What is a Credit Union?

Credit Unions are local not-for profit financial co-operatives run by members for members – no external shareholders!  There are several hundred credit unions in Great Britain with a combined membership of over 1.25 million, over £1.3 billion in assets and more that £750 million in outstanding loans. St Albans District Credit Union is open for membership to anyone who lives or works in Hertfordshire

Objectives

The objectives of the Credit Union are:
a) The promotion of thrift among its Members of the society by the accumulation of their savings;
b) The creation of sources of credit for the benefit of its Members at a fair and reasonable rate of interest;
c) The use and control of Members’ savings for their mutual benefit;
d) The training and education of Members in the wise use of money and in the management of their financial affairs.

Rules

Like any other financial organization, we have a detailed set of rules! While most people will have little reason to read these rules in detail, we think it’s important that they are freely available to anyone who wants to check anything. So, if you want to download them, click rules

"We save with the St Albans Credit Union to keep our money safe and local. And, as members, we get priority when we need a loan."