What is a Credit Union?

A credit union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. Credit unions offer members the chance to take control over their own finances by making their own savings work for them. Every Credit Union is owned by the members – the people who save & borrow with it.

The Credit Union exists only to serve its members. When you save with the credit union you contribute to your credit unions loan fund – in effect by saving you are helping other members – members like you.

The Credit Union is an organisation run for people, not for profit. Any surplus income generated is either returned to members by way of a dividend on your savings or a rebate of interest paid on your loan, and / or is directed to improved or additional services required by the members.

Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union. A credit union’s policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself.

Many credit unions help to further community development and we are no exception, developing strong links with the local community and participating in a number of local initiatives as well as making a wide range of donations annually.

Our mission is to meet members’ financial needs through quality service at the best value while maintaining financial stability. In doing so, we aim to provide the highest level of personal financial services in a friendly and professional manner.