Child Trust Fund and Bristol Credit Union

Child Trust Fund

On Friday 30th May 2008 at 11am, Sam Townend, Labour's Parliamentary Candidate for Bristol North West, together with his NHS doctor wife, Tamara, and 7 month old son, Albert, will open a Child Trust Fund Account with Bristol Credit Union at their new office on 112/114 Cheltenham Road, BS6 5RW. Every new born in the country now gets £250 to invest until they are 18 (matched with another £250 subsequently). The Government's aim is to encourage saving at the earliest stage and to put some money aside for young people when they need it the most- when leaving home. Bristol Credit Union is the only Credit Union in the South West which provides Child Trust Fund accounts. Sam will hand over the application form to Val Davey (formerly MP for Bristol West), Chair of Bristol Credit Union, and James Berry, the Chief Executive. "Bristol's Credit Unions are a terrific way to save and borrow money. The money that is invested with the Union attracts a reasonable and safe return and lendings are only to local people. This allows charges to be kept at an absolute minimum. That is why I am investing my son's money here. The good work of the credit unions is in contrast to the High Street Banks who are going through the Courts due to their rip-off charges for unauthorised overdrafts and their work is absolutely essential when we are all feeling the pinch with high food, utility and fuel bills." Recent successes of Bristol Credit Union: The mission of the Bristol Credit Union is to supply fair financial services for all. This is particularly important in the present economic climate. Bristol Credit Union is going from strength to strength and has recently taken its recruitment of account holders to over 3,000 with assets of well over £1,000,000. Over the last couple of years it has nearly doubled in numbers of account holders each year. It serves Bristol's most financially excluded areas and people, with highest membership in Southmead, Lockleaze and Lawrence Hill. 25% of account holders do not otherwise hold a bank account; and 75% of account holders qualify for state financial benefits support. With bank account services provided in Lockleaze, Filwood, Hartcliffe and Southmead, the credit union comes to the most excluded communities to help them to save and borrow responsibly. The Credit Union is planning to provide debit cards soon. Again charges will be kept to a minimum with, for example, a bounced payment costing only the £6 lost to the Credit Union instead of the charges of tens of pounds by the High Street Banks. Again, it is a case of fairness first.

Sam Townend for Bristol North West