Last updated at 15:41, Friday, 10 August 2012

An independent building society is encouraging savers to open new accounts to help generate cash to bankroll projects in the town and its outlying districts.

Penrith Building Society has launched a new Affinity Savings Account.

The way the scheme works is that the mutual will hand over an annual financial contribution to the town’s money-generator, the Pride In Penrith Lottery. The amount will be calculated from the balances held in the new affinity accounts.

The Pride In Penrith Lottery raises funds for local events and good causes which is spent not just in Penrith but its outskirts too.

It was set up in 2010 to generate a regular amount of income to finance community-driven projects.

Since it was set up, more than £20,000 has rolled in to make things happen. Now its coffers can expected to be swollen by an annual lump sum from the King Street building society – providing people come forward to open the new accounts.

Amyn Fazal, chief executive (designate) of Penrith Building Society, said: “We are delighted that our first Affinity Account is for the Pride in Penrith Lottery.

“The society supports a number of community, cultural, sporting and educational causes in Eden and this initiative is one way we can make an even bigger impact – we are really pleased that we can be part of it.

“We hope that we can help towards raising even more money to give back to good causes in the town and I am sure that people will want to get involved and help make a difference.”

Richard Utting, of the Pride In Penrith Lottery, welcomed the gesture.

He added: “The Pride in Penrith Lottery has been recognised nationally as a unique and outstanding venture that supports the local area and raises money to help fund events, projects and community initiatives.

“A lot of these projects would not have received funding if it had not been for the Lottery.”

For those wanting to contribute to the Lottery directly, it costs less than £2 a week to join with subscribers going into the hat for the chance of winning up to £5,000.

First published at 14:07, Friday, 10 August 2012
Published by http://www.cumberlandnews.co.uk