Why work with a Credit Union?

Why work with a Credit Union?

There are lots of reasons that are great join a credit union
  • Credit unions save you regularly, borrow responsibly and keep an eye on finances.
  • Credit unions allow it to be an easy task to save – also a small amount conserved every week will soon mount up.
  • Numerous employers have actually partnerships with credit unions which enable staff to truly save and repay loans direct from payroll.
  • As co-operatives, credit unions share their earnings making use of their users. This can indicate savers will get a dividend on the savings every which could be as much as 3% year.
  • Credit unions provide affordable loans, that may cover anything from faster term loans of the few hundred pounds to much bigger loans for breaks, purchasing automobile, home improvements as well as a home loan.
  • Credit unions tend to be in a position to provide credit to individuals whoever circumstances might mean they battle to get that loan off their loan providers.
  • Credit unions provide extremely rates that are competitive loans of all of the sizes. For smaller amount loans, interest on credit union loans is definitely far lower than that charged by home lenders and payday lenders.
  • All money conserved in a credit union is protected because of the Financial solutions Compensation Scheme as much as the worthiness of ВЈ85,000 per individual – exactly the level that is same of as cost cost savings in a bank or building culture.

Just how much could a credit union help you save?

Joining a credit union

In order to become a credit union user, you’ll want to see or call your selected credit union to verify exactly exactly what important information to participate, they’ll additionally counsel you associated with joining procedure as this might vary between credit unions.

Numerous credit unions are in possession of a web page, with a number that is increasing additionally providing online application solutions for loan and cost savings reports, plus online banking and account management solutions via web sites and mobile apps.

Everyone can registered as a member, however must share a ‘common bond’ with other people such as for instance:


  • Real time or work with the area that is same
  • Work with the exact same company as other people
  • Participate in the exact same church, trade union or any other relationship
  • Organisations, along with people, can now link up

You can make use of this website to look for a credit union, according to information that be important for you, such as for example house postcode, the organization you benefit, specific organisations or associations that you could fit in with etc.


All money conserved in the Financial protects a credit union services Compensation Scheme. When you yourself have cost savings using them they are protected as much as the worthiness of ВЈ85,000

Credit unions are authorised by the Prudential Regulation Authority and controlled by the united kingdom Financial Conduct Authority.

You are able to deposit cost cost cost savings at regional branches, stores, collection points, by direct debit or directly from your own wages. Accessing your cash may take the type of an account that is current or pre-pay card but as credit union solutions vary you ought to contact your selected credit union right to get more info.

Each credit union has its own rates of interest therefore you should speak to your chosen credit union direct to go over in more detail.

Anybody can are a member, you must share a ‘common bond’ with other people such as for example:

  • Real time or work with the exact same area
  • Work with the employer that is same other people
  • Are part of the church that is same trade union or any other relationship
  • Organisations, along with people, can now link up