Credit union service for Defence people celebrates 10-year
anniversary
This month marks 10 years since the launch of Joining Forces – the collaboration of three credit unions, established to help Service
Personnel and Defence civil servants save regularly and borrow responsibly.
The Joining Forces Credit Union (JFCU) service – which
now supports over 27,000 members – provides a range of simple savings accounts
and affordable loans, to help Service Personnel (Regulars and Reservists), veterans,
and their families access financial products. Repayments can be made straight
from military pay or pension.
Defence Civil Servants can also use the service,
with saving and loan repayments made via Direct Debit – rather than payroll
deduction.
What is a credit union?
Credit unions are not-for-profit, financial
co-operatives, owned by and run for the benefit of their members. They are there
to help members save and provide access to credit at fair and reasonable rates.
Why was the JFCU formed?
Before the launch of credit union services for the
Armed Forces, Service Personnel often experienced difficulties accessing affordable
credit because of regularly moving due to the job. This could then present challenges
in terms of building up a good credit rating. The credit unions were introduced
to provide a ‘not-for-profit’ alternative for Service Personnel and their
families to turn to for financial support.
Since launch, the credit unions have helped Service
Personnel save over £11 million – paying attractive returns to members in the
form of an annual dividend on savings and fixed rates of interest. With over
£71million on loan, they continue to provide a responsible way to borrow –
often for those who may otherwise struggle to access affordable credit.
Learn more about the credit unions
The credit unions that make up the JFCU are:
·
Serve and Protect Credit Union –
formerly Police Credit Union
·
First Defence Finance – a
trading name of the Plane Saver Credit Union
·
Forces Finance – part of the London
Mutual Credit Union
Visit the Joining Forces
website to learn more about the three
credit unions.
For further information on the JFCU and everything
else included in Your Offer – visit Discover My
Benefits.