Writing about credit unions in post offices yesterday reminded me that I need to set up a savings account with my local credit union.

Not only do credit unions often give pretty good rates for savings and have some impressive Cash Isa rates too, but, importantly, when you put money into one of them you are actually doing good for the community.

Apparently (and I’ve heard this from people who run credit unions) every £1 you put into a credit union savings account does £10 of good for the community.

As you know, credit unions are particularly good at helping people budget and lending small amounts to borrowers who would usually be turned away by the banks.

It’s a brilliant alternative to scummy payday loans and all the other grossly-overpriced ways of lending money.

So if you set up an account with your local credit union (find your local credit union here) make sure you get a savings account and put money in there regularly. Not only should you get decent returns on it but you can know that your money will go towards helping others in your area get decent loans at a fair price and help with budgeting. In the long-term that helps all of us because it keeps down poverty levels and contributes to a more stable and safer society.