Credit union is stronger as merger completed

A MERGER has created one of the largest credit unions in the Midlands.

Clockwise Credit Union, based in Leicester city centre, has over the past decade expanded its membership to provide ethical financial products and services to over 16,500 in the city and county, plus Rutland and Northamptonshire.

It has now added Coventry and Warwickshire to that list following a merger with New Central Credit Union, based in Coventry. The new entity is now one of the largest community credit unions in the Midlands, with 20,000 members, savings of £11.7 million, a combined loan book of £7 million and assets of £13.5 million.

Teresa Manning, of Clockwise, said: “We’re really pleased the merger has come together. Clockwise aims to vastly improve the services to New Central Credit Union members. We can improve the provision of affordable and ethical financial services in Coventry and Warwickshire, where credit union membership is relatively low and, in broadening our geographical base, widening the positive social impact credit union products and services have on a local economy and in supporting the financial wellbeing of the community.”

Clockwise is like a bank, in that it offers savings accounts and loans, but the main differences are that it is run on a not-for-profit basis and is owned by its members.

Services include loans, from £50 up to £15,000, with no hidden fees or penalties and all applicants considered, regardless of circumstances. It also offers flexible, easy access savings accounts, and accounts tailored to help people to make sure they pay their bills on time

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