Your Credit Union (YCU)
- Savings plans that pay dividends
- Pay off expensive credit with affordable loans
- Your Credit Union Kensington & Chelsea: Tel.020 7605 6341
Kensington & Chelsea is a local credit union providing essential financial services for the local community.
Credit Unions operate like a local 'community bank'; they are not-for-profit financial cooperatives that are owned and controlled by their members.
Members have access to:
- Savings - members can save regularly knowing that the credit union’s deposits are directly supporting members and the local community
- Loans – Your Credit Union makes responsible loans of between £50 to £7500
Joining a credit union means that your money is being put to good use in your local community, helping to support local households and benefitting the local economy.
The goal of credit unions is to:
- To create a “fair and reasonable” source of loans for its members
- To encourage people to save on a regular basis
- To promote the welfare of the local community
Credit unions go back hundreds of years and were first started in Germany in the mid 1800’s. Today, according to the World Council of Credit Unions, there are 51,000 credit unions in 100 countries around the world, enabling 196 million members to access affordable financial services.
Credit unions are especially popular in Ireland, America and the Caribbean. In the UK, according to the Association of British Credit Unions, there are 405 credit unions with 983,982 members saving over £700 million.
Individual savings at credit unions are covered under the Financial Services Compensation Scheme the same as with any major bank.
Find out more on the Your Credit Union website, or call 020 7605 6341.