Two new services launched to mark International Credit Union Day

Wed, 14 Oct 2020

We're celebrating International Credit Union Day 2020 today (15th October) with the launch of two new services: a new Family Loan and Saving account and a pre-paid VISA debit card.

The Family Loan and Saving Scheme allows Manx Credit Union members in receipt of Child Benefit to borrow up to £500 for household purchases and family expenses and make repayments from their Child Benefit payments. As an example, on a loan of £500, the equivalent of £12.50 a week is deducted from weekly Child Benefit payment. From this £11.50 will repay the loan over 52 weeks and £1 each week will be paid into a savings account to help members establish a regular savings habit. The savings cannot be withdrawn until the end of the loan period.

Meanwhile the Engage pre-paid Visa card, exclusively available to credit union members from Contis Financial Services, offers a personalised debit card with an account number and sort code which is ideal for members who do not have their own bank account or payment card.  The Engage card works in the same way a normal bank card and can be used in shops, to pay bills, make online purchases and to withdraw cash at ATMs. As it is a prepaid card, there is no overdraft facility; you can only spend what is loaded onto the account, helping you to keep control of your finances.

The card comes with contactless payments, a free mobile app that allows you to view your balance and transactions quickly and easily and a useful money management tool called “Envelopes” which allows you to put aside money for everyday bills.

There is a monthly charge of £2 to hold the card and a £0.75 fee for each cash withdrawal from an ATM. Requesting cashback with your shopping is free of charge. You can also earn some cashback from major stores in the UK, although these are not currently available through Isle of Man outlets.

Commenting on the new services, Manx Credit Union founder and chairman David Talbot, said: “We are delighted to introduce these two opportunities for our members. The Family Loan and Saving Account has proved very popular with credit union members in the UK and we are sure it will be helpful to families on the Isle of Man as well, as it is a very straightforward way of paying for a loan and starting to save at the same time.

“The Engage card also offers lots of benefits for people who don’t have access to a debit card or who want to manage their money more efficiently. Because it is pre-paid, there is no risk of going overdrawn and the card comes with lots of features such as contactless payment and budgeting tools.

“As a credit union, our mission is to help people to be financially responsible and to encourage the savings habit. Membership is open to any resident of the Isle of Man aged 16 or over and we work on a co-operative model, solely for the benefit of our members.

“Our staff, who are all volunteers, are always pleased to discuss what we do and how we can help so we would encourage anyone who is interested to get in touch. There are more than 291 million credit union members worldwide, with 107 million people having joined a credit union in the past 10 years, so it is a growing movement and we would love to see more people become members here on the Isle of Man.”