Norwich Credit Union

01603 764904 / 07504 433758

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AGM 2018

Norwich Credit Union held their Annual General Meeting on Thursday 8 March and a 1% dividened was agreed upon. A full report from the AGM, detailing our promising performance over the past year, will be made available shortly.

Thanks to Stop Loan Sharks (England Illegal Money Lending Team), we have an exciting offer for NEW MEMBERS!

To qualify you must:

  • Live in NR1-NR7 (Norwich), NR19 & NR20 (Dereham), NR27 (Cromer) NR29-NR31 (Great Yarmouth) and PE30 (King's Lynn)
  • Join Norwich Credit Union/Norfolk Save & Borrow
  • Save regularly for 3 months

  • Be 18 years old or above

    If you meet all 4 conditions, you'll get £25 added to your account at the end of the 3 months!

    Simply take one of our vouchers to one of our offices, or put £25-SLS in the subject line of an email if joining online or include it in the appropriate field in our join online form.


    £25 offer - terms and conditions

    - Only new members can apply - ID will be required.

    - Only those living in areas at higher risk from loan sharking will be eligible for this promotion: NR1-NR7 (Norwich), NR19 & NR20 (Dereham), NR27 (Cromer) NR29-NR31 (Great Yarmouth) and PE30 (King's Lynn).

    - A maximum of 50 new members from each postcode can take up this offer.

    - The value of the voucher is £25.

    - Those redeeming vouchers must be new members and make at least 3 deposits over a period of 3 months to be eligible for payment. This must be achieved by 16 February 2019.

    - The first 50 members to achieve 3 deposits within 3 months will receive £25 each, paid directly into their Norwich Credit Union account.

    - The promotion is only available to members aged 18+.

    Sign up today, or tell friends and family if you're already a member!


    What is Stop Loan Sharks?

    Stop Loan Sharks (England Illegal Money Lending Team) investigate and prosecute illegal lenders or loan sharks. A loan shark is someone who lends money as a business without the legal authorisation required by the Financial Services and Markets Act. They rarely give any paperwork and if repayments are missed they often use violence and intimidation to get their money back.

    When loan sharks are convicted, Stop Loan Sharks look to seize their assets under the Proceeds of Crime Act. A small proportion of the money generated from these assets can be used to fund education and crime prevention initiatives, such as this Norwich Credit Union membership incentive scheme.

    Contact the office on 01603 764904 or email if you have any questions.

  • About Us

    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:

  • Vote at the Annual General Meeting on dividend policy and other Credit Union matters
  • Stand for election to any of the officers' posts

    In return we ask you to:

  • Save at least £5 in the first 3 months of joining, and save regularly
  • Consider a low-cost loan from us, if you need to borrow money
  • Remember that all our members are affected if a loan isn't repaid
  • Contact us immediately if you get into repayment difficulties - we may be able to help
  • Tell us when you change address, email, mobile etc, so we can contact you quickly about your account

    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.

    Click here to view profiles of our Board of Directors.

    How the credit union works

    At the Annual General Meeting, the members elect:

    Board of Directors
    Responsible for the operation of the Credit Union

    Credit Committee
    Assess loan applications

    Supervisory Committee
    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.

  • Services

    Save with Norwich Credit Union and you can rest assured that your savings are being invested in an ethical organisation that uses your money to help other members of the community. If the credit union is performing well and in profit, you will receive your share of the rewards through a dividend paid as a percentage of your savings. It costs &pound1 to open an account and is free for Juniors. With our pre-paid cards members can load-up a card with a set amount of money from their Savings or Loan balance for use in shops, online and at ATMs.
    One of the key principles of the credit union movement is people helping people. We will do our best to answer any queries our members may have. Simply contact the office or drop in to one of our many service points and talk in confidence to one of our collectors. With our payment cards members can pay into their accounts or repay loans at any Post Office or PayPoint station. The cards can also be used 24 hours a day to make payments either by telephone of via the website.
    It is our policy to meet the borrowing needs of as many of our members as possible. We charge only 1.5% interest a month (19.6% APR), which means that for every &pound100 paid back in 1 year you will only pay &pound10.04 in interest. New for 2018, our internet banking facility enables members to check their balances, apply for loans, request share withdrawals and use our loan calculator.

    Where to Find Us

    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.

    60 London Street, NR2 1JX

    Opening Times

    Tuesday & Saturday 12pm-2pm
    Saturday collections are inside the Age UK shop

    The Stage, NR3 3AD

    Opening Times

    Monday 12pm-1pm
    Wednesday 5pm-7pm

    DIAL, Great Yarmouth, NR30 2NZ

    Opening Times

    Monday 2pm-4pm
    Friday 10am-12.30pm

    City Hall, Bethel St Entrance, NR2 1ZA

    Opening Times


    Aldiss Court, Dereham, NR19 1TS

    Opening Times


    St Francis Church, NR7 9UQ

    Opening Times


    The Box, NR3 3TN

    Opening Times

    Monday 9am-10am
    Only a limited service currently


    All adult and junior members can save as much or as little as they can afford, by cash, cheque (NOTE the cheques have to be made out to Norwich Credit Union), savings card or standing order (forms are available from the office). You can also transfer money to your account by internet or phone banking. Norwich Credit Union will never send you an email requesting your poassword or log-in details. If you receive a suspicious email, please let us know as soon as possible.

    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.

    Prepaid cash cards are available for use in shops, online and at ATMs. Members can also ask for a payment card, for paying money into their account at PayPoint locations and Post Offices.

    Withdrawing Your Savings

    You can withdraw your Credit Union shares (savings) at any time. However, we encourage you to keep your savings so that you can:

  • receive Credit Union dividends
  • maintain your credit-worthiness and capacity to borrow
  • continue to benefit from Life Savings Insurance Cover

    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.

    Two junior members

    Junior Savers

    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.

  • Loans

    Getting a loan with Norwich Credit Union could not be easier as this graphic demonstrates.

    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:

  • New members must save regularly for 13 weeks before they can apply for a loan
  • The maximum amount for a first-time loan is twice the amount saved
  • Our standard interest rate is 19.6% APR
  • A range of products/interest rates are available to established members
  • No loan set-up fees or penalties!
  • Free life insurance included
  • Loans must normally be repaid within 3 years

    If you borrow £100 over 12 months, you pay only £10.02 interest (APR 19.6%)

    Please note:

  • Each loan application is treated in confidence
  • All loans are subject to approval and availability of funds
  • We use an internal credit rating system. Members who have repaid previous loans on schedule have faster access to new loans
  • Small loans within policy can be dealt with rapidly
  • For large loans or loans outside policy, you may be asked to come into the office, provide additional information and/or find a guarantor. Your loan application may be referred to the Board of Directors for approval
  • Large deposits made before a loan application, above your usual savings pattern, are likely to be disregarded when your application is processed

    Free Insurance

    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.

    Download a Loan Application form here.

    Download a Shares-to-Loan Transfer form here.

  • What People Say

    About Norwich Credit Union:

    "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

    What our members say:

    Video Testimonials:

    Hear why Norwich-based guitarist Andy Kirkham is a member of Norwich Credit Union. Thanks to member David Indge Photography and Film for making the video.

    Find out how credit unions work and how they have helped their members around the country in this video created by ABCUL.


    We are always looking for more volunteers to help run the credit union. If you can spare an hour or two each week or month, please talk to one of our advisors at a service point or email us.

    How you can help:

  • Assist at one of the Norwich Credit Union service points
  • Distribute newsletters and promotional leaflets
  • Partake in marketing or fundraising activities
  • Share your skills or qualifications (such as administration, secretarial, book-keeping, IT, marketing, web development) to help the credit union

    In return you have a chance to:

  • Learn new skills and gain valuable workplace experience - which may help you find a new job in financial services or elsewhere
  • Meet new friends and get to know your community better
  • Support an ethical organisation that benefits the whole of Norfolk

  • What does volunteering for Norwich Credit Union involve?

    Click on one of our four volunteers below to find out what volunteering involves, why people volunteer and what they get out of it.



    Julia is self-employed. From a standing start, she developed her own brand of rum and coconut cream liqueur, Sisserou. She spends her days encouraging retail outlets, restaurants, clubs and wholesalers to stock her product.

    She joined the credit union because she wanted to get involved in a community-led financial institution, and she now sits on the Board of Directors, helping to make policy and strategy decisions on behalf of the members.

    As a member of FunPro, the credit union's fundraising and promotion committee, she supports the Credit Union in marketing and outreach activities. This includes going out into the community and raising awareness. She enjoys working as a volunteer because she knows she is helping people.

    "The credit union belongs to its members. It gives the community something to be proud of. It creates a caring, saving and borrowing environment in the community."



    Malcolm retired in 2015, after working for Broadland District Council for 15 years. He was responsible for complaints handling, freedom of information and data protection. Before that he worked at Orbit Housing and Norwich Union (now Aviva).

    He joined Norwich Credit Union at the beginning of 2016. Malcolm liked the community feeling and level of involvement at NCU, compared to the credit union he'd previously belonged to, and he was keen to offer his services in a voluntary capacity.

    Malcolm's main role is assisting at the credit union's Saturday service point in the city. He provides members with financial services, such as the collection/withdrawal of money and the management of their loans. He also provides information about the credit union and signs up new members, and takes part in promotional events. Malcolm is a co-opted member of the NCU board, where he is responsible for the monthly rolling review of the policy manual.

    With a background in personal finance, Malcolm is happy to use his skills and experience to make a difference in the local community. As a credit union volunteer, he gets immense satisfaction from helping people who would otherwise find themselves at the mercy of institutions which don't have their best interests at heart.

    "I'm a strong believer in local co-operative movements and believe that credit unions are a key component of these, especially in this day and age, when some members are not having an easy time financially. Credit unions allow people to manage their money independently but also partake in a community, working for the local common good."



    Danny works for a motor insurance claims consultancy on a system development project.

    He joined Norwich Credit Union in October 2012, after a chance meeting with Doreen Hatch, a long-serving credit union volunteer at his local community centre. Impressed by what he'd heard, he joined up the following week. A few months later he volunteered to join the credit union's supervisory committee.

    Danny currently serves on the IT subcommittee, focusing on computer operations. He led the redesign and construction of the new website, recently updating it to make it more accessible to mobile users.

    He joined the credit union out of desire to give something back to his local community, something he doesn't get from his day job. In 2016, he received the Tracy Slane Award, a national award which recognises an outstanding contribution to the credit union movement by a young person. Following on from this, he won a place on the inaugural CU Futures scheme, a year-long training programme designed to develop the next generation of credit union leaders. As a result he has participated an All-Parliamentary group in Westminster, attended a meeting at Citibank's Canary Wharf office, received media training from a BBC radio presenter (Liz Barclay) and accessed a national network of credit union contacts.

    In September 2017 Danny acquired a Certificate in Credit Union Professional Conduct, an industry-specific Level 3 qualification from the London Institute of Banking and Finance.

    "Credit unions provide a valuable service to financially-excluded members of the local community, providing a safety net for people against loan-sharks and mega-interest payday lenders. They have the potential to provide a viable and ethical alternative to the banking system which has failed so many communities in recent years."


    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. This covers the postal areas NR1 to NR35, PE14, PE30-PE38, IP20-IP22 and IP24-IP27.