‘I am very pleased to become a member of a Devon credit union,’ says Christopher Futcher Archdeacon of Exeter. ‘I’m a saver with Plough and Share, here in Exeter. I know that what I save with them will be invested in the people and communities of Devon.
‘I became aware of credit unions in the 90s when my church supported the foundation of one. I learned then what a good idea they are for encouraging a culture of saving and borrowing small sums.
Plough and Share is one of three Devon credit unions; the City of Plymouth Credit Union and HOPE (Plymouth) Credit Union both serve the Plymouth area. Exeter Diocese has become a corporate member of all three.
Now in honour of International Credit Union Day on Thursday 16 October, the Archdeacon is launching ‘Join a Devon Credit Union Month’ when he hopes Devon people will join up during October to keep their savings in Devon.
All three credit unions are keen to welcome new active members. As well as savers they need people with relevant skills to join up, get to know them and the way they work, and then volunteer their financial, website, or marketing skills.
Credit unions are not-for-profit co-operatives, financed largely by interest or charges on loans made to members. Generally they need to be lending about 60% of their deposits. So they need borrowers as well as savers.
“I encourage clergy and congregations to join one of our three credit unions in Devon this autumn,” says Christopher. “Let’s make high interest loan companies reduce interest rates to get any business and show high street banks that we want to support local investment in our communities.”
Plough & Share Credit Union
The City of Plymouth Credit Union
01752 201329 or 01752 310698
HOPE (Plymouth) Credit Union