Friday 14th Dec, 2018
A Great Benefit for Staff of BAE Systems
Your Secret Weapon Against Financial Crisis
It’s 10 years since the financial world collapsed in the biggest crash since the great depression, fuelled by decades of irresponsible behaviour by the banks and a lack of oversight by regulators.
In the years since 2008 we have felt the shockwaves of the crisis on house prices, redundancies, austerity, cuts in public services, public sector pay freezes and more.
When the crisis hit, the banks stopped lending, resulting in the credit crunch. The slashing of Bank of England base rates led to returns on our savings in banks falling almost to zero.
Those who had relied on credit to fund life’s emergencies or luxuries or just to smooth the ups and downs of their financial lives found sources of credit drying up and were forced into looking for alternative credit, a gap in the market that the high interest and payday lenders seized greedily.
Hundreds of billions of pounds of taxpayers’ money was used to bail out the banking system and keep the country’s economy alive and now, 10 years later, there are dangerous signs that the banking system is returning to its old ways. The IMF has issued warnings that the world could be headed to a second financial crash. Gordon Brown, the UK prime minister at the time of the last crash has said that we are “sleepwalking into a future crisis”.
Throughout the crisis, employees of BAE systems had access to a secret weapon to protect themselves against those pressures. Their own Credit Union.
Throughout the crisis your Credit Union didn’t stop lending, it lent more. Your Credit Union didn’t stop paying a return on savings, it paid more.
For 30 years this service had gone largely unnoticed by all but a few exclusive members, but since the financial crisis, people started to notice. Thousands of staff have now become members of this financial co-operative which has become one of the country’s biggest asset Credit Unions.
First Rate Credit Union, wholly owned by its members and operating independently of the banks, is a not-for-profit savings & loans service exclusively for you.
The concept is simple. People helping people, with a common bond.
Savings taken regularly, direct from your payroll and placed into your own Credit Union account. The pool of staff savings (currently standing at almost £13 Million) is used to grant loans at reasonable interest rates, either to you or to other BAE Systems people when they need them. The interest on the loans pays to run the credit union and to invest in its future and the rest is returned to members as a dividend on their savings. Savings which are fully protected by the Financial Services Compensation Scheme, so you can never lose a penny.
Owned by you, run for you, savings & loans through payroll deductions exclusively for BAE Systems people. So simple… it’s genius
Our doors are open. Join us today.