Welcome to Norwich Credit Union (also trading as Norfolk Save and Borrow). Since we were established in 1989, we have loaned out more than £1.5 million to our members. Anyone who lives or works in the Norfolk area can apply to join.
We are owned and run by our members, and offer access to safe savings and affordable loans (subject to a small annual administration fee). All members aged 18 and over can:
In return we ask you to:
Like all credit unions, we are regulated by the FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority), and belong to the Financial Services Compensation Scheme. This means that members' savings, up to £85,000, are safe.
Our Policy Manual provides the framework for the operation of the credit union.
At the Annual General Meeting, the members elect:
Board of Directors
Responsible for the operation of the Credit Union
Assess loan applications
Act as internal audit or check, indepdendent of the Board, and report to members
The Board also employ a part-time Coordinator and appoint volunteer service point assistants.
Our head office is at 60 London Street, Norwich, NR2 1JX; however, we have various offices around the city, one in Great Yarmouth and one in Dereham open at various times throughout the week.
All adult and junior members can save as much or as little as they can afford, by cash, cheque, savings card or standing order (forms are available from the office). You can also transfer money to your account by internet or phone banking.
Only Junior Saver accounts attract interest. Dividend policy is considered annually, and adult members may receive a Credit Union dividend, based on their share balance.
You can withdraw your Credit Union shares (savings) at any time. However, we encourage you to keep your savings so that you can:
To take out money, you need to complete a Share Withdrawal Form (also available from the office).
If you have an outstanding loan, your share withdrawal will be restricted to ensure that your loan stays within the Credit Union's loan policy. You can also transfer shares to pay off part or all of a loan. Contact the Credit Union office for more details.
We welcome young savers! When opening an account for a member under the age of 14, the Trustee (eg parent, grandparent or legal guardian) of the account needs to provide two forms of ID, including their current address, signature and preferably photo ID too.
The Trustee must also provide the name, address and date of birth of the junior member (with proof, such as a birth certificate of hospital referral letter).
Norwich Credit Union allows young savers to control their own accounts, that is, withdraw money, from the age of 14. However, the Trustees can stipulate that this is postponed until the young saver is 15, 16 or 17. At the age of 18 the account will automatically become an adult account.
Please note, young savers are not allowed to take out a loan, vote at the AGM or stand for election to any of the officers' posts.
You must be a Credit Union member to apply for a loan. We grant loans for 'provident and productive purposes', e.g. house-hold expenses, car maintenance, studies, holidays, etc.
Our loan policy
Full terms and conditions can be found in our Policy Manual. The main points are:
We provide Loan Protection insurance on the life of any member who takes out a loan. This means that if you die the balance of any outstanding Credit Union loan will be paid off in full (subject to terms and conditions). If you are over the age of 65 when taking out a loan, you will be asked to complete a statement of good health.
"I joined Norwich Credit Union because I wanted to help empower my local community. For too many access to affordable credit is next to impossible. Falling real wages mean many feel they have no choice but to turn to legal loan sharks. These parasites suck-out what little capital our local communities possess. Norwich Credit Union is a real ethical alternative. One that keeps OUR money in OUR communities. That's why I'd urge everyone to consider joining because if they flourish, we all benefit."
Clive Lewis, MP for Norwich South and Norwich Credit Union member
"The strength of Norwich Credit Union and other organisations is that they are based in the community and can solve problems for people before they consider going to a loan shark."
Chloe Smith, MP for Norwich North
"Archbishop Justin is calling on churches all over the country to work with their local credit unions, and I'm delighted to support Norwich Credit Union as it celebrates its expansion in the city. Credit unions do a lot of good work in Norwich, helping and educating people to save and borrow responsibly. They offer an ethical, community-focused alternative to payday lenders and give people a real choice about how to manage their money."
The Bishop of Norwich, the Rt Reverend Graham James
"There are two great virtues of Norwich Credit Union. Firstly, the concept is based on responsible ethical values - empowering people, treating them with respect and being non-judgemental - compared with the commercial greed and exploitation which characterises much of the conventional money lending trade. Secondly, it is a community based operation. It is about energising the local community. It is about people looking after themselves as well as looking after each other. It is about recovering the concept of community and rescuing it from the narrow cult of selfish individualism."
William Armstrong, OBE, retired Senior Coroner for Norfolk and former Sheriff of Norwich
Click on one of our four volunteers below to find out what volunteering involves, why people volunteer and what they get out of it.
Apply online today and you will be enrolled as a provisional member and can start saving immediately. Regulations mean that we must see you within one month to confirm ID and complete the papwerwork required for you to become a full member. Membership costs £1 and you need to live, work or study anywhere within the county of Norfolk or in an NR postcode area.