A financial cooperative, owned, and controlled by its members for its members.

Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.

The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. The most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational Bond (where all members are in the same occupation or work for the same employer); Associational Bond (where all members are in the same society or association).

As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

Every £1 saved is equivalent of one share in a credit union. A minimum saving of £1 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.

Each credit union serves members drawn from particular area or group - this is known as a common bond. Our common bond is “All those directly involved in Education and Training, living or working in Northern Ireland". Spouses of members are also eligible to apply for membership. This includes:

1. Persons Employed:
   • As Educators and Trainers in Northern Ireland Schools, Further Education Colleges, Universities, Training Workshops.
   • As Learning Support Staff.
   • By the Education Authority (NI), CCMS, CSSC, GTC, CCEA, Department of Education (NI)
   • By the Education and Training Providers in Administration and Ancillary Roles.
   • By Trade Unions within the Northern Ireland Education and Training Sectors.
2. Adult child of existing member i.e. 18+ and residing at the same address.
3. Spouse/Civil Partner of existing member.

To join the Credit Union, you'll need to provide the following:

1. Photographic ID: You need to provide 1 form of photographic identification, i.e. a current valid Passport, Drivers License, Electoral ID Card or National Identity Card.
2. Address Verification (dated within 3 months): You need to provide one form of address verification i.e. Utility Bill, Bank/Credit Card Statement, Tax coding notice or Drivers Licence (if not used as photographic identification)
3. Proof of Common Bond: You will need to provide a Payslip dated within the last 3 months to demonstrate you meet our common bond criteria. Please note if joining as a Family Member, this criteria does not apply.
4. A membership fee of £5 is required to open an account and a minimum balance of £1.00 is required to keep an account active.

You can become a member online by simply downloading our mobile app. With advanced biometric facial verification, and the ability to submit proof of ID, we're offering you a safe and reliable way to become a member. Learn More

Each and every £1 you save is equivalent to 1 share in the credit union. Our savings limits are as follows:

• Maximum deposit of £1,000 per month
• Maximum total shares of £15,000

Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme (FSCS). Please go to https://www.fscs.org.uk for more information.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.

Every £1 you save before the age of 55 provides £1 of insurance. Once you are over the age of 55 each £1 you save with your credit union provides the following benefit:

• £1 saved between ages 55-59 provides £0.75 insurance
• £1 saved between ages 60-64 provides £0.50 insurance
• £1 saved between ages 65-69 provides £0.25 insurance

No insurance is payable on amounts saved after your 70th Birthday

A new member of TCU can apply for a loan immediately after joining. Once the one-off membership fee has been paid by way of a credit to activate account, loan applications of up to £10,000 can be made via the TCU online banking app or by contacting the office on 02890309770.

Members are eligible to apply borrow up to £35,000 (£20,000 plus the balance held in their share account). New members applying for their first loan can borrow up to £10,000.

Currently, TCU only offers the facility for members to hold one loan. However, members are welcome to apply for a Top-Up loan where an additional balance is added to their existing balance and combined into one monthly repayment.

The funds in your shares may be held against your loan as security and therefore cannot be withdrawn whilst repaying your loan. The amount used as security is dependent on the amount borrowed and the amount held in shares.

Whilst we make every effort to make our loan products as affordable and competitive as possible, we are aware there may be circumstances where lower loan rates are available elsewhere. However, a loan with TCU offers many additional benefits not commonly seen with other lenders and we feel these added extras are invaluable to our members.

Whilst many other lenders advertise a representative APR, this is commonly not the interest rate given to most applicants and is based wholly on credit scoring. We pride ourselves in offering the same interest rate to all members meaning the rate you see, is the rate you get and this wont change dependent on your financial circumstances.

TCU adds interest to your loan on a daily basis and this is calculated on a reducing balance. So, as your loan balance falls, the amount of interest you’re paying back also reduces. There are no early repayment fees or charges with TCU

The loan interest rebate is another way we like to give back to our members. This is an extra benefit to our borrowing members. As borrowing is the life blood of the Credit Union we deeply appreciate our members who turn to us for their borrowing needs. The loan interest rebate is a percentage of the interest paid by the borrowing member, which is given back to them at the end of the year from the surplus of income. The percentage is announced each year at the AGM and is then paid into the members’ savings accounts the following morning. Another great reason to come to us for lending!

Did you know that all loans issued by the credit union are fully insured? This means that unlike a standard personal loan or car finance, your loan will be fully cleared in the event of your death.

Our loans are flexible and can be repaid at any stage without penalty. We operate our interest on a daily pro-rata basis, so any overpayments to your loan will reduce the total amount of interest payable.
There are no fee's associated with TCU loans.

Teachers' Credit Union accepts loan applications from all members however the amount applied for may be impacted by your age. Please note that all members are eligible to apply for a loan of up to £8,000 until the age of 85. If you would like to discuss your own individual lending requirements, please contact the office on 02890309770 where a member of staff will be happy to assist.

Teachers' Credit Union follows responsible lending practices, assess each member as an individual and always consider each members personal circumstances. However, there may be times where we are unable to lend to a member. Some examples of these reasons may be found below.

• Affordability/Ability to repay the loan: Where a member cannot evidence the ability to meet their repayments for the duration of the loan as well as other financial obligations, we may be unable to lend on that account.
• Poor Credit History or non-payment of a previous loan: Some loan applications may require the production of a credit report. Should this credit report demonstrate a poor history of repayment with other lenders or if the member has had previous poor repayment history with TCU, this may result in a loan refusal.
• Gambling: There is nothing illegal about gambling. However, we do have a duty, under regulations, to lend responsibly. If gambling transactions are evident, we will consider whether these transactions are reasonable and responsible. We will particularly look at the frequency of these transactions and the size of the transactions in relation to a member’s income.

No, all insurance benefits are complimentary for our members and paid as an operating expense by the Credit Union.

Whilst you are welcome to deposit a total of £15,000 into your share account, a maximum deposit of £1000 monthly is permitted. Lump deposits larger than this will be returned.

Any share withdrawals will impact the amount you hold in life insurance. To be eligible for Death Benefit Insurance worth £1500, members must hold at least £100 in their share account. If you are considering making a withdrawal from your share account and would like more information on the impact this may have on your life insurance, please contact a member of staff in the office on 02890309770.

Teachers' Credit Union advises all members to complete a Nomination Form which can be held on file and attributed to your account. A Next of Kin nomination is your opportunity to name the person, or persons, you wish to receive your shares, and any insurance attached to them in the event of your death. This money is generally paid directly to your nominee.

It is vital that you ensure your preferred Nominee is up to date, if you would like to check who you have nominated to receive your shares and insurance benefits, please contact a member of staff in the office on 02890309770.