About Red Kite Credit Union ...
Undeb Credyd y Barcud Coch Cyfyngedig, trading as Red Kite Savings and Loans (RKCU) and as Red Kite Credit Union (RKCU) is a credit union Authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and the Prudential Regulation Authority, similarly to high street banks and building societies and many other types of financial services companies.
A credit union is a mutual financial organisation owned and managed by the members. All credit unions in the UK are authorised as 'deposit takers' and such deposits are called shares in the credit union. A credit union pays its running expenses and aims to make some profit by lending money to members from the pool of deposits. Although some large credit unions can pay interest on deposits, most cannot but can distribute surplus profit as a dividend.
Each registered credit union is a separate company and has a 'common bond' that defines the eligibility criteria for membership. For Red Kite Savings and Loans the common bond is geographical and covers the whole of the County of Powys so that anyone living in or having a place of employment in Powys is eligible to join. 16 is the minimum age for full membership. Red Kite Savings and Loans, like many others, offers a separate 'club' for youngsters (we call them Young Savers) below 16. There is no minimum age for a Young Saver.
Within the 'Young Savers Club' Red Kite Savings and Loans operates a number of School Savings Banks which aim to give the young persons experience in handling money and in the merits of building up savings for such things as school visits. These savings banks are generally at Primary Schools and are operated by school staff and the pupils with assistance from personnel from the credit union. More information is given here.
Each credit union is a separate company and a separate member of the Financial Services Compensation Scheme (FSCS) that protects each member's savings up to the current limit of the scheme, which is £85,000. There are eligibility criteria that are given in the FSCS information sheet and exclusions list, which can be seen and downloaded on the Downloads page under Resources. You will be given a copy of this when you join, and annually subsequently. Other important information for members about the credit union is given in this document