UK Independent Isles

Community Savings Ltd Jersey

Jersey’s first credit union. Community Savings is a self-help savings and loan co-operative whose purpose is to encourage members to save regularly, make available low interest loans and provide them with free financial advice.

Membership is obtained by forming or being part of a common interest group. The Common Interest Groups are run by committees of unpaid volunteers. Any profit made is returned to members or used for their respective group’s costs.

Saving Members save on a regular basis either weekly or monthly and the collective savings of the appropriate group provide the working capital from which loans can be made to members. Members have to wait 7 days before they can make a withdrawal in cash if they have banked a cheque or received a BACS payment into their accounts. Cash deposits are not subject to this delay. There is no restriction on who is eligible to join a common interest group. (However, members under the age of 18 can only save). The minimum savings amount is only £1 per week or £5 per month. There is no weekly or monthly maximum except that the total savings of any one member is restricted to £10,000. You must have at least £1 in savings to retain membership.

Loans Community Saving and Credit is able to make loans at a low rate of interest – which shall not exceed 1% per month on the outstanding balances, (APR of 12.6%) Members must have saved for at least 3 months to qualify for a loan. Loans can be up to three times a member’s projected annual savings. There is an upper limit on unsecured loans of £5,000.

Borrowers must continue to save the minimum weekly or monthly sum in addition to repaying the amount borrowed. This results in the loan being repaid and the member’s savings having grown.

Any loan must be used for an essential purpose.

For more Information Visit the website HERE

Manx Credit Union Ltd

Since 2013, the group of volunteers began the process of setting up a new credit union in the Isle of Man. The Manx Credit Union Working Party was set up, chaired by David Talbot, a retired accountant.

The volunteers come from a wide variety of backgrounds, including “financial services, UK credit unions, regulatory affairs and marketing. Training of future members who wish to volunteer their time had begun and The Isle of Man Financial Services Authority gave permission to progress to incorporating the credit union in August 2016. Manx Credit Union Limited would now be supervised by the Authority under provisions in the Credit Unions Act 1993. The Manx Credit Union office is at Nadine House, 13 North Quay, Douglas. Isle of Man

Visit their Website HERE

Isle of Wight Credit Union Ltd (United Savings & Loans)

The Isle of Wight Creditald Union also known as United Savings &  Loans is the trading name for Hampshire Credit Union. It is ten years old and has almost a thousand members all-round the island.

There is an office at 122 Pyle St Newport. The IW Credit Union is Island based, is independent, and is one of hundreds of Credit Unions worldwide. Credit Unions will open accounts for people who may not be acceptable to conventional banks, providing they are willing to save regularly and, who can then obtain loans for essential purposes. The Isle of Wight Credit Union is sometimes used as an agent for distributing County Council or Government grants ie ; Energy conservation , Housing improvement. T

Want to find out more?

Visit the Credit Union website

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