We were formed in 2003 from the merger of six smaller credit unions, and, having successfully applied to the Financial Services Authority we now have a Common Bond allowing anyone who lives or works within North Tyneside to become a member.
We are part of a worldwide network of Savings and Loans co-operatives. There are over 500 credit unions in Britain alone with over 500,000 members.
Our members save regularly, giving us a pot of money to lend at affordable rates. The income generated by lending helps us meet our operating expenses and build our reserves. Any remaining profits are paid to our savers as a dividend.
We are governed by the same rules as all other financial institutions and are authorised and regulated by the Financial Services Authority (Firm reference no: 213960). Our members’ savings are protected under the Financial Services Compensation Scheme.
Map of Common Bond Area:
