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Membership Benefits

Low cost hassle free saving facility...

How can a person benefit by becoming a credit union member?

  1. Credit union membership is a low cost, hassle free saving facility.
  2. Credit unions can help relieve financial pressure and reduce the need for high rate loans
  3. Supporting credit unions is a good way of showing your support for the local community.

What are the benefits of credit union membership?

  1. Interest on the loan is charged at only 1% per month on the monthly reducing balance. 12.7% Annual Percentage Rate (APR).
  2. It is a stress free way of saving. Members make regular deposits of as little or as much as they wish.
  3. These savings then form a common pool of money from which loans are made to members. Usually after saving for a certain period of time (between 0 to 13 weeks) members can apply for a loan. Terms and conditions apply.
  4. There is built in life assurance on savings and loans and a range of additional financial services.
  5. Credit union members will have a sense of ownership and control over their finances.

Where can credit union members deposit and withdraw money?

  1. At service points
  2. By direct debit and standing order
  3. By pay roll deduction

 
© Association of Cornish Credit Unions · Updated: 01 February 2007