Why do I have to save?

Hoot is a savings and loan co-operative and, as well as offering affordable credit, our mission is to get people into the savings habit.

Anyone who becomes a member is expected to save and members who take a loan are expected to save a little whilst repaying their loan to build up a savings pot.

Over 80% of members who take out a loan for the first time have never saved before and manage to build up a savings pot made available to them when they finish repaying the loan.

The terms and conditions of the loan will tell you how much you have to save. For instance, if you take a Family Loan and Savings Plan you are expected to save a minimum of £4 per week or £14 per 4 weeks. This means you would save over £200 in just one year, whilst repaying the loan.

For other loans the rules are slightly different so please remember to read the terms and conditions of any loan you take before signing the agreement.

If you don’t have a loan you should still save whatever you can afford so you too can build up a healthy savings pot for the future.

Try this useful savings calculator…