Jun 8 2006
New figures show that over 600,000 adults and children are now choosing to save with credit unions in the UK, according to the Financial Services Authority (FSA).
Credit Unions are profit sharing democratically run financial co-operatives which offer convenient savings, low interest loans and help and support to members trying to manage their financial affairs.
Members make regular savings with an amount of their choice and the funds form a common pool of money from which loans are made to members – interest on the loan is charged at about 12.68 per cent a year.
Unaudited quarterly returns figures from the FSA for last year show an increase of adult credit union members to 535,881 (up ten per cent compared with the previous year) and 77,299 for junior savers (up 13 per cent).
Various organisations support credit unions including churches, community groups, Trading Standards and the Citizens Advice Bureau.
F&C Investments offers another easy way for parents or children to save with tax-free Isas, for more information click on our free brochures page.
