Credit unions in Powys
Residents in Powys and those working in Powys are incredibly lucky, because as well as all the other benefits of living and working in this lovely part of Wales, they have three credit unions covering this County.
Cambrian Credit Union Ltd. cover the whole of Powys (as well as all of North Wales) and is one of the largest credit unions in Wales. It operates in Powys mainly in Montgomeryshire but anyone living in or having a place of employment anywhere in Powys is eligible to join. It can offer larger loans than...
Red Kite Credit Union (Undeb Credyd y Barcud Coch Cyfyngedig) which operates mainly in central Powys. It is a volunter-run credit union and may be found beneficial for smaller loans as the interest rates are lower.
Brecon and District Credit Union Ltd. operates mainly in the southern parts of Powys.
All three credit unions operate under the same financial regulation regime as high street banks and building societies, are authorised as 'deposit takers' and savings in each are separately protected by the Financial Services Compensation Scheme (FSCS).
These three credit unions have entered into an agreement to enable a greater level of inter-cooperation with the aim of making Powys a 'credit union county' so that the members can become more 'financially savvy' and less dependent on high interest lenders and keep more of their money in the local economy. This agreement also aims to increase the availability of Payroll Deduction facilities with local employers.