Why make use of a Credit Union?

Why make use of 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 ensure it is simple to save – also an amount that is small every week will soon mount up.
  • Numerous companies have actually partnerships with credit unions which allow staff to save lots of and repay loans direct from payroll.
  • As co-operatives, credit unions share their earnings making use of their people. This can indicate savers will get a dividend on the cost cost savings every which could be as much as 3% year.
  • Credit unions provide affordable loans, that could consist of smaller term loans of the few hundred pounds to much bigger loans for breaks, purchasing vehicle, house improvements if not a home loan.
  • Credit unions tend to be in a position to provide credit to individuals whoever circumstances might suggest they battle to get that loan off their loan providers.
  • Credit unions provide extremely competitive prices on loans of all of the sizes. For smaller amount loans, interest on credit union loans is obviously much 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 society.

Simply how much could a credit union help save you?

Joining a credit union

To be a credit union user, you'll want to go to or call your selected credit union to ensure just exactly what information you'll need to participate, they'll additionally help you associated with joining procedure as this could vary between credit unions.

Numerous credit unions currently have an internet site, by having a number that is increasing additionally providing online application solutions for loan and cost cost savings records, plus online banking and account administration solutions via web sites and mobile apps.

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


  • 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 association
  • Organisations, in addition to people, can join up now

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


All money conserved in a credit union is protected because of the Financial solutions Compensation Scheme. With them these are protected up to the value of ВЈ85,000 if you have savings

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

You can easily deposit cost savings at neighborhood branches, stores, collection points, by direct debit or straight 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 need to speak to your selected credit union straight to discover more.

Each credit union features its own rates of interest and that means you should contact your chosen credit union direct to talk about at length.

Anybody can registered as a member, nevertheless you must share a ‘common bond’ with other users such as for example:

  • Real time or work with the area that is same
  • Work for the employer that is same other users
  • Participate in the exact same church, trade union or other association
  • Organisations, along with people, can join up now