Survey Results are In!

We are delighted to report that our recent customer satisfaction survey produced some incredible results.

95% of our members rated our service as either excellent or very good!

90% said they were extremely or very satisfied with using our website.

Finally, a staggering 98% said they would recommend Nottingham Credit Union to a friend. This is great to hear and we are enormously grateful to our members for their continued support and in completing the survey which helps us to continually improve the products and services we offer to help the Nottingham community.

If you have any questions or comments, please do not hesitate to contact us.

Categories: LATEST NEWS.

Understanding Interest Rates

Understanding Interest Rates

Interest rates can be difficult to understand, but when you are borrowing, it is really important to know what they mean and how they work. For example, you could be attracted to a loan because the repayment amount is low, but sometimes the interest rates are really high and it isn’t until you are signed into the contract that you realise how much extra this adds to your loan amount.

 

What is an Interest Rate?

An interest rate is simply the annual or yearly cost of borrowing money, this could be as a loan, credit card or finance agreement.

When you take out a loan you pay back the original amount you borrowed (this is called the capital) plus the interest.

Here’s an example:

You borrow £1000 and the percentage rate is 10%. This means the total you pay back is £1,100. If you borrow over a shorter period it might be less and if you borrow over a long period it would be more.

You can also earn interest on your savings and usually savings accounts offer a percentage interest rate on your savings. Something to note here is that what you earn will depend on what you had in your savings at the time the interest was worked out.

 

How do Interest Rates Work?

The Bank of England set the interest rate for the UK. This is called the base rate and at the moment that is set at 0.5%.

This rate affects the interest rates set by other banks, building societies, credit unions and other financial organisations. If the base rate goes up, those lending money may charge more for people to borrow.

 

What is APR?

When you take out a loan or other borrowing the lender will often advertise the APR, this stands for Annual Percentage Rate. This can get confusing because it is slightly different from the interest rate in that it is made up of the interest rate plus any fees that are included in your loan (this might be an arrangement fee for example).

When you are looking to borrow money the APR is useful because you can see how this compares to other lenders and acts as a guide to which is going to be best for you.

Something to look out for is high cost lenders. As we mentioned at the beginning of this post a repayment amount might look attractive but if the APR runs into the thousands (which some do!) you will be paying an extremely large amount of money back on top of the amount you originally borrowed. In some instances it can become really difficult to repay loans with such high amounts of interest.

 

What if Componded Interest?

You might have heard of this before. Basically it means that interest is worked out by adding interest to your loan or savings where interest has already been added.

Here’s an example to help understand how this works:

Let’s say you saved £1,000 in a savings account that gives you 2% interest. After a year you would have £1,020. The table shows how your savings grow at different rates of interest and how the compounding works:

 

0.50%              1%                   2%

Year 1              £1,005             £1,010             £1,020

Year 2              £1,010             £1,020             £1,041

Year 3              £1,015             £1,030             £1,062

 

The Money Saving Expert has some great guide to interest rates which you can read here

The Money Advice Service have a really simple video to explain how compound interest works which you can view here

 

 

 

Categories: BLOG.

Cheap Nottingham Eats

We all love going out to eat. It’s not just about the food but being with friends and family and having a good time. Thing is, we can’t always afford it and so we might not go or limit how much we do go. Well, we want to change that! Going out is good for you, right?

So, if you’re on a budget, here’s our favourite cheap Nottingham eats that will have you dining out regularly in no time. Who says that eating out has to be expensive!

 

Junkyard

Ignore the name! This place is tucked away in Bridlesmith Walk and has unusually good food and great craft beer! From cheeseboards to Cuban sandwiches and pasta to short ribs! Try it out. Brunch prices start from £5 and meals from £7.50.

12 Bridlesmith Walk, Nottingham www.junkbars.com

Open Monday to Saturday 10 am to 1 am and Sunday 11 am to midnight.

 

Edin’s Kitchen

Homemade food at its best! This deli-café offers gorgeous pastries, salads, sandwiches and ‘grab-bag’ mains for around £7. Everything is about a £1 cheaper to take out and the set two course costs £8.95 (£7.50 until 5 pm). Takeaway sandwiches from £3.50 and meals from around £6.00. With wines and beers and great reviews this one is not to be missed!

15 Carlton Street, Nottingham www.edinsnottingham.co.uk

Open Monday to Thursday 7:30 am to 7 pm, Friday & Saturday 7:30 am to midnight and Sunday 8:30 am to 7 pm.

 

Kean’s Head

This one is opposite a church, what could be more peaceful and relaxing than that! Set in the lovely surroundings of the Lace Market, Kean’s Head Pub is a grand place to eat! The bar serves snacks, sandwiches, pies (Hartland’s pork ones at that!) and other pub favourites. Snacks and sandwiches start at £4.50 and mains from £7.

St. Mary’s Gate, Nottingham www.castlerockbrewery.co.uk

Open Monday to Thursday 11:30 am to 11 pm, Friday & Saturday 11:30 am to 12:30 am and Sunday midday – 10:30 pm

 

Yamas

If you fancy something a little different, Yamas is it! This friendly Greek restaurant is relaxed and informal and offers a variety of tapas and traditional meze. Portions are huge and reviews are awesome! Definitely worth a visit.

Lunch starts from £4.95 and tapas pricess start from £6.95 for three, between 12 noon and 4 pm Wednesday to Saturday.

5 Thurland Street, Nottingham ww.yamas.co.uk

Open Sunday to Tuesday 5pm to 10 pm and Wednesday to Saturday midday- 10 pm 

 

200 Degrees

In the oven! This place used to be called the Flying Horse Inn and now serves as a local coffee roaster! The good tasting coffee costs just £1.70. You can get sandwiches, croissants, quiches, soups and salads, all freshly made the same day. Plenty of hot food options too, so lots of choice. Light bites start from around £4 so perfect for a lunch out!

Flying Horse Walk, Nottingham www.200degs.com

Open from Monday to Friday 7:30 am to 8 pm, Saturday 8 am to 7 pm and Sunday 9:30 am to 6 pm.

 

Hand and Heart

Up the Derby Road Hill and you’ll find this great pub built into a cave! The food here is not only a bargain but delicious and reviewed as one of the best for miles. Can’t argue with that. From hot rolls filled with pulled pork and honey mustard to fish fingers (yes you read that right!). Snack and lite bites s are served all day from just £3.95 until 4 pm and a set lunch that includes main course costs just £7.95.

Their home made chips are definitely worth trying too!

65-67 Derby Road, Nottingham www.thehandandheart.co.uk

Open from 12:00 noon to 11 pm. Food is served until 9:30 pm and 9 pm on Sundays.

 

Annie’s Burger Shack

If you are a lover of all things burger then you will be at the right place. The owner, Annie (obviously!) is American and brings with her, Rhode Island inspired burgers that are 85% beef, 15% pork and seasoned with smoked paprika for a taste like no other. Toppings are quite out there but be open to trying new things and you will be pleasantly surprised (or your taste buds certainly will anyway).

There’s lots of choices for under £10 burgers and hotdog meals and prices start from around £8.90.

5 Broadway, Lace Market, Nottingham www.anniesburgershack.com

Open Sunday to Thursday 12:00 noon to 11:30 p and Friday to Saturday from 12:00 noon to 12:30 am.

 

Oscar & Rosie’s at Das Kino Bar 

Not the usual run of the mill restaurant with table tennis graffiti booths! Food here is definitely New York inspired and delivers big on stone baked pizzes topped with fantastic toppings. In the week until 4 pm you can get lunch in the form of a 9 inch pizze for just £5 – who would turn their noses up at that, especially when it tastes so good!! At the weekend its just £7. They have daily specials and a mac and cheese to die for. If you wanted to go at night for a big pizze (14 inch) with salad and a couple of drinks it would cost you just £20 and if you took that out it would be slightly less!

Lunch starts from £5.

22 Fletchergate, Nottingham www.oscarandrosies.com

Opening Monday to Saturday 12:00 noon to 10 pm and Sunday 12:00 noon to 8 pm.

 

Although we have done our research, Nottingham Credit Union cannot be responsible for individual experience eating at any of these establishments, nor does NCU have any affiliation with those mentioned. We are merely signposting our findings to you and trying to help you save money dining out on a budget! We hope it helps and would love to hear how you get on…after writing this our mouths are watering!

Enjoy.

Categories: BLOG.