Our Mission
To operate a not-for-profit co-operative providing a safe environment for savings and fair and reasonable credit for members in the local community.
What is a credit union?
A credit union is a not-for-profit financial co-operative, owned and run for the benefit of its members. Unlike a traditional bank, a credit union exists to serve its members rather than shareholders. Members save together, and, and those savings help provide loans and other financial services to people within the local community.
More than just a place to save
Credit Unions encourage regular saving and responsible borrowing, helping members manage their money and achieve their financial goals.
What are the objectives of a Credit Union?
- To encourage members to save.
- To provide low-cost loans for members.
- To provide life insurance for eligible members at no extra cost to individual members.
What are Credit Union Operating Principles?
Credit Unions are unique, are unlike every other financial institution in their purpose, their governing rules, and the service they provide. Key differences include:
- Credit Unions do not and cannot (by law) speculate with members’ money.
- Credit Unions do not want, and cannot have, big deposits.
- Credit Unions can only lend for provident and productive purposes.
- Credit Unions only lend to their members.
- The savings and loans of our credit union members are insured (up to generous limits) at no extra cost to the individual member.
What about security and confidentiality?
In order to protect the interests and secure the operation of the Credit Union, this Credit Union carries a Fidelity Bond for all staff and volunteers. Savings with Beragh Credit Union are 100% protected by the Financial Services Compensation Scheme.
