KIDS scooped a savings bonanza as a Credit Union proved the best piggy bank in town.
Junior members of Nelson Community Credit Union were awarded mammoth seven per cent tax-free interest on their savings.
The Union was able to maintain last year's five per cent "divi" for under 16-year-olds, despite falling interest rates at banks and building societies in the high streets.
It meant 123 young people, with £12,000 in savings between them netted interest several times higher than that offered elsewhere. The oldest-established East Lancashire Credit Union's annual meeting also posted good news for its 630 members - pre-tax interest held again at five per cent.
With the average shareholding around £500 per member, savers using building societies would have to hold balances of more than £25,000 to attract similar interest on instant-access accounts.
Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article