Employees of the university went into consultations with the open university at Walton Hall to established a credit union for university staff, eventually registering in May1994
Those early volunteers gave their free time to study on the requirements of setting up the credit union.
They later secured a room for conducting the business of the credit union now known as Saver, “Room 007 C Block” at Walton Hall.
They began by having the members save for a few months and later granted loans at a ratio to what shares a member had accumulated over a certain time
Loans were at 1% on a reducing balance as the member repaid the loan over an agreed period.
The credit union like all credit unions continues to serve its members and reports annually both to members and the regulators.
The credit union is a member of ABCUL a trade Association here in the UK.
Want to find out more?
Get in touch with their team:
Telephone – 01908654979
Email – open-sav@open.ac.uk
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British Credit Union Historical Society 