Citysave Credit Union and West Midlands Combined Authority (WMCA) are celebrating a new partnership which will make it even easier for employees of the Authority to take control of their finances.

The WMCA have said:
“The West Midlands Combined Authority believes that its employees are at the heart of everything we do. That is why we are committed to ensuring all staff have access to a range of wellbeing services including the Citysave payroll scheme. We have launched a Thrive at Work scheme under our own wellbeing initiatives and would encourage other employers in the region to follow in our footsteps.“

Under the partnership, West Midlands Combined Authority Employees will be able to easily join the Credit Union, giving them access to savings accounts and affordable loans. Partnerships like these have been proven to improve the financial and mental wellbeing of employees which reduces stress and increases financial resilience, leading to happier and more productive workforces. In March 2023 Fair4All commissioned research to look at the positive effect payroll deduction can have. The report stated that Payroll deduction should become a policy priority for business organisations, trade bodies, funders, central and local government and civil society.  

Sean Lynch, Citysave Chief Executive Officer said:
“We are delighted to welcome the West Midlands Combined Authority onto our employee benefit scheme. It is encouraging to see forward thinking employers bringing in our services to help support the financial wellbeing of their staff. A key theme in the Money and Pension Services strategy for financial wellbeing is to get 2 million more people saving. We know that our partnerships drive real change in employees’ savings habits while at the same time insulating them from financial shock.”

Andy Street, Mayor of the West Midlands, said:
“I’m pleased to learn of the Citysave scheme – making it easier for employees to save, borrow and build up financial resilience. This initiative chimes with the WMCA’s Thrive At Work programme – nurturing the wider employee wellbeing agenda. I expect other employers will be keen to follow suit in the months and years ahead. I wish Citysave all the best in their endeavours.”

The credit union is based in the heart of Birmingham, and offers a range of online and mobile banking services to people living or working in Birmingham and Warwickshire. To find out more about the products and services we offer, head to our website or contact us.

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Citysave Credit Union is thrilled to announce the official launch of the PrizeSaver scheme, a unique savings initiative designed to empower members to start saving small while offering the chance to win fantastic prizes every month.

PrizeSaver operates on a simple yet rewarding principle: for every £1 saved in a member’s account at the end of each month, they will receive one automatic entry into the following month’s prize draw. Members have the flexibility to enter up to 200 times per month, enhancing their chances of winning exciting prizes. The headline prize stands at an impressive £5,000, making dreams of financial milestones a reality. Additionally, there are 10 smaller prizes of £50 and 10 prizes of £20, ensuring a diverse range of winners each month.

Citysave Credit Union is committed to providing a secure environment for its members’ savings. The PrizeSaver scheme assures participants that their money is protected by the Financial Services Compensation Scheme, covering deposits up to £85,000. Members can save with confidence, knowing that their funds are safeguarded against unforeseen circumstances.

Commenting on the launch of PrizeSaver, Sean Lynch, CEO at Citysave Credit Union, said, “The Money and Pension Service has a 10 year strategy that is trying to get 2 million more working-age ‘struggling’ and ‘squeezed’ people saving regularly. I believe that Citysave, with its own vision and mission, is perfectly aligned to support that strategy. The PrizeSaver is a great way to drive behavioral change in people who may not have saved before. Financial resilience and the need for savings to fall back on is a well rehearsed issue. The key is motivating that change and I believe that is what this scheme sets out to deliver.” 

Citysave Credit Union invites both existing and new members to join the PrizeSaver scheme, turning the act of saving into an exciting and rewarding experience. For more information about Citysave Credit Union and the PrizeSaver scheme, please visit https://www.citysave.org.uk/prizesaver/.

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We are delighted to be able to help and Tenants and Landlords alike with the rent settlement challenges presented by Universal Credit and are pleased to be able to announce a formal partnership with Bournville Village Trust (BVT) and Birmingham City council to run pilot schemes over the next few  months.  Arthur Tsang from BVT commented;

 “Bournville Village Trust is pleased to partner with Citysave Credit Union in a collaboration designed to help residents who are receiving Universal Credit to successfully manage their rent payments. The scheme provides support to help residents manage their money and specifically provides peace of mind around the payment of rent. We believe the scheme will help both our tenants and our organisation to manage some of the challenges which Universal Credit may present”

 Details of the scheme can be found at Rent Protection Services

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What is a credit Union?

A credit union is a financial co-operative which is owned and run by its members for the benefit of its members and typically provide fair loans. Members of a credit union usually make regular savings, often direct from their pay with agreement from their Employer. The money is then lent out to other members in the form of fair loans.

Running costs of the credit union are low. Where there is money left over from the loan interest, once the costs have been paid, this money can be made available to the members in the form of a dividend on their savings.

Last year Citysave offered a 0.15% dividend upon savings held with us.

Citysave deposits are covered by the Financial Services Compensation Scheme up to the value of £85,000.

Who can apply?

There is a legal requirement for there to be a common bond among the members of a credit union. For example the members of Citysave Credit Union all live or work in the Birmingham area or are employed by Warwick local authority.  To find out for certain whether you qualify for membership, and to see the range of services offered by Citysave Credit Union go to Click Here

Credit unions are different to banks because we don’t apply punitive bank charges or charge high levels of interest. Being community-based and member owned makes credit unions an ethical and affordable alternative to banks and other financial lenders.

How can you apply?

Savings and fair loans are what we specialise in and you can apply here

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