RESIDENTS of Newton Aycliffe can now access a vital money service right in the heart of the town.

NEFirst Credit Union, a not-for-profit organisation that offers community focussed banking services such as savings and loans, has moved into Newton Aycliffe library.

The organisation has operated in the area for three years, with the support of local councillors and Durham County Council’s Durham Savers project, giving residents access to an ethical banking service that aims to get to the heart of the community and enable people can save and borrow safely and sensibly.

Moving its collection point into the library, which is in the town leisure centre, aims to make it much easier and more comfortable for people to access the credit union on a Thursday morning.

Durham County Council’s cabinet member for economic regeneration, Councilllor Carl Marshall, said: “Over the last three years NEFirst have helped many people save, but also borrow at a fair interest rate, so avoiding the high cost payday and doorstep lenders who charge much more in interest.

“For example, a year-long loan of £500 from a long established high-cost lender, could cost borrowers over £400 in interest, whereas through NEFirst Credit Union, the total cost of the loan would only be £49 in interest.

“With these high cost lenders and weekly payment stores still over used in Newton Aycliffe, the credit union is a welcome service; helping people to avoid getting into deeper debt.”

"When money is saved into the credit union, that money can be used to help people in the community borrow at a fair interest rate. Any profit or surplus the organisation makes during the financial year is shared with members as a dividend.”

NEfirst is regulated by The Bank of England and like high street banks, savings are protected under the Financial Services Compensation Scheme up to £85,000.