Bus passengers could save up to £240 with a new value product
Option to spread payment over a year at no extra cost through the Credit Union when all buses come under local control in four months
An innovative scheme would provide certainty about fares and help keep travel affordable, supporting people through cost-of-living challenges and giving better access to jobs, skills and opportunities
Other fares are being cut and new ‘hopper’ tickets are to launch when all buses come under local control
The announcement comes as the latest GM residents’ survey shows more than half of respondents’ mental health is negatively impacted by cost-of-living pressure.
With four months to go until all buses in Greater Manchester come under local control, the Mayor of Greater Manchester confirmed today, Thursday, 5th September, plans for a new annual bus pass that will cut the cost of travel.
Available from 5th January – subject to agreement by the Greater Manchester Combined Authority – and costing £800, the Bee Bus Annual pass will be up to £240 (23%) cheaper over a year compared with 28-day tickets.
Recognising inequalities and high levels of deprivation across Greater Manchester (according to national figures, around 1 in 4 (over 700,000) residents live in areas defined as within the 10% most deprived in England), customers will be able to spread payment, at no extra cost, throughout the year with a Credit Union loan – paying £66.67 per month or £15.36 per week compared with £80 or £20 for 28 or seven-day passes respectively.
TfGM is working with all Greater Manchester Credit Unions to open applications from 5th December so that passes are ready to use from 5th January. TfGM is also working with credit unions to offer customers the chance to spread the cost of existing Metrolink products or an annual bus and tram pass starting in March 2025.
Ciara Davies, Executive Lead for the Greater Manchester Consortium of Credit Unions, said:“The Greater Manchester Consortium of Credit Unions is delighted to be involved in this innovative new partnership with Transport for Greater Manchester. Credit Unions are not-for-profit financial co-operatives that have been providing access to affordable financial services in communities and workplaces in GM for over 30 years. This new product will spread the cost of travel and save people money which is just one of the ways in which credit unions can help make your money go further.”
The changes to fares build on steps already taken to bring the cost of travel down, including the launch of the discounted Bee Anybus + Tram ticket in September 2023 – cutting the cost of combined journeys by up to 20%, the introduction of capped bus fares in September 2022 and the continued support for Our Pass, offering free travel to 16–18-year-olds. Metrolink fares have also been frozen since 2020.
We’re thrilled to share some exciting news here at Hoot Credit Union – we’ve just become an accredited Living Wage Employer! What does that mean? Well, it means that every single person working at Hoot is guaranteed to earn at least £12 an hour, which is more than the government’s minimum wage for over 21s, currently set at £11.44 per hour. We are so proud to Pay the Real Living Wage!
Why is this important? In the North West, where we’re based, around 13.5% of jobs pay less than the real Living Wage. That’s about 397,000 jobs where people aren’t earning enough to comfortably meet the cost of living. But at Hoot, we believe in fairness, and we’re committed to making sure that everyone who works with us earns a wage they can actually live on.
The real Living Wage isn’t just any wage – it’s calculated based on what people need to get by. It’s a voluntary rate that employers can choose to pay to ensure their staff are looked after properly. And since 2011, the Living Wage movement has helped over 460,000 people get a well-deserved pay rise, putting £3 billion extra into the pockets of those who need it most.
Proud to Pay the Real Living Wage
Chris Canham, our Chief Executive, couldn’t be prouder. She said, “Our employees are the heart of what we do at Hoot. It’s crucial that we take care of them just as they take care of our community. By paying the real Living Wage, we’re making sure they’re fairly rewarded for all their hard work.”
The Director of the Living Wage Foundation, Katherine Chapman, also shared her thoughts: “We’re delighted that Hoot Credit Union has joined the ranks of over 14,000 responsible employers across the UK who go beyond the government minimum to ensure their staff are paid enough to live on. It’s great to see Hoot leading by example and recognising that a fair day’s work deserves a fair day’s pay.”
This is a big step for us at Hoot, and we’re so proud to be part of a movement that’s making a real difference to people’s lives.
If you want to know more about the real Living Wage and the work of the Living Wage Foundation, check out their website.
Here at Hoot, we talk about the ‘credit union difference’, but what does it mean? We say we are different to regular loan companies because we are!
We are owned by our community
Hoot, like all credit unions, is owned by its savers and borrowers – our members. Members are represented by elected Board members who lead the development of the business in the interest of members. Profit is shared amongst the members, so everyone who saves benefits from our success.
We promote good savings habits
Loan companies are driven by profit. We care about helping our members access fair and affordable credit; and build savings for the future. That is why all of our members save. When someone takes a loan, a minimum saving amount builds up and acts as collateral against the loan. Account holders have been pleasantly surprised at how quickly this pot can build up.
But you can save without borrowing!
More than just a credit score
We aim to provide fair and affordable loans. This means that we look at individual circumstances when assessing a loan application. Whilst we do take a person’s credit score into account, we also look at affordability and any previous borrowing with us.
Making the most of your money as the cost-of-living crisis continues to bite is more important than ever. Credit unions are committed to financial education, offering hints, tips and tools to help people manage their finances better
If you open a Hoot account or take out a loan you will be able to manage your account online and be reassured that, as a regulated, member-focused co-operative, we have your interests at heart; and run the business for the sake of the community.
Andy Burnham has made an election pledge to help residents who can’t afford the upfront costs of an annual Bee Network pass to get the discount by paying by weekly interest-free payments through a credit union.
Andy says “It annoys me how people on low incomes often pay more for energy and transport because they can’t buy upfront. So, working with GMCreditUnions, we will help people to buy an annual BeeNetwork pass via weekly interest-free repayments – and make big savings on travel costs”
This will offer a great scheme for Hoot members in Bury, and we hope eventually in Bolton.
At Hoot we want to make applying for a loan as easy as possible, but we feel it is important that you understand what getting a loan with us means.
If you are accepted for a loan you will be asked to sign a loan agreement. This includes the terms of the loan and what will happen if you don’t make the repayments. It is important that you ALWAYS read the terms and conditions of the agreement before you sign. Here are some of the things you should check when you apply.
Are you borrowing what you need?
Is what you want to spend the money on essential? Could you wait and save for what you want? Better to ask what you need to borrow than how much you can borrow.
Can you afford the repayments?
Your repayments will depend on how much the loan is for, how long you agree to repay it over, the agreed interest. You should make sure that by taking out the loan you are not overstretched and can afford the repayments.
How long will it take to repay?
Your loan repayments will include interest payments (This is called Cost of Credit) and is the amount you pay as your charge for getting the loan. Add this amount to your original loan and this is what you will repay altogether.
Are there any extras?
With a credit union loan there is no setup fee, early repayment or late payment charges. So if you want to make extra payments or want to pay early you can with no charges. In fact, if you pay your loan off early you will save on interest!
Are you comparing like with like?
APR% will help you compare loans but you should remember to compare only loans that you would be eligible to get. For example, if you have a poor credit history, comparing with a bank loan with a low APR% that you would need an excellent credit rating for, wouldn’t give you a true picture of what your options are.
What do we look for?
When we look at a loan application, we always take three things into consideration
