Put simply, Adventist Credit Union Ltd is a cooperative community bank.
It is a cooperative – run by the members for the members – no external shareholders.
It is for the community – you must live and/or worship in England, Scotland and Wales to be a member. It is a local church community bank – available for secure savings and low-cost loans.
In Britain, there has been a long tradition of cooperative self-help exemplified by numerous voluntary organisations and friendly societies. The modern credit union movement shows that by working together people can achieve far more through cooperation than by individual effort.
Any group of people sharing a ‘common bond’ can form a credit union. Every eligible person has the right to join an existing credit union.
Like all credit unions, the Adventist Credit Union is a financial cooperative owned and run by its members following strict laws and regulated by the Financial Conduct Authority (FCA) – regulation number 213267. For more information about the FCA please see their website www.fca.gov.uk
How do I benefit?
- The interests of the members are served and no one else.
- There are no outside shareholders or borrowers.
- The members themselves run the credit union through elected committees.
- Unpaid officers perform many tasks, so costs are low.
- There are no management charges on savings.
- There are no arrangement fees or management charges on loans.
- There is a legal maximum rate of interest that can be charged on loans, which is no more than 22% APR. (The actual APR of the Adventist Credit Union is 12.68%).
- After running costs have been met, a dividend is paid on the shares held by each member.
- Credit unions can help members manage their money; giving them greater control over their financial affairs.
- The credit union is a practical example of people helping people in the church community.
- Your savings are protected by the Financial Services Compensation Scheme
- 24-hour access to view your account and request transactions via our website and mobile app
- Exclusive access to personal loans up to £25,000
