We at Hoot Credit Union have taken the decision to cease using X as be believe the ever increasing toxic content and lack of moderation of harmful misinformation goes against our co-operative values.
In recent years, the digital world has changed in ways that have deeply impacted how we, as an organisation, interact with our audiences. We believe that X is no longer the best platform to communicate with our members and community partners.
X used to be a lively platform where communities could connect, share their stories, and push for positive change. It’s become a much more hostile environment in recent years. Hate speech, harassment, general toxic content make it an uncomfortable space for us, and we think for many of our members.
We will not delete our account in the hope that at some point, the platform will once again become a space for positive communication and change; but we will no longer post or monitor our account.
You can still interact with us via Meta, Instagram and LinkdIn, and you can keep up to date with what is happening at Hoot via our website www.wisewithmoney.org.uk
It’s obvious that saving for yourself is always beneficial to you. But did you know that when you save with your local credit union, you help your community financially too? Your savings can help someone else in your community access affordable credit, start saving for the first time, and generally improve the financial well-being of the community. You also have full access to your money, any time, but wouldn’t it feel good to know that whilst your own savings are growing, they are helping others at the same time.
Sustainable Solution
In a world where financial inequality becomes the norm, credit unions like Hoot offer a sustainable solution. Savers play a crucial role in this process. All Hoot savings are pooled to offer affordable lending to others, therefore supporting one another and helping to build resilience against economic challenges. Your savings not only protect your own future but also provide a lifeline for those who are less fortunate.
Hoot’s mission is to improve the financial well-being of the community. It does this by promoting good savings habits, and also by providing safe, legal and affordable credit to people who otherwise cannot access borrowing easily or cheaply.
More Inclusive Financial System
It’s a refreshing alternative to predatory and high-cost lenders, where profits often take precedence over people. With Hoot, every pound you save contributes to a fairer, more inclusive financial system. We estimate that for every £1 you save, you are helping someone else in your community to save up to £5.39 in loan interest by avoiding high-cost and predatory lenders. So having £1,000 in your savings account will result in community savings on loan interest of £5,400 in just one year! That saving stays in the local economy, so another way your savings supports your community.
With Hoot it is quick and easy to start savings. Whether you are saving for something special, or building a nest egg for the future, by saving a little each month you are building up your own nest egg and helping others build up theirs.
If you live or work in Bolton or Bury you can start saving today. Just decide how much you want to save and go to www.wisewithmoney.org.uk to set up your savings account.
Save up to £30,000
Access your savings at any time
Savings are protected by the Financial Services Compensation Scheme
Savings do not earn interest, but may earn a dividend subject to credit union performance
Remember, every great financial journey begins with a single step. By saving just a little each month, you’re not only securing your own future but also helping others achieve theirs. Together, we can create a community where everyone has the opportunity to thrive.
Join Hoot today and discover the power of saving together. Because when we support each other, we all win.
On January 19th Hoot will be 20 years old and we aim to celebrate our birthday year in style.
Although credit unions have been around in Bolton and Bury since 1990, Hoot was created (firstly known as Quids In) in 2005 to cover the whole of Bolton, and then Bury, making sure that everyone in the boroughs gained access to affordable credit and savings.
Since then we have achieved so much, becoming what is now a thriving community-owned business.
Since 2005 we have lent out over £20m and estimate to have saved borrowers over £36 in loan interest by coming to Hoot rather than predatory lenders.
Today our members have over £2.3m in savings, and 85% of our savings are saving for the first time.
We now offer online services, instant access to savings, and loans to suit everyone.
Here are some of the things we are going to do to celebrate our birthday year:
Planting the Seeds of Membership – we will be planting a tree for every new member who opens an account and starts saving in 2025 (up to 1,000 trees). Planting trees is our way of living out our ethos as an ethical organisation that truly cares. It’s about more than just numbers – it’s about creating a better, greener world for everyone. Find out more about this at https://wisewithmoney.org.uk/20th-year-anniversary
Member giveaways – Every month in 2025 we will draw a lucky member who will receive a Hoot birthday hamper of goodies worth up to £100. We will make the draw at the end of each month and inform the lucky member of what they have won. Build your savings even more to help the community – Members can now save up to £30,000 in Hoot^. For every £1 you save, you are helping someone else in your community access affordable credit, and improve their financial well-being. What better way to support your community! If you open a Christmas Savings account and save for ten consecutive weeks or three consecutive months up until November 2025, you will be entered into a free draw to win up to £250 savings bonus. Open your Christmas saver today https://wisewithmoney.org.uk/savings/christmas-savings
We are having a party! We aim to hold our birthday party at our Bolton branch on World Co-op Day, Saturday 5 July. Join us for fun activities and goodies, and help us celebrate 20 years of co-operative community-owned financial services. More details later in 2025.
We look forward to sharing our birthday celebrations with you.
Support Your Local Credit Union
*Members who are saving and borrowing. Members in arrears will not qualify ^Savings are not interest bearing and are subject to a dividend or share of the profit depending on credit union performance. Savings are protected by the FSCS.
Regulation of the buy now pay later industry is long overdue says Chris Canham, CEO of Hoot Credit Union based in Bolton and Bury.
More than 1 in 10 consumers plan to put Christmas on credit using BNPL apps.
Millions of people use Buy Now, Pay Later firms, such as Klarna and Clearpay, when shopping online or in store. Managed correctly, they can be a cheap and quick way of accessing credit. But research shows many users aren’t aware that if something goes wrong, you face late fees, and, increasingly, marks on your credit file.
Hoot members tell us that they are increasingly being caught in the trap of signing up to BNPL deals to fund Christmas, and then face multiple and unaffordable repayments in January. Online shopping just five or six times for Christmas gifts can accumulate a hefty repayment commitment without realising the consequence of having to repay, or understanding that Buy Now Pay Later is a debt that will appear on a credit report. And debt charities have argued that BNPL companies encourages people to buy things they can’t afford.
The Financial Conduct Authority plans to bring this up until now unregulated practice under regulatory rules including compulsory affordability checks and offering clear and accessible information, including making it clear that BNPL is a debt.
Using a credit union save and borrow scheme to spread the cost of Christmas is a good way to pay for the cost this year, and save for next. A report by the Fairbanking Foundation says that getting into a good savings habit, particularly by those most financially vulnerable is the best course of action to cover those big-ticket items.
“Save as you borrow” (SAYB) is the practice of credit unions to encourage their members to put an amount into a savings account as part of making a loan repayment, meaning that when the loan is repaid, there is a savings pot to call upon to help the cost of next Christmas. At Hoot 84% of new borrowers are saving for the first time.
To find out more about how credit unions can help people spread the cost in an affordable and accessible way go to www.wisewithmoney.org.uk
The Mayor of Bolton showed his support for Hoot Credit Union, winner of the Social Enterprise of the Year at the Bolton Business Awards, by signing up as its latest member.
Joined by the Lady Mayoress Karen Houldsworth, Cllr Morgan signed up as one of 6,000 Hoot members and confirmed his commitment to Hoot’s mission of improving the financial well-being of the community.
Cllr Morgan met with the staff and volunteer directors of the credit union and learned more about how Hoot serves its community as a provider of ethical savings, loans and financial education.
Rob Andrews, Chair of the Board of Directors said “The Board ensures that the credit union is at its best. We believe the CEO and her team do an excellent job to ensure the integrity of the service we provide, and the inclusion of the whole community in benefitting from membership of the credit union”
Chris Canham. CEO added “Social enterprises play a vital role in our local economy and Hoot is proud to be the focus of community finance in Bolton. Thousands of people who live and work in Bolton benefit from our services, and are able to support the most financially challenged in our community by saving and borrowing from their member-owned, community focused social enterprise.”
The Mayor and directors also discussed the positive impact of payroll saving schemes in partnership with employers such as Bolton Council, Bolton at Home and Carr’s Pasties, and how encouraging employers to set up saving with Hoot via payroll is an essential ingredient in their support for employee wellness. Those employees are Bolton residents and by offering value for money services and supporting their well-being, we are fulfilling one of the most important elements of community credit unions
