Reasons for credit unions

The main reasons why people join Citysave are:
  • To create a source of credit for the benefit of members at a fair and reasonable rate of interest.
  • To promote the welfare of the communities of Birmingham & Warwickshire.
  • To save on a regular basis, thereby building up a fund of money for their own benefit ready for a rainy day.
  • Because at Citysave you are a member and not just a customer.
Because we don’t have to pay a return to shareholders, we support the local community, we are run by the local community and for the benefit of that community solely.
We are proud to serve our city.

Why we are different from banks?

We are different from high street banks because we are a Members benefit financial co-operative, owned and controlled by its members.
In addition, all surplus profits are returned to our members in the form of a dividend.
Our ethos is to promote high quality community financial services, savings plans and ethical and affordable loans, so making good straight forward financial products and services available to everyone who lives or works in Birmingham & Warwickshire.

How safe is my money?

  • Citysave is authorised by the Prudential Regulatory Authority and jointly regulated by the Prudential Regulatory Authority and Financial Conduct Authority. Registered number: 213258
  • We belong to the Financial Ombudsman Service together with banks and building societies

Peace of Mind

One benefit of saving with Citysave is that your savings are covered by the Financial Services Compensation Scheme (FSCS) which we pay into in order to protect our members savings.
The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations and all of our deposits are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit is not for each separate account but, relates to the combined amount in all the eligible depositors accounts with the credit union. For further information about the scheme (including the amounts covered and eligibility to claim) please ask a member of staff or refer to FSCS website or call 0800 678 1100.
  • Citysave operates to the highest level of financial governance, with an active Audit Commmittee.
  • Annual audits by an independent auditor, who reports to our Annual General Meeting for members
  • Annual Report & Accounts are always available

How does a credit union work?

Adults and children make deposits into the credit union to build up their savings, known as ‘shares’ for adult members.
Adult members can apply for a loan
The size of a loan depends on your ability to repay the loan. We always try to support our existing members who have a good record with us.
The interest paid by members on loans, provides the income to run the credit union.
Profits are distributed to members as a dividend.
The credit union is run by the members, for the members, with all officers being elected at the AGM and democratically accountable for their work.

The story so far

Citysave Credit Union was initially registered in 1988 as the Birmingham Council Employees Credit Union, to provide easily accessible savings and borrowing facilities to its staff.
From May 2003, we provided ethical and affordable financial services to all those who live or work in Birmingham. More recently, we’ve started to serve those who live or work in Warwickshire too.
Today, Citysave provides savings and loans to over 7,000 members from the wider community, including the county of Warwickshire. The organisation now has an asset base of over £7m and is the largest community based Credit Union operating in the Midlands area.
For further information please contact our office on [email protected] or call 0121 616 6200