Blues & Twos is a credit union located in Preston, Lancashire, with members within the emergency services, educational facilities, councils and the NHS. Credit unions are not-for-profit organisations that are owned by their members. They operate as cooperatives and offer a range of services including loans and savings accounts.
The benefits of joining a credit union include:
– Lower interest rates on loans
Here at Blues & Twos, we offer fixed rate affordable loans. If you’re a new member then you can take out a loan of between £300 and £7500, to be repaid within 1-60 months. Rates vary depending on amount borrowed starting at 8.9% APR rate. Rate will not change during your loan agreement.
We offer both small and large loans, so you can borrow £300 or even up to £25,000 after you’ve been a member for 6 months or more. So, if you need extra cash to simply help you through the month or you’re looking to buy a new car, book a holiday or more, we can help find the best solution for you.
– Regular savings account, a way to easily save your money instead of spending it
We can arrange with your employer to deposit some of your salary into your credit union regular saver, so you don’t have to worry about seeing the money before it’s saved. We know it can be tempting to treat yourself as soon as you get your pay, that’s why we encourage our members to make these arrangements so that they have money for a rainy day or if they want to save up for new ideas and holidays.
If we can’t offer you direct deductions, you can arrange a standing order with your bank.
There are many reasons why you would want to regularly save. If an emergency arises, you’ll have the money to take care of it. Savings give you peace of mind for the future. Many of our members have a financial goal in sight and weren’t sure how to reach it before joining us, they didn’t have a set savings plan or just deposited money in a savings account once in a while. Regularly saving meant they could reach this financial goal – whether that was a new car, gaming system, computer, phone, jewellery or even a wedding.
It’s also extremely easy to withdraw your money, there’s no penalty or fine print, you can withdraw your money any time with Blues & Twos by bank transfer, cheque or on a prepaid card.
– Financial advice from local experts
We don’t just offer loans and savings; we have a team of financial experts on-hand to help with all of your requirements. Unlike banks, we’re run by our members, so we’re looking out for you and we want to offer the best advice possible. Whether you need some help on setting up a savings account, how much you should save per month or need guidance on which loan would be right for you. We recognise that financial literacy is not taught enough in schools, so it can be stressful to navigate to the right option for you. That’s why our team is happy to help with any queries and advice.
– Commitment to members
At Blues & Twos, we have a great team who are committed entirely to our members, after all, they’re members themselves. You can be sure that any decision we make, is in the best interest of the members within Blues & Twos. We’re not driven by profit and we rely on our members to continue operating.
– Financial education
You might not think it, but you can actually learn a lot when joining a credit union. Financial literacy is one of the most important things in life – learning how to be smart with your money can set you up for life, as well as your children once you pass on your knowledge. The one thing many people criticise about the education system is its lack of lessons surrounding money such as learning about debt, savings, credit and pensions which is what you’re going to encounter after you leave school and get into a career. Many people rely on their parents, guardians or relatives to teach them about money and even then, there’s probably a few things they’re missing. When joining a credit union such as Blues & Twos, we can help you become smarter with your money and improve your financial wellbeing. We’re here to help you save, and there when you need to borrow.