North Tyneside Employee Credit Union

is a non-political, non-profit making financial co-operative. It is registered under the Industrial and Provident Societies Act 1965 and the Credit Union Act 1979. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It provides employees with an easy and secure way to save, together with low cost loans.

You save regular amounts each month by payroll deduction (or standing order), and the collective savings provide the means of granting cheap loans to members. The interest charged is used to cover running costs and may allow for dividends on savings if the credit union has made a significant profit. You will be covered by free life insurance, up to the age of 80. In the event of your death, your beneficiary will receive 50% on top of your savings up to a maximum of £3,000 and any loan outstanding will be cleared. While North Tyneside Council has provided invaluable support, it has no part in the running of your Credit Union. Members are elected onto a board of directors at the Annual General Meeting and they make all policy decisions on your behalf. Some posts may receive a small honorarium. We would welcome any help or suggestions from you as to how services may be improved. Look out for notices detailing meetings and try to attend the AGM to make sure your opinions are heard.