The Five Wells Credit Union

A Credit Union is a financial co-operative, owned and run by its members who all have one thing in common, which is the common bond.

Five Wells Credit Union's (FWCU) common bond is that you must live or work within the Borough of Wellingborough. This means everyone in Wellingborough has access to the low cost savings and loan facility scheme. It encourages members to save, thereby creating a fund from which loans can be made. The beauty of it is that your savings keep on growing. The more you save, the greater your borrowing potential.

How Does a Credit Union Work?

Members can save as little as £1 per week or £5 a month and after 13 weeks become eligible for a loan. There is no minimum loan and Interest is charged at just 1% per month on your outstanding balance (equivalent to 12.7%APR).

What Happens To The Credit Unions Profits?

The Five Wells Credit Union uses the interest received on loans to pay overheads and the running costs. If the Credit Union makes a profit at the end of the year it is then distributed amongst members in the form of a dividend. Last year a FWCU paid a 2% dividend to its members. Everybody can benefit from saving in a Credit Union.

Is My Money Safe With The Credit Union?

The Financial Services Authority (FSA) regulates all Credit Unions, in the same way that banks and building societies are regulated. Money that you save is completely guaranteed by the Financial Services Compensations Scheme (FSCS). Your savings and loans in turn are covered by insurance, and the Credit Union is fully protected against fraud and theft, so your money is completely safe.

Visit the Five Wells Credit Union website for further information.