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Savings and Borrowings

BanksSaving a little each week or setting aside some money for a rainy day can help you plan for the future and cope with bills and expenses.
Sometimes you might feel you don’t have anything left at the end of each week, or each month, to save. However, using a budget planner can help you make some small changes that will allow you to save, even if it is less than a pound a week.
There are many ways to save:
  • Interest Savings Accounts (ISAs) offer TAX FREE savings, so you get the best interest rate possible.
  • Banks and Building Societies offer many varieties of savings accounts tailored to how you like, whether its online, passbook, monthly savers, or instant access
  • Credit Union - We work with your local Cestria Credit Union who offer savings accounts to all who live in Chester-le-Street and Birtley - they are community based and all savings are protected by FREE insurance, and used to provide loans to other people in YOUR community

If you do find that you need to borrow money...treat it like any other purchase and SHOP AROUND for the best deal, options available are:

  • Social Fund - interest FREE loans from the government for people in receipts of benefits
  • Bank & Building Societies - they offer loans for relatively high amounts, but many have deals with good interest rates.
  • Cestria Credit Union - offer loans for members who are saving with them at the low rate of 1% per month
  • Five Lamps - offer instant loans for amounts up to £500 at a rate of 2% per month
  • Remember, you are paid to save, but it costs to borrow.
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