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 community of Birmingham.
- 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.
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 www.fscs.org.uk 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