About - M4Money Credit Union

About us

We are M for Money Credit Union Ltd

M for Money is a not-for-profit financial cooperative providing safe savings and affordable loans to members of the credit union. Unlike banks and other financial providers, M for Money is member-centred and member-led so their focus is not on making profits but providing the best service that they can for their members.

Anyone living in the London Boroughs of Harrow, Hillingdon and Brent; the counties of Berkshire and Buckinghamshire including Milton Keynes; Chiltern; Paradigm Housing Tenants; and Housing Solutions Tenants can join M for Money Credit Union.

Also, if you work in any of the below, you are eligible to join:

  • Harrow Council
  • Northwick Park Hospital
  • Ealing Hospital
  • Hillingdon Hospital
  • Hillingdon Council
  • Uxbridge College
  • Slough Council
  • Buckinghamshire Council
  • Clinimed Securicare
  • Paradigm Housing
  • Frimley Park Hospital

South Buckinghamshire Community Bank is a part of M for Money Credit Union. Part-funded by Buckinghamshire Council, our aim is to ensure that everybody who is in South Buckinghamshire is able to access our services.

How it works?

M for Money Credit Union has a Board of Directors that is comprised of unpaid volunteers that are elected annually at the Annual General Meeting. The Board of Directors monitors the finances, develops the business plan and oversees the administration. The Annual General Meeting also elects a three-person Supervisory Committee that oversees the activity of the credit union, these are also unpaid volunteers and ordinary members of the credit union.

Our Board Members are as follows:

  • Marjory Hester – Chair
  • Fiona Turner – Vice Chair
  • Dan Tomlin – Secretary
  • David Winder – Board member
  • Gary Elliott – Board member
  • Sonia Hay – Board member
  • Spencer Nash – Board member

Any surplus that the credit union makes will be split as follows:

  • There is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union.
  • Directors may need to put surplus into developing the credit union and its products.
  • In the last five years, monies have been returned to savers in the form of a dividend of 1.5%.

What is a credit union?

(Source: ABCUL)

Services that we offer

Anyone who saves with the credit union becomes a member of the co-operative and can start saving into one or several of our savings accounts. Savings can be withdrawn within five working days upon the receipt. The regular savings of our members provides a pool of cash from which we can give other members loans. The income from loans pays for the administration, the cost of regulation, external auditor and the establishment of a general reserve.

Ethics values and principles

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 unless you take a loan. Our loans see part of any repayment allocated to the members’ own savings account, so as the loan is paid off, the member accumulates savings. Over time members build up savings and end the cycle of borrowing. The low cost loans provide a real alternative to people who would otherwise borrow using expensive bank loans, credit cards, or even payday loans.

Financial Security

All members savings and loans are covered by, free to the member, loan protection and life savings insurance so the debt always dies with the debtor and is not passed on to the next of kin.

All savings up to £85,000 per member are guaranteed by the Financial Services Compensation Scheme.

M4Money data privacy notice

Here at M4Money Credit Union, we are committed to protecting our members’ privacy. In order to keep your personal information safe, we have updated our privacy policy in compliance with the new GDPR legislation. Click here to see the summary of the policy.

M for Money Credit Union is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg No. 216633 and by the Financial Services Compensation Scheme.