What is a Credit Union?
A credit union provides an alternative financial service to the high street banks and the doorstep lenders, focusing on savings which can be a good way to save money for future purchases. Some also provide current account facilities which may be particularly helpful to those struggling to get an account with high street banks.
Credit unions also typically aim to educate members in money management and offer access to a local debt counselling service when required. They tend to be run by local people who have come together with the aim of taking practical action against financial exclusion.
Each credit union has a common bond which determines who can become a member. The common bond usually relates to people living or working in the local area, but can also relate to an employer or an organisation in some cases.
There are several credit unions with common bonds in the area where we operate. Go to www.findyourcreditunion.co.uk to find the right credit union for you.
How do I join?
You should contact your chosen credit union to find out how to join. Most charge a small membership fee, and some accounts or services may have extra charges.
If you are one of our customers and wish to join Commsave or Bedford Credit Union, two of the major credit unions in our region, we may be able to help you pay the membership fee to join. Contact the credit union for more information and explain you have a tenancy with us.