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About Us

First Choice Credit Union is a membership-based, voluntary run, not for profit, savings and loans co-operative. This means that to join a credit union and become a member you must either live or work with in our common bond area.

Members deposit their savings which are called 'Shares' and can apply for low cost loans. 

Each member receives one vote at our AGM, so whether you have £85,000 in savings with us or £5 you will have an equal say in how your credit union runs. Our AGM occurs annually in December where members vote to elect the board of directors who will govern the credit union. Members will also receive information about how much interest has received and what the costs incurred. From this First Choice are able to then offer a dividend to all it's members.

Credit Union Principles

Credit Union Ethos

As a Not for Profit Financial Co-Operative our services aim to incorporate the Credit Union Motto “Not for Profit, Not for Charity, but for Service” by

  • Encouraging thrift

  • Creating a source of credit at reasonable interest rates

  • Educating members on the wise use of money

  • Promoting the welfare of the Credit Union community

Credit Union Philosophy

The philosophy of the Credit Union Movement is grounded in the co-operative values of:

  • Equality

  • Mutual Self Help

  • Equity

“People helping People” is at the cornerstone of this philosophy. By working together through co-operation, people can achieve far more together than individually on their own.

Credit Union Operating Principles

The Credit Union Movement has adopted a common set of Operating Principles based on our Ethos and Philosophy

Credit Union Operating Principles are:

  1. Open and Voluntary Membership

  2. Democratic Control

  3. Non-Discriminatory

  4. Distribution to Members

  5. Building Financial Stability

  6. Service to Members

  7. On-Going Education

  8. Co-operation Among Co-operatives

  9. Social responsibility

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