Your Credit Union A better way to save and borrow Presentation by Gareth Evans: April 2013

What are credit unions? Operates like a local ‘community bank’. Financial co-operative that is owned and controlled by its members and is run for the benefit of its members and the community. Not-for profit organisations – social benefit provide an ethical and local choice to mainstream financial service providers. Provide safe and convenient saving facilities for its members with annual dividends. Provide good value, accessible and flexible source of credit (maximum credit union loan rate of 26.8% APR) - very competitive particularly with extortionate sub-prime lenders 164% APR – 1,200% APR and illegal lenders Regulated and monitored by the Financial Services Authority – members savings are 100% safe.

What are credit unions? Worldwide: There were nearly 50,000 CUs in 96 countries, enabling 177 million members to access affordable financial services. In Ireland, 50% of the population belong to a credit union, in America and Australia, the figure is around 30%. United Kingdom: As of March 2012, there were approximately 405 registered credit unions in UK with more than 1 million members and around £750m in saving assets and £605 out on loan.

About Your Credit Union? Your Credit Union’s goal is to provide safe, sensible and socially minded financial products and solutions to our members, to help them achieve their goals independently and responsibly. Has been established on three founding principles or values: We will be owned and controlled by our members. We will be professionally run. Our work makes the community a better place It is supported by the main stakeholders in the borough including: Royal Borough of Kensington and Chelsea, Kensington & Chelsea Partnership, the local Primary Care Trust, Various social housing providers (KCTMO, Octavia Housing, Catalyst Housing, Affinity Sutton, WPH, L&Q) Local voluntary sector (e.g. KC Social Council, Octavia Foundation) and Local advice agencies.

About Your Credit Union? Who can join? Membership is available to anyone who lives, works or studies: Royal Borough of Kensington and Chelsea or Hammersmith and Fulham Westminster Queen's Park and Kensal Green wards in Brent St. Mary's Park and Queenstown wards in Wandsworth You can also join if you are a tenant of the following housing associations: Catalyst Housing Octavia Housing Women's Pioneer Housing Notting Hill Housing Local businesses / organisations will soon be able to become a member of Your Credit Union to deposit funds

Financial Service – Savings: Save as much or as little as you like. Risk free and accessible range of savings accounts – your money is 100% secure. Easy ways to deposit by standing order or via payroll (and coming soon PayPoint card). Easy ways to withdraw by transfer to your nominated bank account (and coming soon Pre-paid card) Annual return of profits via annual dividend (depends on how successful CU) Different saving products – Foundation Accounts (lump- sums) Christmas, Holiday, Young Savers

Financial Service – Loans: Instant access to small to medium sized loans at competitive interest rates. Anyone who becomes a member of Your Credit Union will be able to apply for a loan. Simple and straight forward to apply with quick decisions. All loans are responsibly lent to ensure that members can afford the loan and the repayments. Interest rates vary between 12,7% APR and 26.8% APR depending on how long you’ve been a member and how much you wish to borrow. There are no arrangement fees and no hidden costs. No pre-payment penalties if you decide to pay the loan back early so the quicker you pay back your loan the less you have to pay in interest.

Financial Service – Loans: Example borrowing - interest costs of borrowing £500, repaid over 52 weeks. YCU loan (maximum 26.7% APR)£67 Speedy Cash Payday Loan - over 30 days (1410.3%APR)£125 Oakam Money shop (224.1% APR)£380 Provident door-step loan (272.2%APR) £410

Why Join Your Credit Union? Everyone has something to benefit from by becoming a member of Your Credit Union: Available to everyone – offering financial services for everyone Simple and quick to join – you can join online, over the phone or at one of our local outlets. Safe and secure – your money will be fully protected. Convenient – you can deposit a lump sum or save regularly and will receive an annual return of the profits. Flexible - loans to suit all budgets letting you borrow a couple of hundred or thousand pounds and repay weekly or monthly. Good value –you have access to loans at affordable rates. Local and ethical – becoming a member is helping your local community as well as yourself. We’re not a bank! You own and control it – being a mutual means that the members own Your Credit Union. Not just another customer - you have a share in the ownership of Your Credit Union.

How to become a member? It is simple and quick to start benefiting from membership with YCU: Join online – Complete our short online membership form and we will do the rest – including verifying your identity and sending you your welcome pack. Join over the phone You can ring one of our staff who will guide you through the membership application process. Come and visit us at one of our satellite offices (coming soon) We will shortly be launching three points across RBKC enabling residents to speak and join in person.

Your Credit Union 2nd Floor, 346 Kensington High Street London, W14 8NS. Phone: Web: