GWCU has signed the Savings Charter, commits to help raise the awareness and importance of savings in the UK.
Great Western Credit Union (GWCU) has signed the Savings Charter, which is a set of commitments for savings providers, put in place to help raise the awareness and importance of savings in the UK. The Savings Charter is part of the UK Strategy for Financial Wellbeing coordinated by the Money and Pensions Service, and becoming a signatory showcases GWCU’s commitment to a collective effort of building financial security through savings.
This comes at a time when households are facing weak real income growth, increasing the importance of savings for daily needs. Research shows that fewer and fewer people are in secure enough work to be able to save from their paychecks, and UK households’ savings are expected to drop to around zero in 2024. This significant reduction in savings deposits has been mirrored at GWCU, with 52% of the credit union’s saver members in 2023 stating they have been negatively impacted by the general increases in living expenses, and 35% saying they’re having to dip into their savings to manage the increases.
A crucial aspect of GWCU’s mission to build financial wellbeing is emphasising the importance of savings by offering a variety of products to make saving more accessible to all their members, regardless of their circumstances. This is why their flexible and accessible savings accounts are designed to make it easy to start saving from as little as £1. Their Cash ISA allows for tax-free savings while earning 3.5% AER, and the Easy Saver account lets members put spare money aside and save what they can, when they can.
The second tranche of GWCU’s popular Fixed Rate Saver was also launched on 2nd October 2024. This fixed term account has a minimum deposit of £1,000 and 4.75% AER, and is available to people across the South West with a closing date on 15th November 2025. Recently, their Savings@Work account announced a 3% AER/gross, enabling businesses across the South West to offer easy and ethical savings accounts to employees through salary deduction as part of the Money@Work scheme.
James Berry, CEO of Great Western Credit Union, said:
“Saving is a practice that directly contributes to financial wellbeing, which is why we continue to prioritise it in the services we offer. As the current economic situation has led to a greater reliance on savings, people are becoming more conscious of the importance of savings regardless of their income. It is important that we make this option as accessible as possible for all kinds of savers - big and small - and are here for those who want their savings to have an ethical impact.”
Saving with GWCU is a way to ensure your money stays in the local economy and benefits individuals and communities in your area. Since its inception in 1999, GWCU has grown to be the largest credit union in the South West, and has supported over 30,000 members with their innovative approach to community-focused finance. In 2023 their members held £8 million in savings, and GWCU saved their members over £3.5m in total interest for loans that year alone.
