Adult Membership Of Credit Unions Is Increasing And Members Taking Out More Loans
1st May 2024
The latest information from the Bank of England shows that adult membership of credit unions across the UK is increasing.
The total number of adult members has been steadily increasing. In 2023 Q4 there were 2,094,954 members, which represents an increase of 1.92% quarter-on-quarter.
The number of juvenile depositors has trended in the opposite direction, declining by 0.85% from 2023 Q3.
Loans to members increased by 5.55% quarter-on-quarter to £2.46 billion. All four countries have seen an increase compared to last quarter.
Total income increased by 11.29% to £102.22 million quarter-on-quarter, passing the £100 million mark for the first time, while total expenditure has increased by 12.03% to £89.44 million.
Both the total value and the total number of net liabilities in arrears have increased from 2023 Q3, growing by 7.37% and 3.46% respectively.
In Highlands and Islands the Hi-Scot credit union is open for member ship to all residents. They now offer online banking and you can join online. Worth checking what benefits are available to savers and borrowers. Hi-Scot is a non profit group and run by its volunteer directors and staff. All deposits are covered by the Bank of England deposit guarantees like all other banks,
www.hi-scot.com
What are Credit Unions?
Credit unions are mutual societies that are run as
financial co-operatives. They are community based organisations, many of which are staffed by paid staff in some cases and controlled by volunteers. Credit unions are set up for the benefit of a particular group or community that share a common bond. This common bond might be living or working in a certain area, belonging to a particular organisation, or working for a certain employer.
To use the facilities of a credit union, you must become a member, often for a nominal fee.
Although credit unions exist primarily to provide savings and loans to their members, some are able to offer more specialist services such as basic bank accounts, cash ISA's and funeral planning. A limited number of credit unions offer mortgage products.
2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
UK 1,981,921 2,007,858 2,037,329 2,055,533 2,094,954
England 900,817 917,589 930,327 939,462 954,038
Scotland 377,716 385,383 399,133 408,550 424,707
Wales 67,403 65,821 66,397 65,219 69,182
N Ireland 635,985 639,065 641,472 642,302 647,027
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Many people want to save and help their community by making funds available at good rates from a local entity such as Hi-Scot Credit Union that covers Highland and Islands. Credit Unions encourage savings as well as offering affordable borrowing but lets take a closer look.
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At meeting of the board of the Hi-Scot Credit Union the directors agreed not to follow other institutions like banks to put up interest rates. Well worth checking what rates you can still get from a credit union.
Hi-Scot credit union covers the Highland and Islands and is a not for profit organisation helping more and more people. Hi-Scot has been growing slowly over recent years and now holds significant savings.
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Addressing credit union professionals at the ABCUL Conference last month, John Glen MP, Economic Secretary to the Treasury, highlighted the positive impact the sector have in communities across the country. The Minister thanked credit unions in his speech for "delivering services that your members, communities, and the country need...
As the world begins to hesitantly open up, it's no surprise that the past two years have taught us the value of shopping local. But have you ever thought about banking local? "A credit union is rooted in the community, especially as it is owned by its members and not external shareholders," said David Mackay, General Manager of HI-Scot Credit Union.
