On This Morning!
Debtwizard Facebook Debtwizard Twitter
Call 0800 197 8433 (Mon to Fri 8am-9pm, Sat 9am-3pm)
Mobiles cheaper on 0207 785 1110
Free, simple debt solutions & free debt advice

Changes to Credit Union rule will benefit consumers

Page last updated Sunday, 08 January 2012

Up to now Friendly Societies did not pay interest on savings, instead paying a dividend and they had to have a "common bond" which restricted its membership to certain groups.

However new rules mean that from the 8th January, such financial co-operatives can, for the first time, pay interest on savings and provide their services to a wider range of groups. The changes will enable them to compete more effectively with banks and more consumers will be able to take advantage of the style of banking Credit Unions offer.

The move comes about as a result of the commitment to promote this area of financial service and the number of Credit Unions, now running at a little over 400 with around 1 million members, is expected to increase.

Read more on How credit unions work and their key points.

Speak your mind


Your comment will be moderated before it shows up.

There are no comments posted yet.


For no nonsense advice just submit the short form and Mike or one of his team will get back to you.

Unsecured debt

--Debt Amount--

Home owner

Yes No

No. of creditors


Current payments

£0 - £25

Affordable payments

£0 - £25



Email Address

Phone Number


Yes No Can we leave a voicemail

Yes No Can we contact you via SMS

Yes No Can we contact you via email

Best time to call


Please note: If you continue you are agreeing to our privacy policy, available here.