Manchester Credit Union is urging more people across Greater Manchester to open longer term savings accounts to secure a better future.

In the past 12 months, 4,996 new savings accounts were opened with Manchester Credit Union and the union has now launched a new Gold Saver account to encourage longer term savers.

Christine Moore, chief executive of Manchester Credit Union, said: “We are on a mission to make our members better off.

“When members take out loans with us, a small amount is also put in the member’s account as savings so when they have repaid the loan, they have a pot of money to start them off on the right foot.

“Our new Gold Saver account is a way for us to encourage longer term savings to help people secure a better future. The account pays an enhanced dividend, which is guaranteed to be 1.5% higher than the standard dividend paid on our instant access accounts. This means you can create a nest egg, whether that is for a deposit on a house, a holiday of a lifetime or a new car.”

The Gold Saver account needs to have a minimum £500 balance at all times, which can be paid regularly or as a one-off deposit – with one withdrawal a year.