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Credit unions provide an alternative solution to banks that are traditional building societies for saving and borrowing

Credit unions provide an alternative solution to banks that are traditional building societies for saving and borrowing

Neighborhood cost cost cost savings & loans

They are able to often beat the prices regarding 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 accounts that are current mortgages
    • Find your regional credit union
  • Borrowing from a credit union
  • Preserving with a credit union
    • Quick access cost 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 exactly is a credit union?

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

Typically, credit unions have now been tiny, non-profit organisations that are financial up by members with one thing in typical to profit their community. That typical factor might be residing in exactly the same city, involved in the exact same industry (eg, the authorities Credit Union) or owned by a specific trade union.

Numerous credit unions are professionalising, having relocated far from the guy along with his ledger when you look at the church hallway gathering cost savings and loans that are offering. Numerous now provide items online, and a lot of possess some kind of commercial premises.

Credit unions are for everybody

They truly are here to give you a community that is financial. The idea is the fact that known people mutually benefit as there isn’t any revenue for third-party investors.

This could usually suggest assisting those that can not access ordinary bank services and products; a lifeline in less well-off communities for people grappling along with their funds. Plus, they may be a welcome option to payday advances or home lending.

Fast question

Are not credit unions simply for those who are struggling economically?