WHAT IS A CREDIT UNION?
A Credit Union is a profit-sharing, non-political, financial co-operative. It is owned and controlled by its members, and exists to help members save and borrow in a fair ethical way.

HOW DOES IT WORK?
Members’ savings accumulate to form a ‘pot of money’ from which loans are offered to members at a low rate of interest.
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WHO RUNS THE CREDIT UNION?
A volunteer management group, elected by the members

WHO CAN JOIN ESSEX SAVERS? Anyone living or working in the County of Essex.

PROFIT SHARING
A dividend is paid annually to members out of profits.

Depositing SAVINGS

• Payroll Deduction
• Standing Order
• At Collection Points
• PayPoint/Post Office (2005)

BORROWING / LOANS
2 – 3 times saving initially, up to a maximum of £10, 000 plus savings eventually.

WHAT ARE THE BENEFITS OF MEMBERSHIP?

• Easy to pay in and withdraw money
• Low Cost Loans
• Safe place for saving
• Dividend on Savings (from profit)
• Free Life Assurance

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