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Credit unions

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Credit unions are financial co-operatives owned and managed by the members who use them.

They offer a convenient way to save and the opportunity to access low cost loans and a range of other benefits.

At present, there are 21 credit unions covering the whole of Wales providing services to more than 68,400 adults and young savers.

Members of a credit union save in a common fund. This fund can be then used to offer loans to the credit union's members at affordable rates of interest. Because credit unions are financial co-operatives, member’s savings and any interest earned on loans stays in the local community to benefit local people.

Many credit unions now offer a range of services, such as pre payment debit cards, Individual Savings Accounts (ISAs) and insurance products. Some offer basic bank accounts.

For further information, email creditunions@wales.gsi.gov.uk. The link on the left hand navigation bar can direct you to the contact details of your local credit union in Wales. Alternatively use the Credit Unions of Wales website (external site).