Welcome - What are Credit Unions?

Lesley Jones (standing left) Wales Co-operative Centre, attending official opening of new offices, 10th May 2002. Credit unions are financial co-operatives owned and managed by the members who use them. They offer a convenient way to save and the opportunity to access low cost loans.

Membership of credit unions is based on a 'common bond', where people work or live. Credit unions encourage both social and economic development on a local basis. They retain wealth within communities by encouraging local people to save. People can also develop their skills through volunteering opportunities in a credit union.

Families who live or work within the county of Denbighshire south of the A55 are welcome at our Credit Union.

Members of a credit union save in a common fund. This fund can be then used to make low interest loans to its members. All interest on loan repayments is reinvested in the credit union and nothing leaves the community. The maximum interest a credit union can charge by law is 2% per month (26.8% APR).

Successful credit unions can pay an annual dividend on members' savings.

Credit unions are mutual societies, registered through the Financial Services Authority and are governed by law namely the Credit Union Act, 1979.

Why do we exist?

We exist because we are local people like you interested in preserving and improving our community. We provide a very welcome service directly to our members and do not have any external shareholders. Caledfryn Credit Union is affiliated to the Association of British Credit Unions (ABCUL) the principle trade association for credit unions in Britain.

To find out more about our Credit Union or about other credit unions in Wales, please use the links on the left.

For further information, just telephone 01745 817444 or e-mail Ann Francis or clicking "Contact form" button on the left.