Public and Commercial Services Union

So, what are the benefits of a credit union?

1. The interests of members are served and no-one else as there are no outside shareholders or borrowers.

2. Members run the credit union through elected committees.

3. As many tasks are performed by unpaid officers, costs are kept low.

4. There are no management charges on savings.

5. There are no arrangement fees or management charges on loans.

6. Currently the rate of interest cannot legally be more than 2% charged each month (APR 26.8%) on the reducing balance. The union can vary the amount.

7. Life assurance can be provided on both savings and loans for each member, with the premiums paid by the credit union.

8. After the running costs have been met, a dividend can be paid on the shares held by each member.

9. Members' savings are protected up to certain limits by law.

10. Credit unions can organise activities to educate members in the use of money that gives them greater control over the management of their financial affairs.

11. Credit unions are a practical example of people helping people in a community- like us.

Please note: Facts on these pages are provided for information only. The savings and loans facilities mentioned can be provided only to members of the credit union. Any lending conditions and levels of interest noted are not an offer to lend under the terms of the Consumer Credit Act 1974