Credit unions offer a friendly personal service; they have Savings Accounts, budgeting schemes, Christmas savings and junior savers. After a period of 13 weeks you may be eligible for a loan which would normally be calculated at 3 times the amount in your Savings Account. These types of loans have very competitive rates, and the interest earned is ploughed back in to improve the growth of the Credit Union.

They all are FSA regulated so you can rest assured that your money is safe. The rates offered on loans are also normally below 13% which makes them competitive. They offer a secure sensible option to people who have been unable to gain a loan via the banks, instead of doorstep lenders – some of which currently charge in excess of 177%! (Check their small print if you don’t believe me)

Credit Unions would not be able to function as well as they do without the huge amount of volunteer workers they have. This keeps all running costs down to a bare minimum and they really are an asset to their local area.

Many Credit Unions are able to receive your benefit payment direct to your account and some also offer Works Savings Schemes. In larger towns such as Leeds they even offer credit cards bringing them in line with the high street banks. To find your local Credit Union try www.abcul.org as they have over 250 Credit Union Members.