Great Western Credit Union has been serving communities across the South West for over 20 years. We’re 100% committed to improving your financial wellbeing whether it is through providing affordable loans to help you with emergency costs or budgeting for larger purchases, giving you a safe place to save or giving you timely guidance via our blog.

We are the largest credit union in the South West and are widely respected across the credit union sector for our progressive nature, innovations (like MONEY@WORK) and our commitment to providing excellent service to members, many of whom would otherwise not have access to traditional banking services.

Financial wellbeing like all types of wellbeing is subjective and self-measured. This means it can be tricky knowing how well you’re doing but a useful way of defining (and therefore understanding) financial wellbeing is a state of being where someone:  

• has control over daily finances 
• has the capacity to absorb a financial shock
• is on track to meet financial goals and  
• has the financial freedom to make the choices that allow them to enjoy life 

One way to improve your financial wellbeing is by saving for a rainy day. People with savings are not only demonstrating a proactive approach to good financial wellbeing, but they’re also much more likely to find financial shocks manageable in the future. 

Take advantage of our savings account offer

Through a partnership with the Illegal Money Lending Team (IMLT) we are able to offer an account incentive of £25 to people signing up as a member for the first time and setting up an easy saver account. This incentive is designed to boost engagement with people at risk of falling prey to illegal money lenders.   

This means, if you choose to save with us, £25 will be credited to your credit union account once you have deposited at least £25 a month for 3 consecutive months. Further terms and conditions can be found at the bottom of this page. 

Contact us for further information or to apply for a savings account, and remember to mention you would like to claim the £25 account incentive. 

Reasons to work on your financial wellbeing

No component of wellbeing, be it physical, emotional, social or financial exists in isolation, therefore focusing on any single aspect while neglecting the others is likely to be unsuccessful. All components impact one another, although it may be argued financial wellbeing can have a greater impact on health if poorly managed. 40% of respondents in a Royal College of Psychiatrists study reported finances as their biggest source of stress. 

There’s no finish line, instead a consistent effort is required to maintain financial wellbeing and the more you invest the greater the return. Figuring out which tools will be helpful to you is a great practical step you can take to improve your wellbeing whether it is budgeting apps, spending monitor/ alerts from your bank or  separate accounts for bills.

What you can do to improve your financial wellbeing

According to the Money & Pensions Service, you can improve your financial wellbeing by:

• Receiving a meaningful financial education
• Saving regularly
• Using credit for everyday essentials
• Accessing debt advice, and
• Planning for and in later life

We have a wealth of educational articles on our blog, including tips on how to save, budget and plan for upcoming expenses. Additionally, use the resource links to find out more. 

IMLT Terms and Conditions

• You must be over 18 to be eligible
• The incentive is exclusively available to people eligible to join Great Western Credit Union, namely those living, working or being educated in our common bond catchment area of Bristol, Bath, Gloucestershire, Wiltshire, Dorset and Somerset.
• £25 will be credited to the credit union account for new members who set up an Easy Saver account and credit 3 monthly saving deposits (or equivalent of 3 monthly amounts if paid weekly)
• This is a limited offer, the first 50 new members will receive the incentive payment
• Once the membership application process is completed online the member will receive a welcome email with further information on how to add to their savings account. The new member must email the member services team to tell them they are taking part in the promotion via info@gwcu.org.uk

• The £25 account incentive will be paid after three successive monthly amounts have been received, the minimum savings sum required to qualify is £5 per month
• The member will claim the £25 incentive after the 3^rd savings sum has credited their CU account by emailing member services: info@gwcu.org.uk
• This incentive is time limited and based on a restricted budget, the deadline for account opening is 30.04.2022
• To get started on your application, visit: https://greatwesterncu.org/savings/easy-saver