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24 August 2017
Foundation Accounts

Special Savings and Share accounts that provide Your Credit Union with long term funds to support responsible community lending. They are called Foundation Accounts because they make the credit union's financial model stronger. People who hold these accounts have exactly the same rights of membership as all of our savers but are recognised with the following two special titles.

Founding Members

Our Founding Members were the first people to pledge their savings for at least a year to help get our credit union started. These community minded 'entrepreneurs' understood that to kick-start the credit union we needed initial deposits very quickly. They put their money with us before we even opened for business. This means we can start lending across the community as soon as we have everything in place. It can take months for new credit unions to build up large enough deposits to start lending. Thanks to our Founding Members we won't have to wait that long. We have 46 Founding Members who between them have deposited enough to fund our first year of responsible lending.

Foundation Members

After all of our Founding Members signed up, we were approached by more people willing to pledge their savings for at least a year. We realised that continuing with secure long term deposits would help us increase our effectiveness in the community. So we created a new kind of member account called a Foundation Account. When you open a Foundation Account you become a very special member of Your Credit Union because you have pledged to leave your savings invested for at least 1 year. This is important to us because we can only lend out the money our members save with us. Knowing you will not withdraw your savings for at least a year gives us a secure base to lend from. We can confidently lend out all of those savings to our community to help it grow. We are truly grateful to the people in our community who have taken the step of tying up their own money to help the rest of the community access funding.

Would you like to become a Foundation Member? Please contact us stating that you want to open your Foundation Account right now with a deposit of at least ?500 for a minimum of a year.

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