Wirral Credit Union is a local, member-owned financial co-operative. We provide savings accounts and affordable loans to our members. As a credit union, we exist to support our members and local community rather than to make profits for external shareholders.
FAQs
Overview
Who can join Wirral Credit Union?
You can apply to join if you live and/or work in a CH postcode area. This is known as our “common bond”.
Is Wirral Credit Union regulated?
Yes. Wirral Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Firm Reference Number is 213437.
Are my savings protected?
Yes. Eligible savings are protected by the Financial Services Compensation Scheme, subject to FSCS rules and limits.
What does it mean to become a member?
When you open a savings account with Wirral Credit Union, you become a member and shareholder of the credit union. Members can save regularly, apply for loans where eligible, and may receive a dividend on savings where applicable.
What is the difference between a credit union and a high-cost lender?
A credit union is a regulated, member-owned organisation that aims to provide fair, affordable financial services. We assess affordability before lending and encourage members to build savings. High-cost lenders may charge much higher interest and fees and may not help members build financial resilience.
Why should I join Wirral Credit Union?
Members join for many reasons, including:
- To build a regular savings habit
- To access affordable borrowing where eligible
- To save through payroll deduction, standing order, Child Benefit, or other agreed routes
- To use a local, ethical financial service
- To avoid high-cost credit or illegal money lending
- To manage family and household expenses more confidently
Membership
Is there a membership fee?
A £5 annual administration fee is payable by qualifying members and is normally deducted from members’ savings accounts in June each year.
What is the minimum savings balance?
You are required to maintain a minimum balance of £5 in your savings account for it to remain active.
How much do I need to save?
Members are encouraged to save regularly. The standard minimum regular saving amount is £10 per month or £2.50 per week, unless a different arrangement applies to your account or product.
Can businesses join?
Please contact us directly if you are enquiring on behalf of an organisation, employer, community group, or business.
Can someone under 18 join?
Please contact us for current junior savings and account options. All loan products are only available to adults aged 18 or over.
Can I withdraw my savings?
Yes. You can withdraw savings in part or in full at any time, provided the withdrawal does not reduce your savings below any outstanding loan balance or required minimum account balance.
Can I withdraw savings while I have a loan?
You may be able to withdraw savings, but not if the withdrawal would take your savings below the balance required against your outstanding loan. Please contact us if you are unsure.
Do you issue cash withdrawals?
No. Wirral Credit Union does not issue loans or withdrawals in cash at its branches.
How are withdrawals paid?
Withdrawals are normally paid electronically, such as by BACS transfer, depending on the type of account and request.
What is “save as you borrow”?
Save as you borrow means a savings element is built into your loan repayment schedule. This helps you build savings while repaying your loan, so you should have more saved when the loan is repaid than when you started.
Top-up Loans
What is a top-up loan?
A top-up loan is an application to borrow additional money while you already have a loan with Wirral Credit Union. If approved, your existing loan balance and the new borrowing are combined into a new loan agreement.
Can I top up my current loan?
You may be able to apply for a top-up loan, but approval is not guaranteed. We will review your account conduct, repayment history, savings, affordability, and current circumstances.
Glossary
Affordability check
A review of your income, spending, debts, and circumstances to decide whether loan repayments are manageable.
APR
Annual Percentage Rate. This shows the cost of borrowing over a year, including interest and certain charges, so you can compare credit products.
BACS
An electronic bank transfer method used to send payments between bank accounts.
Common bond
The eligibility link that allows someone to join a credit union. For Wirral Credit Union, this is living and/or working in a CH postcode area.
Credit union
A regulated, member-owned financial co-operative that provides savings and loan services to members.
Dividend
A payment that may be made to members on savings, depending on the credit union’s financial performance and approval process.
FSCS
The Financial Services Compensation Scheme, which protects eligible deposits if a financial services firm fails, subject to scheme rules and limits.
Open Banking
A secure way to share bank transaction data digitally to support checks such as affordability assessments.
Payroll deduction
An arrangement where savings or loan repayments are deducted directly from wages by an employer and sent to the credit union.
Top-up loan
Additional borrowing added to an existing loan, subject to a new application and affordability checks.