Clockwise Credit Union

Clockwise Credit Union was founded in 1992 as an anti-poverty initiative of local churches based at Sacred Heart Roman Catholic Church

Clockwise Credit Union

Originally Highfields Community Credit Union, the credit union’s founder was Fr John Lally who returned to a celebration of Clockwise Credit Union’s contribution to the local community over the past 25 years and the official opening of its refurbished head office branch in the centre of Leicester. The credit union serves anyone who lives or works in the city of Leicester, Leicestershire or Rutland, and runs community access points in Loughborough, Syston, Melton Mowbray, Coalville, Hinckley, Wykin and Earl Shilton. In 2007 this extended to the county including Leicestershire and Rutland.

In 2017, Membership reached 9,700 with over £3.27m in savings, 750 junior savers with £303,000 savings, 3,100 borrowers with a total of £3.24m in loans. The credit union has paid a dividend on savings in 2016 of 0.75% and 2017 doubled that to 1.5%. The credit union is partnered with organisations such as ASRA Housing, Leicester City Council, Leicestershire County Council, Blaby District Council, Melton District Council, Hinckley & Bosworth Borough Council, B-Inspired, Centrebus and Leicester College.

In 2018, the credit union celebrated the launch of an Open Banking partnership with TrueLayer, a leading provider of bank account API’s, to improve access to finance for its members. The partnership utilises the opportunities provided by Open Banking to allow Clockwise to access member bank account data in order to make more efficient and secure loan assessments. This enhances members’ experience by speeding up the loan process and ensuring that the credit union is lending responsibly in its underwriting process.

After two weeks of using True Layer’s technology almost 200 members have benefited from having the speed of loan decisions increased. Clockwise Credit union continued in 2018 to achieve the 5-star Fair banking Mark reflecting not only their vision but mission, values and hard work, the dedication by staff, directors and volunteers.

The Credit Union introduced real-time payment services for members where each member account is allocated their own individual sort code and account number. Using the Clockwise App or website, members can benefit from sending and receiving faster payments 24/7, including at weekends and bank holidays. This service also means BACS payments used for receiving wages or benefits will credit member accounts just after midnight on the day due, giving immediate access to money.

Clockwise Credit Union extended its common bond to Coventry and Warwickshire, welcoming 3,500 members from New Central Credit Union, following a carefully planned merger in 2022.  The merger means widening the positive impact credit union products and services have on a local economy and in supporting wellbeing of the local community.

The credit union in 2022 is serving over 20,000 members with £11.8m in savings and £6.8m in loans also celebrating 30 years of service to its community. Clockwise Credit Union is improving its technology and product offering, providing a one-stop-shop for banking services to its 20,000+ members. As well as benefitting from real-time debit card transactions and account information through the Clockwise mobile app, members will have access to a wealth of digital banking functions. 

When you save or borrow with Clockwise your money is invested back into the community. Clockwise operates a Community Grant Scheme that awards local groups and individuals grants for a whole range of items that ultimately benefit the community the group/individual works to serve. Under the scheme, any community group or individual in need of funds can apply in writing to us for a grant. To apply, the group or individual should be based in Leicester, Leicestershire, Rutland, Northamptonshire, Coventry or Warwickshire.

News and Clips HERE

Want to find out more?

Visit the Clockwise Credit Union website, or get in touch with their team:

Telephone – 0116 2423900

Email –

Copyright British Credit Union Historical Society 2018 – All rights reserved

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