Credit Unions
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.
- Cheshire Councils Employees Credit Union is a branch of Cheshire Neighbours Credit Union and is open to local authority employees. Find out more on the Cheshire East Council website.
More information on credit unions is also available from the website of the Association of British Credit Unions Ltd.