Gloucestershire credit union opens a bank in Berkeley

A credit union in Gloucestershire has opened its eighth collection point and is now open for business in Berkeley.

The community bank, part of the Stroud Valleys Credit Union (SVCU), will be run by four volunteers and open every Tuesday morning in the town hall.

Stephen Moore, from the credit union, said it provides a straight-forward service and would appeal to customers who want a simple saving method.

SVCU is owned by its members and is a non-profit making organisation.

It is regulated by the Financial Services Authority and operates other collection points in Stroud, Cashes Green, Nailsworth, Dursley, Stonehouse and Ebley Mill.

"So many people find themselves in the hands of very expensive loan companies and have difficulty meeting the payments," added Mr Moore.

"Payments with the credit union are very much easier - the current rate of interest is between 1-2% per month and that does make borrowing and saving much easier."