general manager at SSL says, “As a membership organisation we need skilled volunteers to help us run it. We are seeking board directors with skills in finance, banking, lending, risk, product development, strategic planning, financial services and marketing. The board meets monthly and full training and support are available. The time commitment is around 10 hours per month.

“We are keen to hear from anyone who can spare some time and has the skills to help us drive our credit union forwards. We wouldn’t be able to operate without the help of our important volunteers.”

*see Bank of England interest rates charts here: http://www.bankofengland.co.uk/boeapps/iadb/index.asp?Travel=NIxIRx&levels=1&XNotes=Y&A78821XBMX40727X40755X40759.x=3&A78821XBMX40727X40755X40759.y=7&XNotes2=Y&Nodes=X40727X40728X40754X40755X45786X41513X40759&SectionRequired=I&HideNums=-1&ExtraInfo=true#BM