Credit Unions developed from societies founded by the Mayor of a small town in Germany in 1849. His idea was to help people help themselves. Credit unions are set up not for profit or charity, but to serve their members by giving a good deal to savers and borrowers. They are quite big in some parts of europe, USA, Canada, Ireland and Scotland and are growing strongly here.
The first community Credit Union in Stockport was started in Brinnington in 1989. This was followed by Houldsworth, Offerton, and Werneth. After a period of close co-operation they joined together (in December 2005) to form the Stockport Credit Union. According to rules governing credit unions and our agreement with the FSA (Financial Services Authority) anyone living or working in Stockport can now become a member.
Because it's a mutual, you are a shareholder. Other benefits include: