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Mutual Financial Services

Ethical Savings  

Credit unions offer a range of savings accounts that allow you to save as little or as much as you can afford

Unlike other saving schemes you can save as much or as little as you like, weekly, monthly or as often as you wish. Deposit savings at: convenient branches, local shops, collection points, by direct debit or directly from your wages. Credit unions aim to pay a dividend on savings once a year to all it's members. Dependent upon performance this can be as much as 8% of the total amount that people have saved.  Credit Unions serve the community, so when you invest in your local credit union you know that the people who are benefiting are your neighbours or colleagues and not outside shareholders.

All money saved in a credit union is protected by the Financial Services Compensation Scheme

Affordable Loans

Credit unions offer a range of savings accounts that allow you to save as little or as much as you can afford

Some credit unions loans will cost you no more than 1% a month on the reducing balance of the loan (an APR of 12.7%). For example if you borrowed £1000 over 1 year, you would repay no more than £1067 in total. Many credit unions charge less, some may charge more but by law this cannot be more than 3% a month on the reducing balance (an APR of 42.6%). This table illustrates what you could repay at different rates if you borrowed £500 over 1 year.


Loan Amount


Total Repayable









Illustration only - check directly with credit union


You can work out how much a credit union loan could cost you by using our handy Loan Calculator on the right. 

  • Loans come with no hidden charges and no penalties for repaying the loan early.
  • Life insurance is built in at no extra cost to the borrower so if you were to die before you repaid the loan, insurance would repay the loan for you.
  • You can also carry on saving, meaning that by the time you finish repaying the loan your savings would have grown as well.  

The Money Advice Service

The Money Advice Service is an independent advice organisation, which exists to help everyone understand and manage their money better.

Taking just 10 minutes to answer some straightforward questions on their health check will give you a personalised action plan to help you sort out your money priorities now, and plan for the future – whatever your goals may be.

The health check and all publications from the Money Advice Service are free and unbiased.

Click here to take the health check now

Or visit the website of the Money Advice Service at