A credit union is a cooperative financial instituion that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.

If you are living with debt you may wish to look at our advice leaflet for peope with arrears.

What is Ipswich and Suffolk Credit Union Ltd?

Ipswich & Suffolk Credit Union was founded in Ipswich in 2001 and now has thousands of members right across Suffolk who save when they can, and borrow when they need to. It is a financial co-operative which is owned and managed by its members, with 70 volunteers and six paid staff, providing a safe place to save as well as low cost loans.

Who can join ISCU? 

Anyone who lives and/or works within Suffolk can join. You pay a one-off joining fee of £4 and an initial £1 savings deposit (£5.00 in total). Anyone over 18 can join as a full member, and we have junior accounts for under-18s. Junior accounts can be opened at no charge.

Why choose ISCU?

You will be part of a savings and loans co-operative which provides financial services to people in the local area: people helping people through fair treatment and access to services that the high street banks can’t be bothered with.

How can we help?

ISCU specialises in helping you save for a ‘rainy day’. Members save for holidays, car insurance, MOT costs, a new washing machine or car and special events like weddings, birthdays etc — anything where you need your savings to be safe and you won’t be tempted to spend them.

Other Christmas clubs are not insured to protect your money. If you run or pay into a Christmas club, contact us to advise you how you can bring your scheme under our protection.

Loans

ISCU offers loans to its members at different rates depending on how long you have been saving with us. We can also offer specialist loans to those needing a deposit or rent in advance when renting a new home - these members are often referred by one of our partner agencies.

Security

Credit Unions are authorised and regulated by the Financial Services Authority, and savings are fully covered by the Financial Services Compensation Scheme, so you can be sure your money is safe and protected by law.

More Information

There is more detailed information about Credit Union services from the Association of British Credit Unions Limited (ABCUL) - http://www.abcul.org.uk and further information is available below in leaflets from ABCUL.

 Find out more in these ABCUL Leaflets

Budgeting and Dealing with Debt

Borrowing Options

The ethical savings choice

Insurance - what you need to know

Your rights as a credit union member


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