Tel: 01904 676633

25 May 2017
What is a Credit Union?

A Credit Union is an organisation which helps people to save and offers a range of savings accounts and other financial products.  It is a little bit like a bank.  The big difference though is that the Credit Union is owned by all of the people who use it.  In a Credit Union customers are called members. 

Around the world, there are 177 million Credit Union members in 96 countries from Ireland to India, Poland to Peru. They range from small organisations with members in their hundreds to the world’s largest Credit Union, Navy Federal which has over 2.9 million members!   

In the UK there are over 600 Credit Unions serving over 600,000 members.

The Credit Union movement was introduced into Ireland in 1958 by Nora Herilhy with the support of a number of other dedicated pioneers.

Since then, the Credit Union philosophy of mutual self-help has proved very popular, and there are now over 530 Credit Unions affiliated to the Irish league of Credit Unions throughout the country.

When you turn 16 you will be able to apply to become a full member. This will make you one of the owners of the Credit Union.  Until then we welcome you as a Junior member.