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The Police Credit Union.

Owned by investing members. No shareholders to pay.

A credit union is a 'not for profit' financial institution owned and controlled by its members, just like a mutual building society - with no traditional shareholders to pay.

Each credit union has a 'common bond' ­ based on living or working links or membership of an association - which determines who can become a member.

The Police CU was set up by the police, for the whole of the police family - serving and retired police officers/police staff and members of their households.

With 15,000 members, we operate from regional branch offices covering England and Wales. For more information on Police Credit Union branch offices, please contact us.

Police CU operates under the terms of the Credit Unions Act 1979. It is authorised and regulated by the Financial Services Authority, the same body that covers banks and building societies.

A Wealth of Benefits

The aims of a credit union are to:

• Promote the financial wellbeing of members by helping them to build up their savings
• Create sources of credit for the benefit of the members of the union at a fair and reasonable rate of interest
• Look after members’ savings and invest them wisely for their benefit
• Offer members advice on the wise use of money and managing of their financial affairs

Simple, secure financial services to meet police employees' needs, PCU offers simple, easy access regular savings facilities with an annual dividend. Savings are made directly from pay in many forces and by direct debit in others. There is also a Cash ISA for tax free saving.

We also offer our saving members the option of fixed term unsecured loans for any purpose up to £20,000, a ‘top-up’ credit facility up to £12,000 and an alternative to overdrafts (from £500 to £5,000).

There are no arrangement fees or early settlement charges.

And, there’s life cover too, at no extra cost, for adults up to the age of 65, to repay loans or double savings in the event of a claim.

The facts. It figures.

Financially and socially, Police CU's figures make sound sense.

Credit Union rules mean PCU aims to pay a dividend on savings once a year to all their members. This is limited to a maximum of 8% of savings gross (without tax deducted) but it's generally less than this. Members' savings are kept within the 'common bond' and the money is lent to other members to help them, in return for a sensible rate of interest charged.

By law, a credit union cannot charge more than an APR of 26.8% but again, the rate we charge is generally far less than this.

Loans are subject to status, conditions and credit checks to persons aged 18 or over. Written details are available upon request.

There are over 40,000 credit unions around the world, enabling over 118 million members to access affordable financial services. For more information about the credit union movement, please visit the website of the Association of British Credit Unions Limited.

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