Christmas pay-out from Cash Box
18 Nov 16
More than 400 Tameside residents have saved for Christmas thanks to Cash Box Credit Union.
And the local savers can start shopping already as the credit union paid out their seasonal savings before the John Lewis TV advert hit our screens!
Cash Box, which serves anyone who lives or works in Tameside, has paid out more than £160,000 to savers which will mainly be spent in the local economy, bringing a welcome boost to traders.
For many members, Cash Box rescued their savings plans following the sudden closure of a popular supermarket’s scheme last November.
When the scheme ended, Cash Box volunteers moved fast, running a series of roadshows to explain the benefits of credit union membership and its Christmas Club. The recruitment drive trebled the number of members saving for the festive season this year.
Workers at some of Tameside’s largest employers had been saving through payroll deduction throughout the year, spreading the cost of Christmas and building up a healthy pot of money to cover gifts and festivities.
Chair of Cash Box Frank Travis said: “We already offered our members a Christmas savings scheme, valued as a safe and secure way to put money away each week or month for what is usually an expensive time of year. And of course, members are free to spend their savings in any store or online.
“We were about to introduce a new product, a prepaid card which offers cashback at a large number of retailers. Offering this option gave a bonus to savers, and we were delighted to welcome so many new members.”
Cash Box was formed in 2005 from the merger of several smaller credit unions. Although most of its members save and repay loans by either payroll deduction or standing order, the credit union also has collection points in Ashton-under-Lyne, Denton, Hyde and Stalybridge.