How much interest do you pay on savings accounts?
At each Annual General Meeting the members decide, on the basis of the annual accounts, whether to pay a dividend. This depends on whether the organisation has made a ‘profit' that year and whether it is decided that the profit should be paid to the members or reinvested in the business. With a dividend payment you receive a share in the organisation's profits, rather than receive a fixed rate of interest. This is paid as a percentage of your savings and a rebate of interest paid.
How do I pay into the credit union If you are an employee
of one of the organisations listed
on the front page you can pay into
your credit union account directly
from your pay packet using our payroll deduction form. Alternatively you can pay by Standing Order or by cheque. You can use our banking details (plus your reference number) to pay directly into your credit union account by making a bill payment through internet banking.
Contact us to find out more.
How much can I borrow ?
The credit union is most interested in your ability to repay a loan. We aim to make sure that your loan is affordable and that it is realistic to expect you to repay it within the time agreed. We specialise in loans of up to £5,000 and with repayments to suit your needs and no early repayment penalties you are sure to find the credit union good value for money. More information can be found by visiting our loans information page.
What identification do I need to open an account?
Like any financial institution we
need to have proof of who you are and where you live. We will be flexible with these needs as long as our legal obligations are being met. A passport and utility bill will get an account open as would a letter from the tax credit office together with a bank statement.
Are you like a bank?
As a co-operative all our members are shareholders and so the benefits from successful growth of a credit union are more widely distributed than in traditional financial institutions. Whilst banks might invest in the arms trade; we
only invest in our local community.
Is my money safe?
We are regulated and approved by the Financial Services Authority (FSA)
, just like any other bank. Our staff and Board of Directors are designated as ‘authorised persons' by the FSA which means they undergo a range of checks to protect you and your shares in the business. Our members' savings are protected by the
FSA Compensation Scheme.
