Members’ cash tops £2 million mark in savings

East Sussex Credit Union opening at Shinewater Shaftesbury Centre. (L-R) Community Advocate, Nikki Plummer receives �6.00 from MP Stephen Lloyd to open his account. '26th September 2011'E39013M ENGSNL00120110926141644
East Sussex Credit Union opening at Shinewater Shaftesbury Centre. (L-R) Community Advocate, Nikki Plummer receives �6.00 from MP Stephen Lloyd to open his account. '26th September 2011'E39013M ENGSNL00120110926141644
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Savings deposited with East Sussex Credit Union (ESCU) have topped £2 million for the first time as the not-for-profit savings and loans provider continues to develop strongly within the local community.

The latest achievement follows what the organisation called “an excellent year” for the credit union with membership continuing to grow as local people turn to ethical alternatives for their savings and loans.

“£2 million of savings is another important milestone for our business,” said general manager Ann Hickey.

“More and more local people are now saving regularly with us rather than investing their cash with mainstream banks and other High Street lenders.

“They understand that we might not always offer them the highest rate of return on their savings but they really value our security and the fact that their money will be used to help other local people who are seeking affordable loans.”

The credit union also confirmed that August had been a record month for its growing loans business with people across the county continuing to prefer a more ethical, local alternative when looking to borrow money.

“The more of people’s savings we can attract, the more local people we can help and support.”