Credit unions are for everyone!
The number of members of credit unions is remarkably growing at its fastest rate as savers are searching for better deals. According to Mark Lyonette, Chief Executive of the Association of British Credit Unions (ABCUL), there is a significant appeal particularly to the middle classes.
Credit unions are non-profit organisations which for a long time have been regarded as the preserve of low-income people who would otherwise struggle to obtain a bank loan. However, the Government is trying to change that image. Ian Duncan Smith, the former Work and Pension’s secretary, has for a long while encouraged people to consider joining a credit union referring to the great benefits offered by these organisations. He has raised awareness that credit unions can offer some of the best rates on the market and dividends for peoples’ savings. Furthermore, credit unions provide more than financial return, since they are investing in the local communities. Whilst these organisations are associated with helping many people on low incomes to improve their credit rate, build savings and access affordable loans, their services are open to all regardless of peoples’ incomes.
People on different incomes are showing great interest in credit unions after realising that their accounts are also protected by the FSCS, whilst in comparison to banks, credit unions are offering limitless financial options including different financial services with greater benefits such as higher interest on saving accounts and lower fees on loans.
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