Authorised and regulated by the Financial Services Authority

WebMaster rjbarlow@aol.com

Office hours Monday to Friday 9am - 2pm Leave a message on voicemail at other times, and we will return your call

10 REASONS TO JOIN YOUR CREDIT UNION

1. It is an easy way to save and borrow. The best way is to set up a standing order. The annual membership fee is currently £2.

2. The credit union is owned and managed by the members. They are bound by rules of confidentiality. They are not paid. You too can be involved. You will be helping others to create a viable financial institution from which we all benefit.

3. The shares (savings) are protected in the credit union by a Fidelity Bond and by the Financial Services Compensation Scheme. Your money is SAFE.

4. You can save up to £10,000. Your shares are covered by life insurance up to £5000. Up to age 65 your deposits are matched 100%. Money deposited after age 65 is matched 25%. You can save as little as £5 per month.

5. Loans are available with interest at a fixed rate of 1% per month on the outstanding balance (that's 12.7% APR) - you would pay back £106.56 over 12 months on a £100 loan. You will normally be considered for a loan of five times your share balance for your first loan, and after satisfactorily discharging that loan, you may be considered for a loan equal to ten times your share balance. All loans are based on the member’s ability to repay. There is no penalty for repaying early. Borrow small amounts which are not readily available from other lenders.

From 1st October 2008, members of at least 2 years membership must have saved regularly with the credit union for a period of 3 months. Members of less than 2 years membership will have to save regularly with the credit union for period of 6 months before qualifying.

6.  As with shares, loans are covered by life insurance up to £5000 to age 80, which means that in the majority of cases a member’s loan dies with him.

7.  Money is generated from the interest on loans and investments and provided the credit union makes a profit after expenses and statutory reserves, the members earn a dividend.

8.  Why should you save? To build up capital against which you can borrow, and to accumulate life cover and a dividend on savings. It makes more sense to borrow than to withdraw shares - both are covered by life insurance - if you withdraw shares you lose both life insurance and the chance of sharing a dividend.

9.  Why would you borrow? A special anniversary - Children’s University fees - back to school uniform - a holiday - home improvements - rainy day insurance - car repair - replacing your washing machine or freezer - clear your credit card loan - football

10.  The Credit Union is a not for profit co-operative.