Thamesbank Credit Union opens for business in Brentford

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New way of saving and borrowing for Brentonians

Thamesbank Credit Union celebrated its official launch on Fri 13th January by holding a party at the Holiday Inn in Brentford.

Credit Unions are not-for-profit banks, owned and run by local people. Over 450,000 people in the UK save and borrow through Credit Unions and residents and employees in Isleworth, Brentford, Chiswick and Osterley can now join them.

For borrowers, interest rates are limited to just 1% a month, less than 13% over a year. Many traditional lenders charge more than that - if they'll lend money in the first place.

Thamesbank Director Alan Sheerins explains: "Many people are excluded from the banking system - they don't hold bank accounts and don't have a credit record. This makes them ideal prey for unscrupulous lenders charging huge rates of interest, which will probably send them furthur into debt".

For savers, money can be deposited or withdrawn at any time - and Thamesbank offer another bonus over the High Street. "All savers' money is ethically invested" Alan Sheerins explained. "Our bankers refuse to invest in unethical businesses and in countries with poor human rights records. Savers will also know that they are helping people in their neighbourhood by supporting the Credit Union.

All money invested in Thamesbank is guaranteed to be safe - the Union is insured and inspected regularly by the Financial Services Agency.

Anyone interested in joining Thamesbank Credit Union should call 020 8568 4112 or visit www.thamesbank.org.

14 Jan 2006