Clockwise Credit Union

About

We are a fair, responsible and people focused credit union, providing a wide range of ethical financial products and services throughout Leicester, Leicestershire and Rutland.

Story

Clockwise is about joining together as a community to provide financial services to everyone no matter what their circumstances. How it works is very simple. Members deposit savings and we use those savings to lend to other members. We charge a competitive interest rate on these loans and any surplus we give back to our members as a dividend. So the members are the shareholders and they can be sure there are no fat cats profiting from their investments. Our members’ money is totally secure as we are regulated by the Financial Services Authority and are members of the financial services compensation scheme. And as if that wasn’t enough we provide free life insurance. You can’t say fairer than that.

Interest rates on our loans can be as low as 8.7% for home owners and we are able to offer loans to people on benefits at 26.8%. If you compare this with a door step lender or pay day loans you can be sure of huge savings even on the full 26.8% rate. By allowing those residents in Melton that are currently surviving on benefits or those turned down by main stream banks a suitable alternative to high interest loans, more money is available to be spent in the community allowing it to flourish. On top of this when housing associations get involved and encourage their residents to join Clockwise, there is often a marked reduction in evictions and rent arrears.

Mission

Our vision
"Community savings and loans; leading the way in improving the financial wellbeing of our community and its people through sustainable financial products and quality customer service.

Our Mission
Credible, responsible and accessible

We will be a responsible and respected provider of a broad range of affordable and quality financial services, easy to access and managed responsibly.

Offering effective money management

We will encourage the development of good financial practice, focusing on affordability and putting people in control of their own finances.

People not profits

We aim to improve the financial wellbeing of the
people we serve by encouraging loans and
savings that benefit our communities and by
putting people at the heart of our decision.

Credit Union

We are proud to be part of the Credit Union
community and will continue to foster the credit
union ethos as a local, not-for-profit, members’
owned alternative for your money. We are a
Living Wage Employer.

Products

We offer: Savings, Loans, Young Saver Accounts, Savings Clubs, Budget and Rent Accounts and Payroll Membership