Credit Unions are mutual financial organisations which are owned
and run by their members for their members.
Once you've established a record as a reliable saver they will
also lend you money but only what they know you can afford to
repay.
Members have a common bond, such as living in the same area, a
common workplace, membership of a housing association or
similar.
Credit Unions are regulated by the Financial Services Authority
(FSA), and money saved in one is protected by the Financial
Services Compensation Scheme on the same basis as it would be if it
was held in a bank or building society.
In Cheshire West and Chester there are two main credit unions
open to residents of different parts of the area.
- West Cheshire Credit Union -
Open to people who live and / or work in West
Cheshire.
- Cheshire Neighbours Credit Union - Open to people who live
and/or work in the former boroughs of Vale Royal and Crewe and
Nantwich.
More information on credit unions is also available from the
website of the Association of British
Credit Unions Ltd.
Another Credit Union is available to all local
government employees in Cheshire.