HEY Credit Union celebrates 25th birthday at Hull Guildhall

The Hull and East Yorkshire (HEY) Credit Union has celebrated 25 years of supporting the financial wellbeing of people in Hull and surrounding areas.

Founders and early members of the Credit Union joined directors, volunteers and staff at the Guildhall, as they were welcomed by the Lord Mayor, Councillor Mark Collinson.

Set up in 1999, the Credit Union has generated millions of pounds for the region's economy by offering a fair banking alternative for savers and borrowers, whilst also helping communities develop a better understanding of everyday finances.

It was originally set up in a back room at the Guildhall to help Hull City Council workers to build up savings and get cheaper credit.

It would later go on to make the most of law changes to go community-wide across not just Hull and East Yorkshire, but also Northern Lincolnshire and North Yorkshire, enabling 18,000 members and junior savers to accumulate nearly £15 million in savings.

The Lord Mayor said: "I can personally testify that being short of cash can have a caustic effect on relationships and create disadvantages for children.

"The benefits of the Credit Union are social as well as financial and economic, and we have been lucky that those involved have made ours one of the best in the country."

HEY Credit Union CEO Matthew Stevens said: "Lots of members have told us that, without us, they'd never have got into the habit of saving regularly.

"We've also issued 81,000 low-cost loans, to a total value of £60 million.

"We estimate that we have saved people who have borrowed with us, instead of taking out credit with doorstep lenders and other high-cost credit sources, at least £25 million in interest charges.

"We've also returned £1.6 million to our members as Dividend, sharing the benefits of Co-operative trading with those we serve.

"These funds have stayed within our region's economy."

To find out more on the Credit Union, visit Hull & East Yorkshire Credit Union.