Credit unions offer an easy way to save, access to low cost loans and a range of other benefits.
They are financial co-operatives, owned and managed by the members who use them.
There are many benefits to joining a credit union:
- Access to low cost loans
A credit union loan is usually the cheapest way of borrowing £2,000 or less and is often more competitive than other lenders on larger amounts
- Good returns on savings. Despite the current economic climate, many successful credit unions pay an annual dividend on savings
- Secure savings facility
Like banks and building societies credit unions are regulated by the Financial Services Authority so you can feel confident that your money is safe.
- Other benefits include built in life assurance
There are currently 22 credit unions in Wales, for more information see financial inclusion on the Wales Co-operative Centre’s website.