Record Christmas Payout For Credit Union

Wednesday 7th 2011

Renfrewshire residents are celebrating Christmas early this year with a share of almost a million pounds from the Scotwest Christmas Saving Account. Scotland’s largest credit union has had its biggest payout since its launch in 2007 with nearly 70 Renfrewshire members benefitting from the savings account.

Since then, Scotwest has seen a rise in popularity of the account over the last 4 years with members joining in their hundreds. Today there are 93% more members saving, taking the total number of members getting a payout to almost 1,500 across the west of Scotland.

Residents in Renfrewshire are able to spread the cost of the festive season throughout the year.  The savings account runs from the middle of November each year with savings paid out the following November in plenty of time to buy Christmas goodies. 

The credit union, which has over 26,000 members, started its popular Christmas Savings account in February 2007 in the aftermath of the Farepak fiasco.  Hailed as an immediate success by members, the account helps members manage the pressures of Christmas.

Paying into the account is made all the easier for members through payroll deduction or Direct Debit facilities. Covered by the Financial Services Compensation Scheme, anyone who saves with the credit union is automatically protected, unlike some local ménage or voucher schemes. The Christmas Savings account also benefits from a dividend on the savings accrued over the year, with a 1.5% dividend paid for the 2011 account.

Rod Ashley, Chief executive of Scotwest said:

“Each year we are seeing more and more members choosing to financially prepare for the festive season. Not only are more members joining year on year, but the average payout per member is also increasing.

“Our Christmas account allows people to gradually save every week, or month, depending on their situation. Members can save by Direct Debit or as an added benefit anyone working for one of our select employers can have their chosen savings amount taken straight from their wages every pay day. Many of our members say that this is the best way for them to save as they don’t notice the money being deducted, making it even easier to put money aside. 

“Every November, after saving up over the course of the year, they are paid out their money in a lump sum leaving them able to enjoy the festive period and not worry about how they will pay for it. It allows them to enjoy the festivities without the financial hangover often associated with this time of year.”

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