Are my savings safe?

Yes. We understand how important your savings are to you and how hard you have worked to build them up. We know that they are tied into your personal security, your feeling of wellbeing and your dreams & hopes. All savings are protected by the Financial Services Compensation Scheme – a guarantee of protection for your money.

What do you do with my savings?

They help your local community of Blackburn with Darwen. As a true community co-operative it all gets saved into a common pot of money – if a fellow Credit Union member requires a loan then a portion of the pot can be lent out to them at favourable rates. This keeps people in your community away from other more expensive loan providers such as credit cards, doorstep lenders, payday loan companies, online lenders and rent-to-buy stores.

Do you pay interest on my savings?

Not interest, no. As a co-operative we pay an annual dividend on your savings. It’s YOUR share of your co-operative’s profits.

How much will the dividend be?

As a not-for-profit organisation this depends on how we do over the year.  Our profits for the year go towards our operating costs and the remainder is passed onto you, our Members.

How do I join?

Easy. Just complete a simple form, pay your one-off Membership fee and show some ID. If you want a paying-in book we can give you one then or if you require Standing Order or Payroll Deduction forms then just let us know.

What ID do I need?

We work to the same legislation as banks and Building Societies on Identification but we realise that not everyone has photo ID; wherever possible, we’re a little more flexible in willing to work with what you do have. We need a selection of items – a valid passport or driving licence would be great but this doesn’t apply to everyone. A variety of bank statements, utility bills, Council Tax bills, DWP letters, wage slips etc will suffice or even a letter from a supporting professional in some cases.

How do I withdraw my savings?

If you don’t have a loan you can withdraw your savings at any time. We just need you to complete a Share Withdrawal Form and send it to us (via the office/collection points or email).  Once we receive this we can release your funds.

If you would like your withdrawal to be paid into your bank account then that is typically done the same day (Monday to Friday). Similarly if you would like it to go onto your credEcardplus.  However, withdrawals by cheque take a couple of days to organise and must be collected & signed for.

Can I take out my savings while I have a loan?

One of the things that makes a Credit Union different from other mainstream lenders is that we are required to hold a lien. This means that if your loan balance is higher than your savings balance (on your main account) we need to hold your savings as a guarantee. However, if your savings are higher than your loan then you can take out the difference.

This works really well as it protects our Members’ money (remember the money we have lent you belongs to your fellow Members across Blackburn with Darwen). Also, that pot of money – YOUR savings – are still there for you in the future. In fact, that you are continuing to add to your savings when you make repayments to the loan may mean that eventually you move away from credit altogether (even with a cheap provider like us) and use your own personal equity in future.

We also know that some people like to save for other things whilst repaying a different loan, for example borrow for a holiday in summer and yet still save for Christmas. We fully support this ethos and to help you do this you can set up a second account (called a Share 7 account) with us. This is purely a savings account (no loans) and you can withdraw on it at any time (providing your loan account is up-to-date).

How do I repay my loan?

In much the same way you have started to save with us – either by cash/cheque at out office or collection points, Standing Order from your bank/Building Society account, Payroll Deduction from your wages, online from your internet banking or via our debit card telephone/online service.

Do I have to be a member of the Credit Union to take out a loan?

Yes. We can only lend to Members of our credit union. Typically you need to be a Member for approximately 13 weeks or 3 months before applying for a loan although we do have some flexibility. You need to be saving on this regular basis to demonstrate you can afford the loan repayments.

How long does it take for my loan to be processed?

The normal process is a few working days but please allow two weeks for all administration to be carried out. You can speed this up by including all information (quotes, estimates, invoices etc) that may be pertinent to the application.

How long do I have to pay back my loan?

We can be flexible but we do have some rules. First-time loans should be repayable within a year. Christmas and holiday loans should also be repayable within a year (as they are annual events).

How do I volunteer for Jubilee Tower Credit Union?

We are still an organisation very much led by volunteers. We take volunteers from all walks of life – people that just want to give a bit back to the community, the retired who want to be involved in a community organisation, young people looking for work experience or jobseekers looking to learn new skills. If you are interested in volunteering with then simply contact us for more information.