“As a supporter of the Cooperative Movement I welcomed the introduction of M for Money into Harrow and was happy to be one of the first to join along with several of our local councillors.
Credit Unions are great places to save and if you need to borrow they offer loans at really low interest rates. It is not just me that says that but also Martin Lewis from “Martin’s Money Tips” fame.
Being a not-for-profit cooperative M for Money Directors are all volunteers unlike banks and building societies whose Directors are handsomely rewarded. This means that for the last five years M for Money has been able to pay a 1.5% dividend on all savings accounts.
M for Money like all credit unions are authorised and regulated by the PRA and FCA and their savings are covered by the Financial Services Compensation Scheme unlike some other schemes. In the unlikely event that M for Money went bust, your savings are fully protected.”