STEP-OUT Resident Savings Scheme
Moving from one home to another can be costly. As part of Milton Keynes YMCAs commitment to preparing our residents for life away from the YMCA, we have teamed up with Milton Keynes Community Bank to offer a contribution savings scheme that could increase your savings by up to £100 per year. To qualify for the scheme you must first sign up to the MKYMCA STEP UP reward scheme. You will then need to have saved a minimum of 10 points and have no debts with the YMCA. At this point you will be eligible to join the STEP OUT savings scheme with the MK Community Bank.
The Milton Keynes Community Bank is a local financial co-operative and a not-for-profit organisation which helps people save money easily and safely. The Community Bank/Credit Union also allow you to apply for a loan up to 3 times what you have saved as long as you are a regular saver and have been saving for at least 3 months and can prove that you can pay the loan back. So if, for example you need £600 for a deposit on a new property, as long as you have saved £200, you can apply to borrow £600. You can save as much or as little as you like through the Community Bank and you can save by standing order or you can use your local pay point. Once you have qualified for STEP OUT you will need to complete a Credit Union application form. Please ask staff for details.
For our part, we will contribute 50% of the money that you save with Credit Union. For residents of the MK YMCA hostel our contribution will be capped at £50 and will be paid after you have left the hostel and only where there are no rent or service charge arrears. You must also have had an MK Community Bank account open and with a positive balance for at least 6 weeks. For residents of our flats our contribution will be capped at £100 per tenancy per year and will be paid only for balances that have been sustained for at least 3 months.
*NB. MKYMCA reserve the right to amend these conditions at any time to allow for system development.