THE Mayor of Dudley has signed up to a credit union's savings scheme which rewards new members with cash confiscated from loan sharks.

Castle and Crystal, which is supported by Dudley Council, is encouraging residents to start saving in the run up to the festive period.

The first 50 people to join the credit union - and save a minimum of £10 per month for the first three months - will get a £25 savings boost directly into their account.

The offer is only open to residents in the wards of Upper Gornal and Woodsetton, Kingswinford, Wall Heath, Wordsley and Coseley.

Cash will come from money confiscated from convicted loan sharks at court under the Proceeds of Crime Act, with the initiative being run jointly with the England Illegal Money Lending Team.

The scheme is being backed by the Mayor of Dudley, Councillor Dave Tyler, who will be donating his £25 to his three mayoral charities – Dudley Mind, the YMCA Open Door project and the Dudley branch of the Alzheimer’s Society.

He said: “Castle and Crystal Credit Union provides a valuable service to the people of the borough and this new scheme will reward people who choose to save sensibly.

"I’ve already opened my account and look forward to donating my £25 reward to my charities and would encourage other savers to consider doing the same.”

For more information on how to become a member of the credit union, call 01384 815771 or pop into the New Street branch in Dudley.