A new cash Individual Savings Account (ISA) has been launched where savers know that money invested will stay within the local community in Somerset.
The Members Ethical Cash ISA has been launched by Somerset Savings and Loans, a credit union where savings are pooled to provide lending to other members.
Every penny invested in the ISA will be used within the local economy to develop the economy and opportunities for people who live in Somerset.
Paul Urch, Director of Somerset Savings and Loans, said: “ISAs are a very popular way for people to save because of their tax free status. We want people to realise that there is an option of keeping their money within the local community.
“The ISA product we have launched has a target dividend of 2% paid annually but more importantly people can be assured that their money is not going into the pockets of the big financial institutions but will be used locally to support people who need to borrow.
“There is a movement away from supporting big institutions and those that take money abroad. This is all about Somerset people supporting other Somerset people. Members can join up and start saving and know that if they need to borrow some time in the future that option is also open to them.”
Somerset Savings and Loans is regulated by the Financial Services Authority and everyone who is a member of the Credit Union can have a say in its management. Savers are covered under the Financial Services Compensation scheme for up to £85,000 of savings.
Members can save up to £5,640 a year, making monthly payments or lump sum deposits.
Somerset Savings and Loans has been trading since 2004 and is a co-operative organisation offering savings accounts and affordable loans. Anybody living or working in North Somerset, Bath and NE Somerset and the County of Somerset can join.
It has a headquarters in Portishead with Service Points throughout North Somerset. More information can be found on www.somersetsavingsandloans.org.uk or by calling 01275 390649.
