RESIDENTS who find themselves short of cash are being invited to join a new community bank in Hartlepool.

Moneywise Community Bank opened in the town centre yesterday, offering savings and loans regardless of income or circumstances.

Moneywise is a co-operative organisation whose members become part of a world-wide movement of people who own and control their own finances.

Moneywise manager Jo Butterfield said: "We want to promote a culture of saving and encourage people to start doing so as early as possible in their lives.

"There are already collection points in some schools in the town and we hope to increase these in the near future, giving young people in the New Deal for Communities area access to easy saving facilities."

Benefits of joining the bank, based in Avenue Road, will include easy saving, free life insurance, low cost loans with interest as low as one per cent per month, and secure transactions regulated by the Financial Services Authority.

All members are also entitled to vote at the bank's annual general meeting.

Moneywise is open Monday to Friday from 10am to 4pm and is available on (01429) 863542.