Credit Unions: An alternative to a traditional savings account?

Interest rates for traditional savings accounts haven’t been very interesting lately. Many savers are bored, miserable and getting gloomy returns. There are a few exceptions to the rule, of course, but most accounts struggle to beat the current rate of inflation. It’s therefore no surprise that many savers are considering an alternative. One little known and used option are accounts offered by credit unions, for example, the new Interest Bearing Deposit Account from RetailCURE. It offers a fixed interest rate of 3% over a period of 12 months with a maximum deposit ...

Pilot credit scheme unveiled to offer consumers affordable loans

A new scheme providing consumers under financial hardship with access to affordable loans in the West Midlands has been unveiled today. The My Home Finance scheme has been set up by the National Housing Federation (NHF) to prevent people from turning to loan sharks and other dangerous sources to obtain credit. However, the pilot project will charge a higher rate of interest than credit unions are currently allowed to charge by law.