Tel: 0161 231 5222 Email:

21 August 2017

Frequently Asked Questions

Who can join Manchester Credit Union?

Each credit union has its own "common bond" which determines who can join it. Anyone who lives or works in Manchester, Bury, Stockport, Tameside, Trafford, Rochdale or High Peak can join Manchester Credit Union.

MCUís common bond also includes employees and tenants of the following organisations:

  • Great Places Housing Association
  • Arcon Housing Association
  • St Vincentís Housing Association
  • Irwell Valley Housing Association

Plus any individual who is a member of the same household as, and is a relative of, anyone who is a member of the credit union within one of the categories above may join Manchester Credit Union.

How much can I save?

You can save as little or as much as you like, however the maximum savings any one member can have in the credit union is 1.5% of the credit unionís total shareholding. This is currently around £60,000.

Are there any membership fees?

A £3 annual membership fee is charged to cover the administration of the account. You also need to keep a minimum of £5 savings in your account at all times in order to keep it open.

How can I access my account?

You can access your account online, by email, telephone or in one of our branches.

Did you know?

60% of our members save without any borrowing. The valuable life savings insurance provided by MCU provides peace of mind should tragedy strike.

When can I get a loan with the Credit Union?

Once there is money in your account, you will be eligible to apply for a loan. The amount we can lend you will depend primarily on your income and expenditure, but for subsequent loans we will also take into account your payment history and the amount of savings you have.

How do credit unions differ from banks?

Any surplus made by the credit union is returned to the members in the form of an annual dividend on savings and/or re-invested in the credit union. This means that any surplus made, stays in the community and does not go to investors or shareholders outside of your community.

What interest will I get on my savings?

MCU usually pays a 1% annual dividend on savings, although in future the amount will depend on the type of savings account you hold.

How can I get my money out when I need it?

Requests for withdrawals can be made online, over the telephone, or by secure email. Funds are transferred via faster payment into a nominated bank account. This is normally processed the same working day.

Please note that if you have taken a loan with us, then some or all of your savings may be tied into the loan until it is repaid, however you can also open a secondary savings account for instant access. Please contact us for more details.

What happens if I want to make a one off payment into my savings account?

  • You can do this either by transfer directly from your bank (please contact us for details), but please remember to include your membership number so we know who to allocate it to.
  • You can also use the Paypoint/payzone/Post Office facility using your yellow membership card.

Can members of my immediate family also join the credit union?

Yes, immediate family members living at the same address can also open an MCU account. You can either have part of your regular payment transferred to their accounts, or alternatively you can set up a separate standing order.

A lot of our members open accounts for their children or grandchildren.

What is Payroll Deduction?

Payroll deduction is having a set amount taken from your salary and transferred directly into your account with the Credit Union. You need to work for one of our payroll partners to be able to do this.

If your employer is not one of our current partners, you can ask your HR department to contact us about setting one up. There are lots of additional benefits for payroll members.

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Manchester Credit Union Tel: 0161 231 5222 Email:
Authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FRN: 213400