Plane Saver is a not-for-profit financial cooperative, established in 1993, with over 26,000 members. It is based in Brentford, London, and won ‘Best Credit Union South’ at this year’s Consumer Credit Awards.

Terry Jackson, Chief Financial Officer of Plane Saver, spoke to us about the history of Plane Saver, and its plans for development in the near future.

Tell us about the history of Plane Saver, and your mission.

Plane Saver was founded in 1993 by a group of British Airways Engineers. They wanted to provide a range of flexible savings and affordable loans to their colleagues. Now with over 26,000 members, it is one of the largest credit unions in the UK.

Over the last 30 years, Plane Saver has been dedicated to assisting people in managing their finances. As we have grown, we have embraced the expansion of technology while preserving the essence of personalised service. We firmly believe that the human touch is what matters most when handling money matters, and this principle remains unchanged.

Our philosophy is simple: together, we can do money better. By adopting a personable approach to your finances, we strive to inspire you to think, plan, and save for both unforeseen circumstances and special moments. We are more than just a financial institution; we are your dedicated partner in securing your future.

Why has Plane Saver chosen to work with Raisin UK?

Like all credit unions, we rely on our savers to keep the community thriving. Our members are our priority and the more people we can get saving, the more people we can help when they need it.

Collaborating with Raisin UK enables us to broaden our audience to include a more diverse range of individuals. This partnership enhances our brand visibility among a broader spectrum of consumers, consequently drawing deposits to our institution that we might not have otherwise garnered.

Why should customers choose to open a savings account with Plane Saver via the Raisin UK platform?

Aside from what we believe to be a competitive rate of return, opening a savings account with Plane Saver presents a wise choice for several reasons.

Plane Saver is committed to aiding individuals in managing their finances effectively. At the core of Plane Saver's mission is a genuine concern for its members' financial well-being.

Through diverse savings accounts, fair loans, and valuable financial guidance, Plane Saver equips members with tools for a secure future. Operating with integrity, humanity, and diversity, Plane Saver prioritises honesty, respect, and inclusivity in its services.

In essence, opening a savings account with Plane Saver means partnering with an institution dedicated to members' financial success. Its history, commitment to personalised service, and adherence to values make it a compelling choice for those seeking reliable financial management. With Plane Saver, individuals can trust their financial needs will be met with care, expertise, and a sincere desire for prosperity.

What does Plane Saver expect will happen to interest rates in 2024?

Plane Saver expects interest rates to start falling from 2024 as reflecting the shifting economic dynamics and monetary policy adjustments, yet we may wait until the latter stages of the year to notice the gradual changes.

Are there any new trends (in banking, finance, consumer behaviour etc.) that you predict we will see in 2024?

In 2024, we anticipate a rise in the adoption of digital banking, a greater focus on sustainable financial products, and the growing combination of AI technology and finance for completely tailored and unique financial services to each member. Plane Saver's exceptional member orientation and ongoing investment in technology uniquely position us to meet these emerging trends in the financial landscape.

What are Plane Saver's plans for development in the near future?

So, what’s coming up…Plane Saver is committed to elevating member experiences by enhancing digital banking platforms, expanding our product offerings, and integrating cutting-edge technologies to provide innovative financial solutions, so this is the perfect time to save with us.

How long have you worked for Plane Saver, and what do you enjoy most about working for Plane Saver?

As the leader for our Finance Team, I have worked for Plane Saver for 6 ½ years, and I enjoy the passion and commitment shown every day in supporting our members. Our team and credit union are growing rapidly, and it’s exciting to see how we always find innovative ways to help us grow, yet stay true to our values by leading with a human focused approach.

Tell us something about Plane Saver that you don’t think Raisin UK customers would know.

As a credit union, we are owned by and work for the benefit of all our members.

Published February 2024

Your eligible deposits with Plane Saver are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with Plane Saver.