Credit Union on the move to a new base

A COMMUNITY savings organisation is moving to a new base.

The Northumberland Credit Union is moving from Morpeth to Ashington Town Hall this month.

Directors and Blyth county councillor, Grant Davey, said: “This is a fantastic opportunity given to us by Ashington Town Council to get a mainstream location in the town.”

More people are turning to credit unions as dissatisfaction with conventional banks grows.

But only about three per cent of the population take part in the co-operatives, which are regulated by the Financial Services Authority.

Anyone over 18 who lives or works in Northumberland can join, for a one-off fee of £2. The interest rate for borrowers is capped by law at one per cent a month.

Savers aged 12 to 17 can join free, but they are unable to borrow.

The move is being aided by Bernicia Homes, Homes for Northumberland and the county council.