We are working with Islington and City Credit Union Ltd. to establish a payroll deduction facility as an important benefit for all staff employed at London Metropolitan University.
The credit union is a not for profit Industrial and Provident Society established in 1997 to provide savings and loans for employees of Islington Council. To date the members have accumulated over £1,200k in savings and membership is now over 1,900 and rising. Anyone who saves with the credit union becomes a member of the co-operative and can use one of four savings/budgeting accounts. The savings form a pool of money held in trust which can be withdrawn within five working days. Any member can apply to borrow from this pool of money and because it is largely volunteer run with no outside shareholders it can offer flexible low cost loans to its members.
The primary objective of the credit union is to promote sound financial management by encouraging people to save rather than borrow. Unlike other financial institutions, there is no minimum savings level and no minimum loan value. We believe this is a cost-free way for the University to put corporate social responsibility in action and to support co-operation locally.
Islington and City Credit Union is authorised and regulated by the Financial Services Authority Reg. No. 513c