A local credit union now accepts members living in South Bucks. Credit unions are not-for-profit financial cooperatives (community banks) offering safe savings and affordable loans to members.

M for Money Credit Union is authorised by the Financial Services Authority and members’ savings are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. Credit unions make responsible loans to members at rates that compare favourably to commercial lenders.

Savers receive a ‘dividend’ paid from the surplus of loan interest income minus expenses. M for Money’s current dividend is 3% and its highest lending rate is 28.6% APR (a loan of £100 repaid over 12 months would be charged interest of  £13).

Credit unions are required by law to restrict membership to applicants with a ‘common bond’ – a geographical area, an employer or industry or membership of a religion or trade union.