Website revamp in progress, please use the contact us link above to let us know your thoughts on website content and general site design.
Member Balance Enquiry, you will be able to log in to this website to get up-to-date share and loan balances.
At this year's AGM our members agreed a 2% dividend on ALL instant savings accounts
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. Credit unions are mutual societies, registered and regulated by the Financial Services Authority, and are governed by law, namely the Credit Union Act, 1979.
Membership of credit unions is based on what is known as a 'common bond', something which the members have in common e.g. where members work or live. Families who live or work within the county of Denbighshire south of the A55 (our common bond) are welcome at our Credit Union.
Credit unions encourage both social and economic development on a local basis. They retain money within communities by encouraging local people to save locally rather than with national institutions where profits go to shareholders out of the community. People can also develop their skills through volunteering opportunities in a 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. By law the maximum interest a credit union can charge on loans is 2% per month (26.8% APR).
Successful credit unions can pay an annual dividend to members on their savings.
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 principal 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.