Have you heard of a credit union before? Is someone you know a member of one? It’s okay if not – we are known as Britain’s best-kept secret for a reason. As you read this, we will outline the benefits of a credit union, not just for you but also for the people around you. Now enough with the introductions let’s get to It.
What is a credit union?
A credit union is a not-for-profit organisation, we are a cooperative and exist for the sole purpose of providing our members with fair and responsible financial services. We work to replace our member’s financial stress with confidence. As a member, you can access loan options and savings accounts. As we are not-for-profit, we operate by circulating wealth throughout our local community. For example, when members save with us, this capital will be used to offer loans to other members. Any interest generated through loans is reinvested back into our organisation to help us grow and support more people in the local community. We make local money work harder for local people.
Our organisation is a community credit union, meaning all our members work or live in our common bond. A common bond is simply something we have in common which bonds us together. For us, this is our location, which is South and Central Manchester. Look at our postcode map below to see if we are the credit union for you.
We must mention as a member you are also a part-owner. We take being a cooperative seriously. This means for every £1 you have in your savings account you have a share in our organisation. You get the chance to speak your voice in many ways – at our annual general meeting you can cast your vote on who is on our board of directors and other important decisions regarding how we are run.
What are the benefits of a credit union membership?
Here at South Manchester Credit Union, we offer our members loans and savings accounts. They are all designed with your needs in mind. Our loans range from £150 – £15,000 and all interest is charged on the reducing balance. Loans for new members include –
Welcome Loan – A loan for new members £150 – £700 at 42.6% APR
Family Loan – A loan repaid with child benefit £150 – £700 at 42.6% APR
Smart Loan – A loan for the bigger goals in life £1,000 – £2,999 at 26.8% APR £3,000 – £15,000 at 14% APR
Green Loan – A loan to green your life and your home £1,000 – £2,999 at 21% APR £3,000 – £15,000 at 10.5% APR
Similarly, we offer a range of savings accounts to our members including –
Open Savings – Our core savings account is designed keep your savings high and reduce the temptation to spend
Christmas Club – Made for members to lock savings away for Christmas
Prize Saver – Save and be entered into a monthly prize draw, you can win up to £5000
Dream Saver – Set yourself a dream savings goal and keep savings locked away until you reach it
Our savings accounts do not offer interest however we look to offer a yearly dividend to members which increases depending on how well we perform as a cooperative.
The benefits don’t stop there! Through your membership, you can also receive our monthly newsletter which includes money-saving tips and information about local events in the community. We work to provide financial education through our newsletter, website and social media content.
See the benefit of a credit union in your local community
When we say your membership makes local money work harder for local people we mean it. But who are these people? Well, they are local carers, local business owners, local teachers, local students and local families. Their membership with us has improved their lives in many ways, from fixing a washing machine to their dream holiday.
We believe in the importance of sharing our members’ stories, as it brings to life the impact our credit union has on local people. Member stories help to inspire us and others around us to continue to grow together. You can read all our member stories here and hopefully; they will inspire you too.
Quality Service
After reading about the benefits of a credit union are you going to join? Becoming a member with us is simple; you can download our mobile messaging app here and then get started Once you are a member you can apply for a loan or start saving straight away. We hope to see you soon.
