Should You Join A Credit Union?

Posted on:

A credit union can offer different benefits to different people. Some members join to help support their community and enjoy ethical banking while others join for the savings benefits. Yet more join for access to beneficial loans and the recent addition of numerous other financial services that are being offered through credit unions means that there are more and more reasons to become of the 1 million people that have already joined one of the 500 plus credit unions that exist in the UK. Are you ready to enjoy the benefits of credit union membership?

Looking To Save

Saving money is never a particularly easy task, but especially not when we face a global financial crisis. People have less money to save and less inclination to do so and this problem is further exacerbated when savings accounts demand that you place a certain amount of money in the account every month. If you want to save money but are unable to commit to offering a large sum from every pay packet then you should consider credit union membership because you can save as little or as much as you want every month.

Looking To Borrow

Credit unions survive, and offer savers a dividend on their savings, by offering loans to their members. When you borrow money, you aren’t just benefiting yourself, you are actually offering benefit to the people that save money as part of the credit union in question. You can even save money and borrow at the same time, although some unions may require that you have saved for a certain period of time with them before you can borrow money.

Looking To Bank Ethically

Whether you save money or borrow money, you are benefiting the whole credit union community. Other savers benefit because of the dividends that are raised through lending more money and borrowers benefit because they are able to access loans with good interest rates to accompany them. You won’t be piling money into the coffers of the high street banks and the profit from your credit union will go directly back to the credit union and its members.

Looking To Support Your Community

When you save money with a credit union you are providing capital that other members can borrow. Loans are typically available for up to £3,000 and a period of up to 10 years or more. Without the capital that is raised through people saving money, others would not be able to access the money they need when they take out a credit union loan. Similarly, when you borrow money, your interest payments are making a profit for the credit union and this goes directly back to the union itself and its members.

Finding A Credit Union

Find Local Credit UnionsThere are many places you can look for relevant credit unions for which you are eligible to join. Contact your local Citizens Advice, look on your local authority’s website, or scour the Yellow Pages; any of these may provide you with the information you require. Alternatively, you can use our online directory of credit unions in order to find the one that is most relevant for you; the one that you are eligible to join because of where you live or work, the job you do, or the group you are a member of.

Enter your post code or town to find your local credit union here

Credit Union Membership

Credit union membership really does offer many benefits to the member. Whether you are looking for a more ethical means of saving, a more beneficial means of borrowing, or some way to further benefit a particular community of people of which you are one of, credit unions are a beneficial way to do all of this and more.

Leave a Reply

Your email address will not be published. Required fields are marked *