A Credit Union is an organisation that offers its members a savings and low-cost loans service. Credit Unions provide a range of benefits including:
Easy savings at your local saving points or direct for your bank by standing order.
Free insurance on savings and loans (subject to conditions).
How are you different from banks and building societies?
Whilst we offer many of the same services & are regulated in the same way as banks and building societies, we are a not for profit organisation that is owned and controlled by our members.
We only lend to members who are regular savers, and any profit is given back to members as a dividend on savings.
Once you have shown that you can save regularly with the Credit Union, you can apply for a loan. If you are a regular saver with the Credit Union, you will almost certainly be offered a loan.
Anyone that lives or works within the Coventry area is eligible for membership.
We are regulated by the PRA and FCA and your money is covered by the Share Protection Scheme, which protects any deposits you hold up to a total of £85,000.
We have separate insurance to protect against theft or fraud. Credit Unions subscribe to the Financial Ombudsman Scheme which members can use if they have a complaint which cannot be resolved by their Credit Union.
To be a full member of the Credit Union you must be at least 16 years of age, and 18 to obtain a loan. Members under 16 are called junior members and can save and receive a dividend on their savings just like other members