What is a Credit Union?

Credit Unions are non profit making financial co-operatives, offering members an easy and convenient place to save, and access to low cost loans when required. We offer a valuable service to everyone - business people, families, employed or unemployed, young people or those who have retired.

We encourage our members to make regular contributions into savings accounts that create a central pool of funds. This is used to provide loans back to the membership at very favourable rates. The interest generated from the loans is used to cover administrative costs, with any surplus returned to the members as dividends.

Unlike other financial institutions owned by groups of stockholders whose interests include a necessary return on their investments, Credit Unions are owned totally by their members as democratic co-operatives and the money stays within the local community.

Benefits of membership
  • Flexible savings - save as much or as little as you want as often as you want (up to a maximumof £10,000)
  • Your savings are safe and guaranteed by the Financial Services Compensation Scheme (FSCS)
  • Affordable loans
  • No hidden fees or transaction charges
  • A professional yet friendly service
  • A local service
  • Mutual self-help: members help themselves and help each other


Dividend on savings

Every year we endeavour to pay a dividend on members' savings.

Easy access to your savings

Application to withdraw funds can be made in person at our office, by post, or at one of our Collection Points.

Flexible payment arrangements

Payments to your Credit Union accounts can be made in many ways :

  • Cash - in person at our offices or any collection point.
  • Cheque - by post or in person.
  • Standing order - direct from your Bank or Building Society account.
  • Payroll Deduction - by agreement with your employer

Flexible and convenient loans

Haven Credit Union offers low cost affordable loans to our members.

Details can be obtained at our main office or any of our collection points.

A Credit Union is:
  • a place to save
  • a place to borrow
  • a place to meet
  • a place to volunteer
  • a place of understanding
  • a place to bring together like-minded people
  • a place of business