What is Northern Oak Credit Union?

Northern Oak is a financial co-operative, owned and run by its members. It is a safe place to save, offers affordable credit, and encourages good money management.

Any profit left after overheads and legal requirements, is paid back to the members as a dividend, keeping the money in the local economy. There are no external shareholders, no highly paid executives, just a group of local people wanting to help each other.

How Do I Save With Northern Oak?

Saving with Northern Oak couldn’t be simpler! You can save as much or as little as you like, as often as you like! Pay in at our Collection Points, at convenient local shops via Paypoint or direct from your bank.

Are My Savings Safe?

Your money is safe with Northern Oak because we are authorised and regulated by the Financial Services Authority (FSA). Our performance is monitored by the FSA and our Board members and staff must be approved by the FSA.

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk or call 0800 678 1100

Members also have access to the Financial Ombudsman Service if they don’t get satisfaction from our complaints procedure.

Can I Apply For A Loan?

All members are eligible to apply for a loan. You should have been saving with us for a few weeks before applying for your first loan. New Members who need a loan urgently can apply for one of our Access Loans which, if granted, will be charged at a higher rate of interest. Loans are approved subject to status, your savings record to date and how much you can afford to repay each week or month.

Northern Oak loans come with no Arrangement Fees, no hidden charges and no penalties for repaying the loan early.

Does Northern Oak Provide Insurance?

Life Savings insurance is provided, at no cost to the member, making it easy to build up a nest egg for you and your family. On a member’s death, the amount of savings can be as much as doubled by the insurance (subject to certain age restrictions) and paid to whoever the member chooses (subject to conditions).

Life insurance is also built into our loans, again at no cost to the member, so if you were to die before you had repaid the loan, the insurance would repay it for you, taking the responsibility away from your family.

How Do I Join Northern Oak?

Anyone who lives or works in North Tyneside can join Northern Oak.

Simply complete an application form and provide us with proof of your identity and address. You will also be asked to pay an entrance fee of £1 and start your savings with a least £1.