FAQs
A credit union is a not for profit financial co-operative owned and run by its members. Over 1 million people in the UK are members of a credit union and this is growing all the time. Credit Unions are committed to providing affordable, flexible financial services to all members of their community or profession.
We pay an annual dividend on your savings. That means that any profits we make, are used to grow the business and are passed back to the members, not to directors or shareholders.
We offer a range of loans to suit everyone's needs including Standard, Debt Consolidation Homeowner and Secured.
As part of loan agreement with us and to help our Members improve their financial resilience you pay Attached Savings as part of your loan repayment. These are savings held against your loan until its repaid.
Our maximum unsecured loan is £15,000. You can apply to borrow as much or as little as you need.
Yes, when you become a member you can and apply for a loan at the same time.
It has never been easier to pay money into your credit union account. You can pay cash or cheque into the Merthyr Tydfil branch or school/community collection points or set up a standing order from your bank.
Alternatively, if you work for a MoneyWorks Wales employer you can pay directly into your Savings account from your wages.
You can withdraw your savings via our App, our website or by emailing us at info@mtbcu.org.uk
Email us your Membership number, the amount you wish to withdraw and we will process it
We will also need your bank sort code and the last 4 digits of the account number you wish the money to be deposited into. (We must hold these details on file for you already, requests received by 3:00pm Monday-Friday will be processed the same day.
Cheques also available, ask for details*
A minimum of £2.00 need to be kept in your account at any one time to keep it open.
We are keen to keep costs to a minimum to save Member money and help tackle climate change, therefore we limit the associated costs of sending out statements and do this only once per year.
You can check savings and loan balances on the App and website, call into the branch or call us on 01685 37788.
We offer a wide range of flexible, tailored loans to suit every member. Unlike many banks and high-street lenders, we charge no fees for arrangement or early repayment and your interest payments are worked out on the reducing balance. We offer highly competitive rates of interest ranging from just 5.9% APR to a maximum of 42.6% APR.
Yes, you can open a child’s account and save in exactly the same way. As the nominated guardian you will have full control of the account until they turn 18.
You get free life insurance as soon as you become a member with Merthyr Tydfil Credit Union.
Terms and conditions apply.
