Sheffield Credit Union is a not-for-profit organisation, offering savings and loans to our members across South Yorkshire. Established in 2004, we have grown to provide our members with low cost, affordable loans and great ways to save.
Sheffield Credit Union is a co-operative, which means we are owned by our members. Anyone who has a savings account or loan with us is a member.
Being a member means that:
You can save and borrow with us straight away. You don't have to save before you can apply for a loan.
If you have been saving for at least 3 months, you can apply for lower-interest saver loans.
You may receive a dividend each year, based on how much surplus we make (more info).
You can attend our Annual General Meeting, and vote on proposals to decide how Sheffield Credit Union should be run.
If you want to be more involved in helping to make decisions about Sheffield Credit Union, you can join our voluntary board of directors.
What makes Sheffield Credit Union different from a bank?
Sheffield Credit Union has lots of advantages over traditional banks.
You are our top priority: Because we are owned by our members and don't have outside shareholders demanding big profits, we can focus on supporting our members' financial wellbeing and goals. When we make a surplus, we use it to improve our services, or we pay it back to our members as a dividend.
Your money stays local: Credit unions are about local people supporting local people. We lend to families and individuals in South Yorkshire, and we work closely with local businesses and public bodies, to provide services that make a difference for our members.
Your membership supports our ethical lending: We offer small, accessible loans at lower interest rates than other providers, with transparent costs and no unexpected fees. If a member's credit history is poor, we support them to improve it. We assess loan applications carefully, to make sure that we don't make a difficult financial situation worse, and where appropriate, we also provide information about other sources of support, including government grants, debt advice and gambling support.
What are the other benefits?
Lifelong services: Once you become a member of Sheffield Credit Union, you can remain a member for as long as you want, even if you move away. We offer services for every stage of life: from Junior savings accounts, to payroll services, to life savings insurance.
Your money is safe with us: We are regulated by the Financial Conduct Authority (FRN 213679) and the Prudential Regulation Authority, and authorised by the Prudential Regulation Authority. Your savings with us are fully protected by the Financial Services Compensation Scheme*: see FSCS for more information.
We hold an Annual General Meeting every year, where all our members are invited to hear updates on what we are doing, discuss and vote on proposals about the future of Sheffield Credit Union. See our annual reports for more.
*FSCS protects deposits up to £85,000. The maximum you can deposit with us is £25,000.
It's not just our opinion
We're proud to have received a number of awards in recognition of our work, including the following:
Awarded the FairLife Mark
We have been awarded the FairLife mark, in recognition that our loans are well designed in the interest of consumers. Only lenders who "price honestly and trade fairly with customers" are approved. You can find out more about the FairLife Charity at www.fairlife.org.uk
Promoting Financial Inclusion
Winner 2020
See past awards
