Benefits
Credit union membership makes sense to everyone regardless of your financial situation.
Benefits include:
- Low cost loans set at a maximum interest rate of 2% per month and tailored to suit individual needs.
- A say in how your credit union is run. A credit union is owned and controlled by its members, which means that you and your community make the decisions.
- Possible dividend payments on your savings.
- Developing a regular savings habit – large or small deposits are accepted.
- The knowledge that your savings are being retained in the locality and used to benefit your community.
- Free loan protection and life savings insurance (subject to certain age restrictions). Click on the "Insurance" link on the left navigation bar.
- Peace of mind that your savings are secure. All credit unions are insured against fraud and theft and are monitored closely by the Financial Services Authority.
- Compensation scheme available since 2nd July, 2002. This means that your first £2000 is fully covered.
- Access to the Financial Ombudsman Service for advice regarding complaints
if dissatisfied with local credit union services.
- A highly confidential and personal service.
- No hidden charges.
Additional
added value services are available from time to time, such as energy efficient
goods at reduced prices. Check further with our Credit Union for more details
or look at our "Newsletter" a link on the navigation bar on the
left can be found under Contact Information.
All credit unions in Wales are managed by volunteer members. Some credit unions now employ people to help run them. Members are encouraged to play an active role in the life of the credit union and the Caledfryn Credit Union is no exception. We welcome volunteers - click on the link to "Volunteers" on the left navigation bar for more information
