About Us

"About our Credit Union"

What is a Credit Union?

A credit union is a financial organisation that has mutual status. That means the members who put their money into it, own it. White Rose Credit Union Ltd is a democratic member-owned and controlled financial services co-operative for anyone living or working in the Wakefield District. As an independent, not for profit, volunteer-based organisation, our aim is to provide quality services to meet the needs of members whilst embracing the credit union philosophy. White Rose is affiliated to ABCUL (The Association of British Credit Unions Ltd) and authorised and regulated by the FSA (Financial Services Authority).

History

Credit unions originated in Germany and were begun by Friedrich Wilhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed a society for the purpose of assisting people to help themselves out of debt and poverty. The society evolved into the first Credit Union. Today’s modern Credit Union is the people’s bank, operating not for profit or charity, but for the benefit of the members.

White Rose Credit Union was registered in February 1997, originally as an employees’ credit union for Wakefield Metropolitan District Council and West Yorkshire Police. Now it serves the whole District, and has grown to have over 4000 members and a turnover of over £11 million.

Benefits of a Credit Union

• A credit union encourages regular saving and is happy to accept deposits of all sizes.
• A credit union provides access to low cost borrowing with interest rates fixed by law (typical APR 12.7%).
• A credit union offers a good return on savings.
• A credit union provides insurance protection.
• In a credit union your money is secure. White Rose is required by law to maintain an insurance policy to protect against fraud and theft.
• A credit union can strengthen the local economy.
• A credit union is owned and controlled by its members.