New retail-backed Credit Union launches

A new credit union, supported by the Retail Trust, has been launched. RetailCURe enables retailers to ensure that their employees can access responsible and affordable credit and savings products.

RetailCURe offers rates on savings accounts; one per cent on instant access, two per cent on 6-month accounts and three per cent on one-year deposits. Savers can deposit a maximum of £15,000 in these strictly limited issue accounts.

Retailers supporting the credit union include John Lewis, Ryman, Schuh, Pets at Home, Debenhams and New Look.

Speaking of the launch, Theo Paphitis, Non-Executive Director, retailCURe and Chairman, Theo Paphitis Retail Group, said “RetailCURe is a personal finance game changer for people working in the retail industry. It’s an opportunity to avoid the clutches of payday lenders by having access to low-interest rate loans and is a mechanism to save regularly, which for some, is a first.”