Newport Credit Union has nearly 2500 members and we are growing all the time. We operate from our main office in Newport City Centre but have various collection points across Newport.
Newport Credit Union is a community based financial cooperative and provides straightforward, affordable financial services to a growing number of people in the City. Unlike your average high-street lender a Credit Union is there to solely serve its members and community. Each member makes regular payments into a savings account, this fund then provides the basis for preferential rate loans. We charge a low interest rate which helps us meet our operating expenses, build our reserves and in the future pay our savers an attractive annual dividend.
Our members are encouraged to save for their future, and in return they receive affordable credit, free insurance on loans, financial advice and, when possible, a healthy return on their money. Thus the basis is that members save in a common fund.
The Credit Union's mission is to provide its members with access to reasonably priced financial services and encourage the development of good financial practice.
Members of Newport Credit Union come from varying backgrounds, from those on low incomes to members with well paid jobs. We welcome all ages, from birth onwards to save with us, and anyone over the age of 18 is able to apply for a loan.
Newport Credit Union is run by a volunteer board. This board gets elected at our AGM, which is open to anyone who is a member. We rely on our local volunteers who give up their time to help out in local communities. We have a small number of staff, and together with our volunteers we are committed to looking after the day to day needs of our members and ensuring the continuing success of the Credit Union on a whole.