The Archbishop of Canterbury joined ecumenical church leaders in February 2015 to launch a flagship credit union for ministers and employees of their churches.
At least 60,000 people, including ordained ministers, lay ministers, employees and trustees of the churches involved will be eligible to join the Churches Mutual Credit Union (CMCU).
Archbishop Justin Welby joined the Moderator of the General Assembly of the Church of Scotland, John Chalmers, and the President of the Methodist Conferences, Ken Howcroft, at Church House in London to celebrate their churches' collaboration in forming the credit union.
To find out more or to join follow the link:
Who is able to join?
Agreement has been reached with the FCA for a ‘common bond’ to allow the following persons in England, Scotland and Wales (but for regulatory reasons not Northern Ireland), to be members:
- Clergy, Ordinands, Licensed lay ministers, and Employees and Trustees (i.e. PCC members) of Anglican churches and charities.
- Persons living in the same household as the above.
- Anglican Churches or Charities based in Great Britain (up to 10% of membership.)
- The Church of Scotland and Methodist equivalent of the above
CMCU is the credit union for lay or ordained ministers, employees and trustees (including Church Council members) of the Church of England, the Methodist Church of Great Britain, the Church of Scotland, the Scottish Episcopal Church and the Church in Wales. It is estimated that at least 60,000 individuals plus churches and church charities are eligible to join CMCU.
CMCU offers a range of loan products which are the major funding stream for the dividend that will be paid on savings products such as fixed term deposit, instant access and regular (monthly) savings accounts. Loan products include a car loan scheme; personal loans up to £15,000 and restructuring loans for existing credit commitments. The credit union also offers accounts to churches and charities both for investments and also to fund mission projects and equipment. CMCU President and Archdeacon of Dorset, The Ven. Antony MacRow-Wood, said, "CMCU will help many, even in its first year of operation and, in due course, it should become a significant financial resource to the church and individuals throughout England, Wales and Scotland. CMCU will enable a virtuous re-cycling of money within the church community, through a combined portfolio of savings and loan products."
Once the credit union has built up an established track record it is intended that CMCU will be open to all church members and extend its denominational base. This will require permission from the regulators to alter CMCU's common bond (the definition of those eligible for membership). CMCU aspires to become an example of best practice in the sector and aid the Church's involvement in a critical area of national life for renewal and transformation.