Credit Union

What is a Credit Union

A credit union is a financial co-operative owned and controlled by its members. Credit Unions offer a friendly, convenient and secure place to save with access to low cost loans. Each member of ‘Smart Money’ makes regular payments into their savings account - this fund then provides the basis for preferential rate loans. The income generated by lending helps us meet our operating expenses, build our reserves and pay our savers competitive dividends. Our members are encouraged to save for their future, and in return they receive access to a range of financial services including affordable loans and a healthy return on their money.

How safe is your money?

Credit unions are regulated by the Financial Services Authority (FSA), the same body that regulates banks and building societies. Credit unions are also fully insured against theft or fraud so you can be confident your money is safe.

Value for money

You could save yourself a substantial amount of money by choosing a credit union loan. Unlike the loans offered by many other lenders you will not be subject to any hidden charges and will benefit from built in life assurance on your savings and loans. Credit unions do not seek to profit from their members, any surplus is either reinvested in the credit union or returned to members in the form of a dividend.

Why join a credit union?

Membership of ‘Smart Money’ will provide you with access to affordable credit.

Because credit unions exist to serve their members rather than profit from them they can offer low interest loans, with flexible repayment rates and no hidden charges.

Because credit unions often provide credit at better rates than other sources, they can help reduce the stress related to financial worries.

‘Smart Money’ is able to provide access to secure and regular saving through payroll deduction. Save for holidays, Christmas or home improvements and take advantage of the credit union’s built in life assurance*. We also provide an attractive return on savings.

Encourage younger members of your family to develop a savings habit - they can join the junior savers section (‘Smart Pennies’) of the credit union.

Be safe in the knowledge that by becoming a ‘Smart Money’ member you are supporting your local community and are joining a worldwide movement that puts people before profit
You can be assured of a professional service from ‘Smart Money’ at all times

Members don’t pay a transaction fee for saving with us, or borrowing money.