About credit unions

Credit unions

Credit unions are member-owned, financial co-operatives. Credit union directors are volunteers elected from the membership, by the membership, on a one-member, one-vote basis.

They provide services within a common bond which could be made up of people living or working in a certain area, working for a certain employer, belonging to a certain association or a combination of these.

Credit unions provide a range affordable, inclusive financial services including

Savings

A range of accounts including accounts for junior savers, Christmas Savings Accounts and ISAs
Pay in at local offices or collection points, through payroll deduction, from benefits, via PayPoint or by standing order or direct debit

Affordable credit

From small sum, short term loans to larger loans and even mortgages
Credit unions are unique amongst lenders in Britain as the only lending institutions subject to a statutory interest rate cap. The cap is set at 2% per month on the reducing balance of a loan or 26.8% APR.
Loans from ABCUL credit unions come with loan protection insurance at no cost to the member

Members in 25 credit unions offering the Credit Union Current Account can

Access their cash through the LINK ATM network and use a VISA debit card
Use direct debit and standing order to pay bills and benefit from discounts from utility companies

Around 60 credit unions offer the Credit Union Prepaid Card. This allows members to load money from the credit union onto the card and use it as a debit card and at ATM machines.

Credit unions work in partnership with a range of organisations in local communities and workplaces to ensure people have the financial services and information they need.

Typical partner organisations are:

Schools
Employers
Housing Associations
Citizens Advice Bureaux
Job Centre Plus
Surestart
Prisons

ABCUL: The Northern Money Conference 2012

The Northern Money Conference 2012 has grown to become the largest conference in Britain to address issues concerning the financial health and wellbeing of low and moderate-income households.

ABCUL: Credit unions welcome progress on legislation

ABCUL – the Association of British Credit Unions – has welcomed steps taken in Parliament this week which will see increased access to safe and ethical financial services in communities and workplaces across the country.

Credit union delight at £73 million Government boost

Mark Lyonette, Chief Executive of ABCUL - the Association of British Credit Unions, has welcomed today's announcement that the Government is investing up to £73 million in credit unions over the next four years, and that the Post Office could play a central role in delivering credit union services.

ABCUL: Now there's an easier way to find your local credit union

Around 80% of people in England, Scotland and Wales can join a credit union because of where they live, work or the organisations they're members of, and this is growing all the time. Now there's one place where they can find out about the credit unions they can use.

ABCUL: Credit unions welcome Post Office plans

ABCUL - the Association of British Credit Unions - has welcomed today's policy statement from The Department for Business, Innovation and Skills (BIS) on its plans to secure the long term future of the Post Office.