CREDIT UNION

Frequently Asked Questions

Frequently Asked Questions

Q) What is a Credit Union?

A) A credit union is a not-for profit financial co-operative set up and run by its members, for its members. Over 1  million people in the UK are members of a credit union and this is growing all the time. Credit Unions are committed  to providing affordable, flexible financial services to all members of their community or profession.

Q) Will Bridgend Lifesavers Credit Union pay interest on my savings?

A) We pay an annual dividend on your savings. That means that any profits are used to grow the business and are passed back to the members, not to directors or shareholders.

Q) How can I pay money into my savings?

A) It has never been so easy to pay money into your credit union account. You can pay cash or cheque into one of our branches or collection points or you can set up a standing order from your bank. Alternatively, if you work for a sponsored employer you may be able to save direct from your pay each month.

Q) How do I withdraw money?

A) You can arrange for your savings to be withdrawn by telephone or in person at one of our branches or collection points. We do ask that our members give us notice for withdrawal.  You can receive your money in cash under £100 (24 hours notice), a cheque for depositing in to your bank account (72 hours notice), or by BACs transfer direct into your bank (48 hours notice). Alternatively, you can register for a pre-paid card and have your savings transferred over that way.

Q) Will I get sent monthly statements?

A) We are serious about how we spend our members’ money and as a consequence we limit the associated costs of sending out statements to once a year. You can, however, follow your account online or find out your balance by phoning or calling into any one of our branches or collection points.

Q) If I did need to borrow money at a later date, how would I go about applying?

A) We offer a wide range of flexible, tailored loans to suit every member. Unlike many banks and high-street lenders, we charge no fees for arrangement or early repayment and your interest payments are worked out on the reducing balance. We offer highly competitive rates of interest ranging from just 7.2% APR to a maximum of 26.8% APR.  If you do need a loan we would ask you to save with us first – but please do ask one of our staff or volunteers for more information.

Q) Can I save for my children/grandchildren?

A) Yes, you can open a child’s account and save in exactly the same way. As the nominated guardian you will have full control of the account until they turn 18.

Q) Can I apply for a loan if I'm not a member?

A) Yes, but you will be required to complete a membership application form at the time of applying for the loan.

Q) I’ve heard you do free life insurance, how do I register?

A) You don’t need to do anything to register for the free life insurance. As soon as you become a member with Bridgend Lifesavers Credit Union you automatically receive life insurance on any savings and loans you have with us. For full terms and conditions, please contact a member of staff.