A credit union account is a great way for the ordinary working class person or indeed any-one to save money and also get small loans to pay back at a small rate of interest.
They were first stated by F.W.Raiffeisen from Germany and they have spread over the whole world and are known by many different names.
This is a link to give you more details about credit unions.
When you first join you are expected to save weekly for about 3 months and this is to show them that you can save.
You can get a loan depending on the amount you have saved and then pay back the loan weekly as well as saving at the same time.
If you pay extra of your loan it means you can miss a payment at holiday or christmas times, paying the interest only.
One benefit is, that there is an insurance policy taken out against you and if you die the loan is cleared, and your partner/spouse will be paid out the savings and get a bonus.
Another benefit is, once a year interest will be paid to you depending on the ammount you have saved, you can get this in cash, take it of your loan or put it into your savings.
I have been a member for over 20 years and have saved all that time, when i want to change my car i get the money from them and then i can walk in with cash and bargin for the car.
I always try to pay 2 or 3 times the ammount they ask for to pay the loan to get it down quicker to get rid of it and save me paying interest.
They also have savings accounts which you can start just the same as a bank savings account.
Also you can start a childs account and when they get to the age of 16 they are brought in and get things explained to them and then they sign for the account making it their property.
dribblingpensioner 
This sounds a really good idea! I never came across anything like this in England. It really encourages people to save, but supports them when they need to buy something
PIP, they are all over England, just look in your local phone book and you will find them, lets know when you join 🙂
PIP, i added a new link under the photo, which will give you all the information you need to know.
Hi Sara, your not supposed to but as long as you are in front you can do so and as i said all you have to do is pay the interest you missed.
If your ever in Northern Ireland call in, address can by supplied 🙂
I’ve always liked credit unions. They seem more trustworthy somehow, as if they’re in the business of helping me rather than exploiting me. 😀
Yes IzaakMak, they are there to help the people and only make profit to keep the credit union working.
I saved oodles by joining the credit union where I worked by having an automatic deduction taken from the pay packet and put straight into savings. I simply had to budget very carefully with the remainder. Good reminder Harry!
Thanks Patti, i found that when i cleared the loan i carried on paying the full amount into savings, so it grew very fast.
Hi There…picked up your post on Piglet’s post.
don’t think we have anything like this in South Africa…sounds like a good idea though.
Welcome granny, i would visit PIP’s blog often, i’ll visit your’s later