GWCU has relaunched its competitive high-interest Cash ISA, with a competitive rate of 3.5%.
Great Western Credit Union (GWCU) has relaunched their competitive tax-free, easy access Cash ISA, giving tens of thousands of people across the South West ethical saving services with rates at 3.5% - above the market average rate of 3.4%. This means that when someone deposits £5,000, they can receive £175 in interest over a 12 month period. As a high-interest ISA, this service also allows ethical savers to boost their savings and funds pool together with other members to help support local neighbourhoods and communities. The ISA also helps GWCU to offer fair loans to people who need credit but struggle to borrow affordably elsewhere.
Currently, the credit union has £10m of members’ savings from over 18,000 members and it aims to grow this further. This comes at a time when one in seven UK adults have no savings, according to the Building Societies Association, which leaves almost 8 million people financially vulnerable.
James Berry, CEO of Great Western Credit Union, said:
“If you’re thinking about developing better saving habits with an ethical financial institution in 2024, we’ve got the answer. Our Cash ISA will give members competitive, tax-free savings that also give our local economy a boost. By doing this, we are actively promoting inclusive banking and positive financial wellbeing to help our region thrive.”
Members can deposit up to £20,000 tax-free each year and it is easy to transfer money from other ISAs up to the maximum deposit limit of £85,000, including transfers from stocks and shares ISAs. GWCU is also aiming to grow saving balances through existing members as well as those on Money@Work, an employee benefits scheme giving 42,000 employees from 38 employers access to financial services directly from their payroll to help create higher financial resilience in the workplace.
The news follows the closing of GWCU’s successful Bond Offer, which raised £1m from over 300 investors to help make services more accessible across the region. Learn more about Great Western Credit Union now.