Credit Union
A credit union is a financial co-operative that is owned and controlled by its members.
Members of a credit union must be joined by a "common bond" (e.g. they all live in a specific geographical area or they all work for a particular employer). The common bond is the only criteria for joining the credit union.
By encouraging members to save regularly and offering low cost loans, a credit union can help to keep local money in the community.
Volunteers preparing account pass books at Newton Abbot Library
Teign Reach (Part of Plough &Share Credit Union Ltd http://www.ploughandshare.co.uk) Tel: 01626 354407 .
A big push has been taking place to make credit union savings and loans available in Teignbridge. Collection points are now up and running in:
Newton Abbot Teignbridge District Council Reception
Customers visiting the shop will now be able to make payments to their savings and loan accounts.
There will also be Credit Union volunteers available (by appointment) on Wednesdays between 9.30 – 4pm for new membership.
Teignmouth Baptist Church Hall every Thursday 10.30am – 11.30
Kingskerswell Library every Friday 2pm - 4pm
Dawlish "Open Daw" every Wednesday 10.30 - 11.30am
Membership is available now!
Teign Reach, needs some volunteers to help run the development group and attend collection points,so if you have some spare time and would like to help, please get in touch ; For more information contact the Community Projects Officer on 01626 215895.
Frequently Asked Questions
What is a Credit Union?
It is a community owned 'bank'. You can make regular savings no matter how small, into your account AND take out very low cost loans should you ever need to!
Who runs it?
A credit union is owned and managed by its members. It is a non profit making community enterprise, run by local people for the benefit of local people.
Who can join?
You can join if you live or work in the catchment area of the credit union, this is any where in Teignbridge.
Is my money safe?
YES! The credit union is insured against theft and fraud and is regulated by the Financial Services Authority. There are strict legal guidelines on how it is run, with regular audits and controls.
How much can I save?
As much or as little as you wish up to £5000. The credit union is there to help you make regular savings so that they build up into a sizeable sum.
Can I withdraw money?
Yes, but we may need a few days notice. Very large sums might take longer. Most members however prefer to keep their savings intact and growing, taking out a loan instead. This ensures they remain eligible for future loans and dividends.
Do I get any interest?
All members own the credit union and share in its success. Instead of interest being paid a dividend is given at the end of each year. The more savings that you have, the more dividend you earn. At present the law allows credit unions to give up to an 8% dividend on your savings.
Who can apply for loans?
Anyone who is a member, is 18 or over and has been saving regularly with the credit union for at least 3 months, may apply for a loan. The credit union is there to get you into a savings habit. If you can show that you can save regularly it indicates that you can repay a loan regularly
Is my business private?
Totally. All officers and collectors abide by strict rules of confidentiality.
Who works in the Credit Union?
Credit unions are run by volunteers drawn from their members. If you want to be involved there is always something interesting to help with. There is training available for all volunteers. The more complicated the job in the credit union the more training there is available. As a volunteer you can also get credit union qualifications that will help you with your job prospects.