Frequently Asked Questions - Savings
MCU is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority FRN 213400.
We also have full protection under the Financial Services Compensation Scheme (FSCS), so your money is covered up to a maximum of £85,000 in the same way as other regulated firms like banks or building societies.
Download the FSCS Information Leaflet here, or visit Financial Services Compensation Scheme (FSCS) for more information.
Confidentiality is a priority to us. Find out more: Click to download Personal Data Guide
Credit unions also offer savings insurance at no cost to you - if you die, your family may receive as much as twice your savings*
Each credit union has its own "common bond" which determines who can join it. Anyone who lives or works in Manchester, Bury, Stockport, Tameside, Trafford, Rochdale or High Peak can join Manchester Credit Union.
MCU’s common bond also includes employees and tenants of the following organisations:
- Great Places Housing Association
- Arcon Housing Association
- St Vincent’s Housing Association
- Irwell Valley Housing Association
Plus any individual who is a member of the same household as, and is a relative of, anyone who is a member of the credit union within one of the categories above may join Manchester Credit Union.
You can save as little or as much as you like. However the maximum savings covered by the FSCS protection is currently £85,000.
There is no membership fee, but members must keep a minimum of £3 savings in their account at all times in order to keep it open (£10 if you have a loan outstanding).
You can apply for a loan as soon as you are a member of Manchester Credit Union. The amount we can lend you will depend primarily on your income, expenditure and credit history, but for subsequent loans we will also take into account your payment history and the amount of savings you have.
Any surplus made by the credit union is returned to the members in the form of an annual dividend on savings and/or re-invested in the credit union. This means that any surplus made, stays in the community and does not go to investors or shareholders outside of your community.
Requests for withdrawals can be made online via the Members Area of our website or by using the Manchester Credit Union App. This service operates 24/7 and funds are available in your bank account almost instantly. Please note that if you have taken a loan with us, some or all of your savings may be tied into the loan until it is repaid. However you can also open a secondary savings account for instant access. Please contact us for more details.
You can transfer directly from your bank account quoting your membership number. Click here for details of how to transfer money to us. You can also use the Paypoint or Post Office facility using your yellow membership card.
Yes, immediate family members living at the same address can also open an MCU account. This is a great opportunity to open accounts for children or grandchildren to encourage them to save as they get older.
BEESMART Payroll Deduction is having a set amount taken from your salary and transferred directly into your account with the Credit Union. You need to work for one of our payroll partners to be able to do this.
If your employer is not one of our current partners, you can ask your HR department to contact us about setting one up. There are lots of additional benefits for payroll members.
Click here for further information.