PCCU’s account holders save a record-breaking £525,000 for Christmas
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The not-for-profit credit union has seen a 50% increase in Christmas savings – totalling just over half-a-million pounds – as a result of residents using their Christmas Club Account.
Chief operating officer Tia Warbrick said: “Last year, our account holders saved £340,000 throughout the year in our locked Christmas Club Account, it blew the whole team away to see this year totalling £525,000.”
The free-to-open Christmas Club Account helps people save throughout the year, with withdrawals only allowed during November and December.
“The Christmas Club was designed to meet the needs of account holders who told PCCU that they wanted to save throughout the year for the expensive Christmas period, but found it hard when unexpected expenses appeared,” said Tia.
PCCU has seen the savings total increase year-on-year. In 2018, account holders saved an impressive £150,000, rising to £160,000 the following year. Even the Coronavirus pandemic didn’t stop account holders from making sure they had the best Christmas possible, with £230,000 being saved in 2020 and £270,000 in 2021.
Tia highlighted how the credit union works throughout the year to promote the account with existing and potential account holders.
“We encourage people to save as little or as much as they can throughout the year, explaining that saving as little as £3 per week can make a great start at Christmas. To see our amazing account holders save over half-a-million pounds as we all face a cost-of-living crisis, nearly £240 per person, for Christmas is incredible.”