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Manchester Credit Union

Since July 2012, the Manchester Credit Union has been operating in the High Peak.

If you’ve not heard of credit unions, or what you can do with them read on for further details :

What are Credit Unions?

Credit unions are non-profit making financial co-operatives owned and controlled by their members. They offer savings, great value loans and insurance products, plus they are local and ethical and exist solely to benefit their members.

Members pool their savings and these savings are lent out to other members. This is why; when you have a loan from a credit union, they ask that your savings remain in your account until your loan is repaid so that they can use this money to lend out to other members.

Each credit union has a “common bond” which determines who can join it. Anyone who lives or works in High Peak, Manchester, Stockport, Tameside, Trafford, or Rochdale, can join the Manchester Credit Union.

How to join?

You can download the necessary forms from the Manchester Credit Union website.

Please complete all sections of the membership form, including your ‘Form of Nomination’.

You will also need to provide one document of identification and two recent proofs of address (see separate list).

Your application form will need to be counter-signed by a witness.

Alternatively, come and see an Advisor in person at:

Gamesley Housing Office (on Winster Mews) – Tuesday – 9.00am until 4.00pm

Glossop Municipal Buildings – Thursday 9.15am until 12.15pm

Gamesley Community Centre (Melandra Castle Road) – Thursday 12.45 until 3.45pm

What are the benefits of joining a Credit Union?

Benefits include:

  • Easy way to save
  • Access to low cost loans with flexible repayment terms
  • Free life savings insurance – if you die, your family may receive as much as twice your savings.
  • Dedicated Christmas Club

How safe is my money?

Credit unions are covered by the Financial Services Compensation Scheme (FSCS), so your money is just as safe as it is in a bank or a building society.

Ethical savings

Any profits made by the credit union may be returned to the members in the form of a dividend on savings and/or re-invested into the credit union. This means that any profits made, stay in the community and do not go to investors or shareholders outside of your community.

How can I save with the Credit Union?

There are now lots of ways you can pay into your credit union account.

  • By setting up a Standing Order from your bank account.
  • Over the telephone, by using a debit card on 0161 273 5270. Select option 5 for ‘other payments’ and then ‘option 8’ for Manchester Credit Union payments.
  • Online, by using a debit card via Manchester City Council’s online payment system
  • At Post Offices, Paypoints and Payzones using your plastic membership card. At any of the credit union branches, or customer service sessions (see Manchester Credit Union website for details)

What interest will I get on my savings?

An annual dividend may be paid on savings, although the amount will depend on the type of savings account you hold.

How can I access my savings?

Requests for withdrawals can be made over the telephone and funds are transferred via faster payment into a nominated bank account. This is normally processed in the same working day.

Please note that if you have taken a loan with the credit union, then some or all of your savings may be tied into the loan until it is repaid, however you can also open a secondary savings account for instant access. Please contact the credit union for more details.

Can I get a loan with the Credit Union?

Once your account is open and you have set up a regular automated payment into the credit union you will be eligible to apply for a loan. You can download a loan form, request a loan form via email at the address below, or pick one up from one of our offices, details of which are on the Manchester Credit Union website.

Please remember – when you submit a loan application you will need to provide bank statements for the last three months, which show all your income.

What interest is charged on credit union loans?

The standard interest rates range from 26.8% APR for smaller loans, to 8.5% for loans above £7,000. However, the credit union will match any personal written quote for loans above £7,000.*

Unlike other lenders, their rates are not ‘representative’ and therefore apply to everybody, regardless of your credit history.

Interest is only charged on the decreasing balance of the loan and there are no charges for early repayment.

What other financial services are available through the credit union?

If you are a member of the credit union you can apply to open a current account (CUCA) which enables you to:

  • Access your cash 24 hours a day, 7 days a week at ATMs all over the country (and abroad) and at Post Office Counters.
  • Set up standing orders and direct debits to pay bills etc.
  • Transfer money electronically from/into your current account.
  • Arrange transactions over the phone during office hours.
  • You may qualify for a debit card in which case you can pay for goods and services in millions of outlets worldwide, over the phone and on the internet.

Manchester Credit Union’s running costs are low (£1.25 per week), their charges are significantly lower than High Street banks and members with a CUCA qualify for a discount on Credit Union loans.

For any queries you may have or for further information please call Manchester Credit Union on:

Tel: 0161 231 5222


Membership enquiries:


Twitter: @McrCreditUnion

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