British Credit Union Historical Society

Clockwise Credit Union Ltd

Highfields Community Credit Union was later to become Clockwise Credit Union was founded in 1992 as an anti-poverty initiative of local churches based at Sacred Heart Roman Catholic Church. The credit union’s founder was Fr John Lally who returned to a celebration of Clockwise Credit Union’s contribution to the local community over the past 25 years and the official opening of its refurbished head office branch in the centre of Leicester. The credit union serves anyone who lives or works in the city of Leicester, Leicestershire or Rutland, and runs community access points in Loughborough, Syston, Melton Mowbray, Coalville, Hinckley, Wykin and Earl Shilton. In 2007 this extended to the county including Leicestershire and Rutland.  2017, Membership reached 9,700 with over £3.27m in savings, 750 junior savers with £303,000 savings, 3,100 borrowers with a total of £3.24m in loans. The credit union has paid a dividend on savings in 2016 of 0.75% and 2017 doubled that to 1.5%. The credit union is partnered with organisations such as ASRA Housing, Leicester City Council, Leicestershire County Council, Blaby District Council, Melton District Council, Hinckley & Bosworth Borough Council, B-Inspired, Centrebus and Leicester College. 2018 the credit union celebrated the launch of an Open Banking partnership with TrueLayer, a leading provider of bank account API’s, to improve access to finance for its members. The partnership utilises the opportunities provided by Open Banking to allow Clockwise to access member bank account data in order to make more efficient and secure loan assessments.  This enhances members’ experience by speeding up the loan process and ensuring that the credit union is lending responsibly in its underwriting process. After two weeks of using True Layer’s technology almost 200 members have benefited from having the speed of loan decisions increased. Clockwise Credit union continued in 2018 to achieve the 5-star Fairbanking Mark reflecting not only their vision but mission, values and hard work, the dedication by staff, directors and volunteers.

Moneywise Credit Union Ltd

Started up in 1990 as a Workplace Credit Union, the “Newcastle City Council Employees Credit Union” and registered in June 1991 expanding to include councillors, the entire workforce of Newcastle city council and associated bodies such as the Tyne Tunnel, the Theatre Royal, and trade union staff. In August 2003, the credit union registered Moneywise Newcastle Credit Union Ltd and included anyone living or working In Newcastle upon-Tyne and Long Benton. Since June 2011 the credit union began trading as MoneyWise Credit Union and since then it has merged with several smaller Credit Unions and study groups and expanded to cover Tyne and Wear and County Durham. Now the leading Credit Union in North East England, offering low cost loans and accessible savings to residents and workers in Tyne and Wear and County Durham in 2017 reaching £3 Million in member deposits.

Stroud Valley Credit Union Ltd

The Credit Union, which was established 1999 to provide a sustainable money management service. Aimed at those who are excluded from mainstream banks and building societies it gives its 550 members, who are aged four to 76, the chance to save and take out low interest loansThe credit union has branches throughout Stroud district including The Shambles, the Chipping Club Room in Wotton, Berkeley Town Hall and The Arkell Community Centre in Forest Green.

The Wotton Community Bank is what used to be the town’s branch of the Stroud Valleys Credit Union, but has now been reformed.

Through the summer and autumn of 2016 Stroud Valleys Credit Union put on eight performances of Saved!, a drama loosely based in the traditions of the mummers/pantomime/European street theatre. Written by local wordy Jonny Fluffypunk, Saved! lays bare the world of tight domestic finance, the temptations of easy loans and the dramas played out daily in the residential streets of everywhere.

Stroud Valleys Credit Union" has been nominated in the Best Community Project category of the Stroud Community TV Awards 2017. 

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Latest comments

18.08 | 14:55

I am very proud to be a part of the credit union and the ethos of people helping people.

Congratulations to No1 CopperPot.

14.07 | 04:57

A very inspiring and educational experience. It awaken my interest to serve the community.

01.07 | 13:06

As schools Development Worker for Unify Credit Union, I found the schools project resources very useful.... some really good ideas, Thank you x

23.11 | 16:41
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