Credit Unions are brilliant. Run for their customers and not for their shareholders, they put their customers first every time. And they offer a range of services you would normally only expect from a bank or building society including current accounts and cheap loans.
We all know there’s no such thing as a free lunch, and a recent investigation by consumer watchdog Which? highlighted that there’s also no such thing as a free bank account. Because of charges for overdrafts and so on, the average bank account costs upwards of £120 a year to run, even if you’re told it’s free. Credit Unions are different, with clear, upfront charges and no nasty, unexpected penalties.
The Government prefers to pay benefits into a bank account. A Credit Union current account acts as a bank account, so you can have benefits paid in, set up direct debits and standing orders and get cash when you need it.
Borrowing Money is very difficult in these tough times ordinary banks are likely to simply say no. And it’s important that you do not end up turning to easy lenders like payday loans companies and even loan sharks to help you through. Credit Unions can offer loans to their members, and some are now offering payday loans.
Credit Unions are a practical example of people helping other people. They aren’t interested in making money out of you, they’re interested in helping you make your money go further. They’re run and owned by the people who have money saved with them, and they usually offer much better deals than banks.
These are credit unions we know about that are set up to help us cope with the impact of Universal Credit. Find the one nearest to you:
You can join if you live,work, volunteer, or study in Bath & North East Somerset, Bristol, North Somerset or South Gloucestershire
The only county-wide credit union in Essex with over 25 face-to-face Service Points running every week
East Midlands Heart
Centres all across the East Midlands
Available to people in the Swansea area
London Plus Credit Union
You must live or work in Hammersmith & Fulham or Kensington & Chelsea or Westminster
Use our contact form to tell us about your credit union.