Tees Credit Union, part of Moneywise: the smart local choice for safe savings and affordable loans.
Who is Moneywise Credit Union?
Moneywise Credit Union is a financial co-operative which offers safe savings, affordable loans and related services to their members; including financial and budgeting awareness and support. Anyone who joins must be part of the common bond and for Moneywise Credit Union this means everyone who lives or works in the North East of England
They are a not for profit organisation which means that any surplus we make is reinvested in our business running costs to improve services for their members, and if they make enough we are then able to pay out an annual dividend to all our members.
Their local offer
Safe Savings:
It feels great to have a bit of cash set aside, whether that is for something you are planning to do – like going on a well-deserved holiday; or having an emergency fund for crises such as your car or boiler breaking down. Moneywise Credit Union encourage local people to get into the savings habit as saving just £5 per week gives a pot at the end of the year of £260!
Your savings are safe as Moneywise Credit Union is covered by the Financial Services Compensation Scheme (FSCS), this scheme covers individual’s savings up to £85,000.
They offer free savings accounts to local people, juniors and organisations.
Their credit union does not pay interest – however we can pay an annual dividend to members – this is calculated using the amount of savings or “shares” the member has over the previous financial year. For the past several years, the dividend paid has been agreed as 0.5%.
If you want to become a member go to our website at www.teescreditunion.co.uk and click on Join Us
Taking Your Money Out
Making a withdrawal is easy. You can do this through our online portal at www.teescreditunion.co.uk It is easy to set up – visit the website, click on Online Banking and then register for a PIN and submit your details. Once you receive your PIN in the post you can use this to access your credit union account balances and to move your money into your nominated bank account.
Naturally, you can still arrange a withdrawal by contacting us during opening hours by calling 01642 941911, by emailing info@teescreditunion.co.uk or popping into the office at Dovecot Street, Stockton.
Affordable loans
Moneywise Credit Union are committed to offering local people access to affordable loans. The money we have to offer out on loan comes from the savings of our members – that’s how our cooperative works.
We have a range of loans with interest rates for loyal members from as low as 1% APR per month
The maximum interest we charge is 42.58% APR
Your Employee Benefit Saving and Loan Scheme
Employees of Catalyst can access our employee benefit payroll saving and loan scheme.
This means you can save or repay an affordable loan direct from your net salary.
To apply to save or borrow go to www.teescreditunion.co.uk and click on Join Us, then go to the Payroll Partners section, there you will see Join our Payroll Service, click on that and complete and submit the online form to join us, it should take less than 5 minutes – please have your NI, payroll number and bank details to hand as you will need them for the application.
When you submit the application form you should receive a confirmation email.
It normally takes 3 working days to process a loan application.
Once your savings account, or loan application, has been confirmed and legally agreed with you, we will work with your Payroll Department to set up the agreed savings or loan repayment amount, and you will be notified when that is completed.
Please note that all your information is confidential and will not be shared with your employer. All queries on your account should be directed to ourselves.
How to Contact them:
Catalyst employees and residents of our borough can visit our branch in the town centre of Stockton. You can find us at:
Tees Credit Union
38-40 Dovecot Street,
Stockton, TS18 1LN
Tel: 01642 941911
Email info@teescreditunion.co.uk
Website: www.teescreditunion.co.uk
Office opening hours are Mon – Fri, 10am – 4:30pm