Thamesbank Times
Members eNewsletter
Ealing . Hounslow . Kingston . Richmond & Wandsworth . Spelthorne
Dear Member,
Members eNewsletter March 2023 edition
As we celebrated International Women's Day and Mother's Day this month, we are dedicating this edition of our newsletter to the incredible women who are a vital part of our community. From the trailblazers who have shattered barriers in various fields to the everyday heroes who juggle multiple roles with grace and resilience, women have made invaluable contributions to society and continue to do so every day.
We share a success story of a Thamesbank member, and former board member, Sabrina Nandkishore on we helped her when she needed financial help.
As it's Mother's Day on Sunday, we give some tips of how to celebrate Mother's Day on a budget.
Our International Women's Day competition is still open. More details in this newsletter.
Other news items include being aware of APP Fraud, how Thamesbank can help if you have money worries and insights of the dangers of falling victim of a loan shark.
Don't forget our AGM which takes place on Monday 20 March 2023. More details in this newsletter.
With best regards,
The Thamesbank editorial team
AGM reminder
This is a reminder that the AGM will be taking place on Monday 20 March 2023 in the Isleworth Public Hall from 7 p.m. to 8 p.m. and also via Zoom.
If you would like to attend, R.S.V.P. here and joining instructions will be sent to you. The deadline to R.S.V.P is Friday 17 March at 5 p.m.
The agenda and minutes of the last meeting and other AGM documents can be viewed on our website.
How to celebrate Mother's Day on a budget
Mother's Day is a time to celebrate the love and affection we have for the special women in our lives. However, with limited funds, it can be challenging to plan the perfect celebration without breaking the bank. Fortunately, with a little creativity and planning, you can still show your appreciation and love for your mother without overspending. We have put some money-saving tips to help you celebrate Mother's Day on a budget.
International Women's Day competition reminder
A gentle reminder that entries for the International Women's Day competition are still open. The entry deadline is 31 March 2023. Entrants have the chance to win up to £15 (Terms and conditions apply).
About the competition
Tell us in your own words, in the form of a quote or words of wisdom, what it means to be a woman, inspire women, reflect on the hardship and sufferings of women, or any other aspect of womanhood. Quotes should be no more than 75 words, original work and should not contain offensive language. Send us your quote either by filling in our entry form or email us on iwd@thamesbank.org.
If you have friends or family that aren't our members yet and would like to enter our competition, they may apply to become members of Thamesbank Credit Union here and quote code IWD on their membership application form.
For full details and terms and conditions, visit our website.
Member story: Sabrina Nandkishore
We share a success story of Sabrina Nandkishore, a member of Thamesbank since 2018 and former Director of Thamesbank.
How did you become a member of the Thamesbank Credit union?
After purchasing a home at the age of 21 years old, and then married at the age of 25 years old. My new partner lived in the Netherlands, and I decided to move there because it felt like the best place to bring up my children. I had two daughters when I experienced domestic violence and had to repatriate back to the UK to be closer to my family. Following my separation and battling with being a working single mum. I had tremendous difficulties dealing with my finances being alone with two kids. I had slowly started to get into debt due to living expenses and childcare. I felt too embarrassed to discuss this with my family. After watching a money programme on T.V discussing affordable borrowing. I found out about Credit Union being more affordable than my credit cards. After setting up my account I applied for a child benefit loan, and each month been very pleasantly surprised on actually started to save. Thamesbank Credit Union would always pay some of my loan and deposit the rest of my child benefit into a saving account. Until then I never had an opportunity to save any money and began to pay off my loans and have some money for emergencies. I was extremely lucky in the pandemic to be able to still have a job, and actually, save money by not commuting each day into central London.
What have you learnt from your financial difficulties?
Never be so confident that nothing will ever happen to your financial situation. I had a 25-year financial plan at the age of 21 years old. Unfortunately, in life things can go horribly wrong, and every certainty might become an uncertainty. I will never take my finances for granted and always think of backup plans for my finances. Talking with my family and new partner about my financial difficulties has helped me, especially with my mental well-being.
A big thank you to Sabrina Nandkishore. If you have a success story that you would like to share with us, please email us on info@thamesbank.org. We always love to hear from you.
Fraud alert: Authorised push payment (APP) fraud
APP fraud is where a fraudster tricks their victim into authorising a payment to an account controlled by the fraudster. It contrasts with unauthorised frauds where the fraudster makes the payment using personal data about the victim that they have illegally obtained.
Thamesbank Credit Union members should be vigilant about the dangers of APP, and should not hesitate to contact Thamesbank customer services if they have any doubt about suspicious letters or telephone calls they receive relating to their Thamesbank Credit Union savings or loans accounts.
To read the full article, visit our website.
Do you have a friend or neighbour that is struggling financially? Can you refer a friend?
The current cost of living crisis has exacerbated the financial situation that many families already faced to provide for their families. As a local business, Thamesbank Credit Union is keen to ensure we can assist families to fulfil their families’ basic needs at a minimum.
Currently, we are reviewing how we can extend our outreach to residents within our catchment area (including the London Boroughs of Ealing, Hounslow, Kingston Upon Thames, Richmond Upon Thames, Wandsworth and the Borough of Spelthorne, Surrey) who can benefit from our services.
Do you know we offer the following options that could help manage any financial requirements you/a friend or a neighbour may need, and it can be repaid in either 12 months (minimum) to 50 months maximum:
- Payroll deduction loans – from £3,000 to £5,000
- Keyworker loans – up to £1,000
- Child benefit loans – from £500 up to £750
- Transport loan – up to £5,000
- Saving link to loan – up to £10,000
- Homeowner loans – up to £10,000
If you know someone who you think could benefit from our services, why not refer a friend.
This would enable them to benefit from savings, or short-term loans they may need from time to time given the current crisis many currently face.
If you would like to be involved or would like to refer a friend to use our services, please get in touch with us via email on admin@thamesbank.org.
Let's work together to ensure everyone has access to funding when needed and help alleviate any financial distress many currently face to support their families.
How Thamesbank can help with money worries
Did you know that 26% of UK adults have little or no savings and 29% have less than £1,000 left?
This means that when an unexpected bill arrives or a family crisis occurs some households have to borrow, sometimes from high cost lenders.
Personal debt can cause anxiety and depression, when staff are preoccupied by money worries they are not focusing on their work and performance can suffer.
Credit unions encourage regular savings and provide affordable, ethical loans. Working with your local Thamesbank Credit Union can help your employees build up savings giving them financial flexibility and the option to borrow affordably when they need.
The dangers of borrowing from a loan shark
The IMLT have produced a report about the main reasons why people borrow money and the dangers of borrowing from loan sharks.
Get the insights from our website.
Child Benefit Loan and Savings Plan
We understand the unique challenges you face when it comes to providing for your children. That's why we offer flexible, affordable loans that are designed to help you make ends meet. So, if you need extra funds to cover expenses like school supplies, clothing, or medical bills, then apply today.
About our Child Benefit Loan and Savings Plan:
- Apply for an instant loan of between £500 (if you have one child) or £750 (more than two children)
- Repayable over 50 weeks
- Affordable interest rate of 42.6% APR
- Save as you repay your loan
If you or someone you know would like to apply for a Child Benefit Loan, you can do so on our website.
Top up your Child Benefit Loan
We are now offering our members a top up of £250 after three months and a second top up of £250 after a further three months on their loans. After the second top up, they will need to then wait to clear the loan and can then start the process again.
How do I top up my loan?
Simply contact us to let us know that you would like to top up your loan and we will do the rest. You can also do this on the Members Area of the website.
Which loan does it apply to?
This only applies to your Child Benefit Loan if you borrow £500.
Words of wisdom
As we have dedicated this edition to our wonderful women members, here are a few words of wisdom:
1. Take control of your finances: Women tend to shy away from financial matters, but it's important to take control of your money. Start by tracking your expenses, creating a budget, and setting financial goals.
2. Invest in yourself: Whether it's through education, training, or building your skills, investing in yourself is one of the best ways to increase your earning potential and financial security.
3. Don't rely on others for financial security: While it's important to have a support system, it's also important not to rely on others for financial security. Build your own financial stability by saving, investing, and building your income streams.
4. Negotiate your worth: Women often hesitate to negotiate their salaries or rates, but it's important to do so. Know your worth and ask for what you deserve.
5. Plan for the future: Whether it's retirement or unexpected events, it's important to plan for the future. Start by building an emergency fund and investing in retirement accounts.
6. Seek advice from trusted sources: There's a lot of financial advice out there, but not all of it is trustworthy. Seek advice from trusted sources, such as financial advisors or mentors, who have your best interests in mind.
7. Don't be afraid to take risks: Investing can be intimidating, but don't be afraid to take risks. Do your research and take calculated risks that align with your financial goals.
Members’ noticeboard
Lottery - enter now
As a member of Thamesbank Credit Union, you have the chance to enter the lottery, run by our back-office provider, Credit Union Solutions (CUS).
Each entry is £1, and each member can have up to 10 chances per month.
For all the details and to enter the lottery, visit the Credit Union Solutions (CUS) website.
Share this newsletter
Please feel free to share this newsletter with your colleagues, friends and anyone else who may be interested in the content within it.
With thanks from the Thamesbank editorial team.
Thamesbank Credit Union is authorised and regulated by the FCA and PRA Reg. No. 416486. Registered office address: The Bungalow, Pinkwell Lane, Hayes, UB3 1PE
Ethical and affordable finances | Helping you to save and borrow
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