Smart Money Credit Union
Smart Money Credit Union provides straightforward, affordable financial services to people living in Caerphilly, Blaenau Gwent and Newport.
What is a Credit Union
A credit union is a financial co-operative owned and controlled by its members. Credit Unions offer a friendly, convenient and secure place to save with access to low cost loans. Each member of ‘Smart Money’ makes regular payments into their savings account - this fund then provides the basis for preferential rate loans. The income generated by lending helps us meet our operating expenses, build our reserves and pay our savers competitive dividends. Our members are encouraged to save for their future, and in return they receive access to a range of financial services including affordable loans and a healthy return on their money.
Value for money
You could save yourself a substantial amount of money by choosing a credit union loan. Unlike the loans offered by many other lenders you will not be subject to any hidden charges and will benefit from built in life assurance on your savings and loans. Credit unions do not seek to profit from their members, any surplus is either reinvested in the credit union or returned to members in the form of a dividend.
How safe is your money?
Credit unions are regulated by the Financial Services Authority (FSA), the same body that regulates banks and building societies. Credit unions are also fully insured against theft or fraud so you can be confident your money is safe.
Credit Unions are also covered by Financial Services Compensation Scheme (FSCS) just like banks and building societies. The FSCS is the compensation fund of last resort for customers of authorised financial services firms in the UK. It is there to protect consumers: if a firm becomes insolvent or ceases trading, currently protects deposits held up to a limit of £50,000 (soon to be raised to £85,000)
Why join a credit union?
- Membership of ‘Smart Money’ will provide you with access to affordable credit.
- Because credit unions exist to serve their members rather than profit from them they can offer low interest loans, with flexible repayment rates and no hidden charges.
- Because credit unions often provide credit at better rates than other sources, they can help reduce the stress related to financial worries.
- ‘Smart Money’ is able to provide access to secure and regular saving through payroll deduction. Save for holidays, Christmas or home improvements and take advantage of the credit union’s built in life assurance*. We also provide an attractive return on savings.