About Credit Unions Wales
Credit Unions of Wales are a group of financial cooperatives working together to improve access to affordable loans and ethical savings.
Working together to benefit people in Wales.
Credit Unions of Wales are a group of financial cooperatives working collaboratively to build access to affordable credit and ethical savings her in Wales. You can find out more about our shared vision for building credit union services in Wales here.
As financial cooperatives, we are owned by our members – the people who save and borrow with us – and with no external shareholders, the emphasis is always on providing the best service to our members.
It’s easy to start an ethical savings account.
When you save with a credit union you also benefit your wider community, because those savings are used to make loans available for other members. Your money is safe because we lend responsibly and individual savings accounts are protected up to £85,000, just like they are with a bank or building society.
Access, quick affordable loans from as little as £100.
When you need a loan, you will find credit unions do things differently. You won’t be treated as a credit score, staff are financially sympathetic and take the time to understand your individual circumstances. What’s more, the interest rate advertised, is the one you will receive if your loan is approved. Interest is charged on the reducing balance of the loan and you can pay it back in different ways, including directly from your salary if your employer is part of the Moneyworks Wales payroll partner scheme.
Credit unions are regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Individual savings are protected up to £85,000 through the Financial Services Compensation Scheme.
Interested in joining your local credit union? Click on the footer below.
- Credit unions across the world have 217 million members in 105 different countries.
- Credit unions across Wales have around 80,000 members, with £53m in savings and £23m in loans (BoE statistics, Q3 2021).
- 97% of members in a Credit Unions of Wales survey said they were likely to or had already recommended their credit union to friends and family (survey May 2021).