Access Keys:

Cumbria Credit Unions
Skip main menu

Why join a credit union?

Credit unions are for everyone. For savers and borrowers and also for those who want to bank ethically and benefit their community. Members of credit unions benefit from having secure savings and affordable loans.

Credit unions aim to help you take control of your money by encouraging you to save what you can. Once you have a reliable record as a saver, you can apply to borrow money from them. They will let you borrow what you can afford to repay. 

What savings and loans products do credit unions offer?

Credit unions offer a variety of savings and loans. Credit union interest rates for loans are capped by law. Further details are available on the savings and loans page, and from your local credit union.

How do I become a member?

Please contact your nearest credit union by viewing the "Where can I find out more" page. Your local credit union will be more than happy to provide you with further details upon:

  • the benefits of membership and how to join
  • how to open a savings account, and how to access your savings
  • the types of loans available to you  

I've already got a savings account with a bank or building society, why should I join?

Some members make an ethical choice to save regularly with their local credit union, in addition to using savings accounts from high street banks and building societies.  This allows members to support their local community and their local economy by helping the credit union to establish a big pool of savings which can then be lent out to members who need a loan.

Is my money safe?

Credit unions are regulated by the Financial Conduct Authority and the Prudential Regulation Authority so operate to all the same high standards as all other financial institutions.

All money paid into a credit union is safe and secure, because credit unions are covered by the Financial Services Compensation Scheme (FSCS) in the unlikely event that a credit union closed down.

The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.

What happens if any money gets stolen?

By law, all credit unions must have bonding insurance. This covers all credit union property and cash against theft, fraud and vandalism - in fact any dishonest act