Lincolnshire Credit Union Blog

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Top 10 reasons to start a Christmas Saver Account with the Lincolnshire Credit Union

Date added - 23 Feb 2016

We all know how costly Christmas can be; buying presents for loved ones, preparing a ten person Christmas dinner and spending money on fuel to meet up with relatives we only see once a year. Starting a Christmas Saver Account with the credit union could make all the panic and financial stress of Christmas disappear.

Here the Lincolnshire Credit Union gives you the top 10 reasons to start your Christmas Saver Account today:

1) Your money will go untouched until the festive period

The money you save in your Christmas Savers Account will go untouched until 1st November 2016. This will ensure you keep your money saved for Christmas and not for anything else. It’s the best way to prevent the temptation of using up all your savings throughout the year.

2) Your account will gradually increase without you noticing

Save monthly or weekly and eventually without even noticing you’ll have a large sum to spend at Christmas. If you save £5 a week from today you’ll save £180 by November! That’s enough cash to cover the cost of family presents and more.

3) You’ll be planning ahead

By planning ahead you’ll be making it much easier for yourself when it gets to the Christmas period. The Christmas Savers Account will give you a tidy sum to spend without the fear of going into debt or overspending on presents and food.

4) They’ll be no more last-minute present buying

We’ve all been there with a week before the big day still trying to find that present for that difficult relative. With the Christmas Account you won’t have that worry of a shopping frenzy on the last day. You can get your shopping done early and you’ll have that safety net to insure you won’t be going into debt.

5) No more New Year headache

The New Year is when reality hits home with 20% of us still paying off our Christmas up to six months later. You can prevent this by saving regularly with the credit union. By having a nice tidy sum before the Christmas period you’ll be safe in the knowledge you won’t be paying the costs in the New Year.

6) Your savings are completely safe

Just like national banks your money is safe with us as we are covered by the Financial Services Compensation Service. FSCS protection is free and automatic. If anything happens to your credit union the FSCS will automatically refund your savings.

7) You’ll be saving ethically knowing your money is going back to the community

A credit union keeps your money in the community. Unlike banks where any profits are given to the companies’ owners our profits are shared out between our members in the form of a dividend.

8) Access the credit unions affordable loans and free life insurance

Once you become a member of the credit union, not only will you be granted access to our Christmas Savers Scheme, but you’ll be able to apply for our free life insurance and affordable loans. The cover provided will effectively double the value of a member’s savings on death and will mean that any outstanding loan balance is repaid.

9) You can save every payday

Access the Christmas Savers Account through a payroll deduction scheme. If your company is in partnership with the credit union and offering the scheme to employees you can save into your Christmas Savers Account every time you are paid. Without even noticing you’ll have a tidy sum to spend at Christmas.

10) You’ll be avoiding payday lenders

Payday lenders can cause a great deal of distress especially around the festive period. Some can charge up to 4000% APR causing you financial anxiety when it comes to the New Year. Although their adverts may look pretty and modern don’t be fooled into using their services.

The Christmas Savers Account is a fantastic scheme to give you that financial cushion during the winter. It’s one of our best schemes we offer but don’t take our word for it.

One of our young Mum members said:

"The Lincolnshire Credit Union Christmas Savers Account is helping me save for a nice Christmas with my daughter. She’ll be 10-months-old by Christmas and I’ll be able to buy her that big Christmas list without scrimping at the last minute to get the money together – that’s the brilliant thing about the Lincolnshire Credit Union."

The only requirement to opening a Christmas Saver Account is that you are a member with the Lincolnshire Credit Union and you have a share account with a minimum balance of £1. To apply for a Christmas saver account simply download a form from our website, call in to your local access point or call us on 01522 873550 to request an application form.