ACU FAQS

Do you have a question that you don't see answered below? Ask a member of the ACU team directly by completing the Contact Us form or calling 07930 854 730.

We have split our FAQs into six main sections:

  • General
  • Savings
  • Membership
  • Loans
  • Online Banking
  • Governance

General FAQs

AER stands for ‘Annual Equivalent Rate’. It’s the official rate for savings accounts and allows you to easily compare savings accounts. It is designed to show you what you would get over a year if you put money in the account and left it there.

Here at The Adventist Credit Union, the safety of your money is important to us. This is why we are a member of the Financial Services Compensation Scheme (FSCS).

This means that your savings are guaranteed up to a value of £85,000 if anything were to happen to the credit union. If you would like to read more about the Financial Services Compensation Scheme, please see here.

The members do through election onto committees. The elected members become officers of the credit union and are educated and trained in the tasks they must perform. 

Credit unions have been successful in helping people gain a greater measure of control over their finances.  They are an effective means of teaching the value of voluntary action and community development.

The members are the Credit Union. 

  • They provide services to themselves
  • The members own and control the credit union 
  • The credit union deals only with its members 
  • The members decide on the distribution of surpluses 
  • Credit union management is voluntary

Your credit union savings are banked and used to provide the loans offered to members.

Each member’s savings are secured by the Financial Services Compensation Scheme (FSCS) up to £85,000.

In addition, the credit union covers all share deposits through the FSCS: so, 100% of your share deposits are safe. 

The main purpose of the credit union is to encourage regular savings and make loans to its members at low rates of interest. These loans are repaid in regular monthly instalments that include interest.

Your savings buy shares in the credit union. Once running costs have been met, the remaining surplus can be paid to members in the form of a dividend. 

The dividend fund is paid out as a percentage of each member’s share balance total; just like a loyalty bonus. By law, the maximum dividend percentage paid is 8% gross per year.

As a member, you commit to saving regularly with the credit union. Every £1 saved buys you a share. Children can save with the Adventist Credit Union as Junior Savers but cannot become members until they are 16 years old or qualify as borrowers until they are 18 years old.
As a member, you do. All Adventist members in England, Scotland and Wales can be (ACU) members. This is known as the ‘Common Bond.’

If you are a Seventh-day Adventist (family member of a Seventh-day Adventist) apply online at Adventist Credit Union.

When you have completed the application form you will also need to provide proof of identity and residence and pay a one-off fee of £10. and invest a minimum of £10 into your savings account.

Your savings buy shares in the credit union. Once running costs have been met, the remaining surplus can be paid to members in the form of a dividend. The dividend fund is paid out as a percentage of each member’s share balance total; just like a loyalty bonus. By law, the maximum dividend percentage paid is 8% gross per year.

Members are required to save regularly with the credit union for a minimum period of six months. They will then be eligible to apply for a loan. The amount of money you can borrow will depend upon the value of your savings. 

Repayment terms will be worked out by the credit union Credit Committee following the member’s financial circumstances.

The Credit Union has been in existence since 1984.  All loans are subject to the individual member submitting a complete and accurate loan application to support their capacity to repay a loan from the ACU.

Members must supply:

  • Details of current income and expenditure
  • Details of current indebtedness to other creditors and existing ACU loans
  • Declaration as to the accuracy of the information submitted
  • Initial loans of up to £7,000 are available to all qualifying members subject to their capacity to repay. Larger loans up to £20,000 can be considered on request.