PCCU account holders’ record-breaking 2023 Christmas savings total gives families a head start going into the festive period.

PCCU is ecstatic to see a 50% increase in Christmas savings by residents from the local communities who use the account specifically designed to reduce the pressure on families at one of the most expensive times of the year.

Tia warbrick, Chief Operating Officer described how pleased the credit union was by the response from the community “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 to save throughout the year but withdrawals are only allowed during November and December, meaning that Christmas savings really are just for the festive period.

Tia explained why the credit union first introduced the account “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.”

PCCU has seen the savings total increase year-on-year.  In 2018 account holders had saved an impressive £150,000. In 2019 this rose to £160,000, and even the Coronavirus pandemic could not stop account holders from making sure they had the best Christmas possible, with £230,000 being saved in 2020 and £270,000 in 2021.

PCCU’s Family Loan & Saving Scheme account holders have once again taken Christmas savings to a new level. Last year 42% of the total balance was made up of Family Loan members’ festive savings, this year that has risen to an unbelievable 56% of the total Christmas Club Account. PCCU account holder Victoria praised the account “The Christmas savings club, it’s brilliant to have the money saved for Christmas – so there is no worry”.

When PCCU merged with Affinity Credit Union in September 2021 to provide services across the county of Cumbria there were very few Cumbrian account holders saving in the Christmas Club. At Christmas 2022 Cumbrian account holders had £30,000 in the Christmas Club, it is especially pleasing to see that grow to over £103,200 in 2023.

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.”

Already an account holder but currently don’t have a PCCU Christmas Club savings account? Talk to a friendly member of the team today and be an early bird for Christmas 2024.