Credit unions provide a substitute for banks that are traditional building societies for saving and borrowing

Credit unions provide a substitute for banks that are traditional building societies for saving and borrowing

Neighborhood cost savings & loans

They could often beat the rates in the street that is high. We explain what are a credit union, the way they keep your money safe, so when they should be used by you.

In this guide

  • What exactly are credit unions?
    • Credit unions are for everybody
    • Some offer current accounts & mortgages
    • Find your neighborhood credit union
  • Borrowing from the credit union
  • Preserving with a credit union
    • Comfortable access cost savings
    • Get fully up to 1.45per cent in a credit union ISA
    • Are my cost savings safe?
  • Do credit unions do other services and products?

What’s a credit union?

A credit union is really a grouped community discount & loans provider

Usually, credit unions happen tiny, non-profit organisations that are financial up by people with one thing in keeping to profit their community. That typical element could be located in exactly the same city, involved in equivalent industry (eg, the authorities Credit Union) or owned by a trade union that is particular.

Numerous credit unions are professionalising, having relocated from the guy and their ledger within the church hallway gathering cost cost savings and providing loans. Numerous now provide items online, and a lot of involve some type of commercial premises.

Credit unions are for all

They are here to deliver a community that is financial. The idea is the fact that known members mutually benefit as there is no profit for third-party investors.

This will frequently mean assisting people who can not obtain access to ordinary bank services and products; a lifeline in less well-off communities for people grappling making use of their funds. Plus, they may be a welcome option to payday loans or home lending. Read More…

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