What is a Credit Union?

A Credit Union is a not for profit financial co-operative that exists to help its members manage their finances better by providing savings facilities and access to low cost loans.

A Credit Union works by pooling the resources of all members savings and prudently allowing members to take a loan from this pool of money. As this loan is repaid back into the mutual pool it enables the Credit Union to operate and lend to more members.

When you open a savings account with Wirral CU, you become a member.

Wirral Credit Union members’ make regular payments into their savings account either directly from their salary, if their employer is able to make payroll deductions, or by standing order from their personal bank account. These savings accumulate over time and allow the member to budget for future expenses or to apply for low cost loans based on multiples of the amount of savings they hold.

Every member is a shareholder of Wirral Credit Union and as such is entitled to an annual dividend on their savings where applicable.

There is a £5 annual administration fee payable by all qualifying members, this is deducted from members savings account in June each year.

The credit union is run by an elected board of directors that delegate day to day operations to the management team.

Members savings are secured by the prudent long term management laid down by the board of directors and protected by the financial services compensation scheme.

Who are we…

Wirral Credit Union provides savings and low cost loan services to anyone living or working in a CH postcode area. Our aim is to promote financial inclusion and enable our members to build their financial resilience by providing local, ethical, affordable financial services.

Established in 1992 we have provided over £50 million in small loans for our members for a variety of purposes such as, household bills, white goods, holidays, family events, Christmas expenses etc. We run an informal, efficient service and aim to help our members manage their finances better.

Wirral Credit Union is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A member of the Financial Services Compensation Scheme. FRN: 213437