ABCUL offers credit union advice

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ABCUL offers credit union advice

Thu 13th Nov 2008

Joining a credit union could be a good way of surviving the recession, it has been claimed.

According to trade association ABCUL, credit unions offer a number of flexible and accessible savings accounts which allow customers to save as much and as often as they like.

Banking products on offer from the customer-owned financial co-operatives include low cost loans, mortgages, life insurance and Christmas savings clubs.

For those wanting some help managing their money as the credit crunch continues to bite, money management advice is available.

Meanwhile, those concerned about the safety of their deposits in the current economic climate need not worry as their money will be covered by the Financial Services Compensation Scheme.

"[Credit unions are] not controlled by anonymous City shareholders and they don't gamble with their customers' cash on international money markets," said chief executive
Mark Lyonette, adding: "Members of a credit union know their money is in safe hands - their own."

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