Statistics for the final quarter of 2016 indicate the lowest level of saving in the U.K since the 1960’s.

At our recent AGM the savings levels at PCCU revealed that our account holders were bucking the national trend – with savings up 17% during the last financial year.

However the latest figures from www.themoneycharity.org.uk suggest that the U.K population are saving at the lowest rate since the 1960’s

In the final quarter of 2016, households saved a record low average of 3.3% of their post-tax income, this included benefits. In the final quarter of last year 2015 this was nearly double that at 6.5%

Looking at the latest figures from our hugely popular Christmas Savings Account there is currently over £50,000 which has been saved and we are only in March! This account can be opened at any point during the year, account holders save as little or as much as they like throughout the year but can only withdraw in November and December.

At PCCU we have encouraged our account holders to build savings up for the past 34 years. It is widely recognised that to guard against unexpected expenses it is sensible to have a savings pot available. We understand that this is not easy, however just putting a small amount away regularly really can build up. We have attempted to make it as easy as possible to deposit money at PCCU with three town centre branches, the ability to deposit by standing order and the payroll wage deduction scheme at participating local companies.

It is really easy to open account today, online here or by visiting one of our branches in Nelson, Colne or Burnley.