Credit union service for Defence people celebrates 10-year anniversary
This month marks 10 years since the launch of Joining Forces – the collaboration of three credit unions, established to help Service Personnel and Defence civil servants save regularly and borrow responsibly.
The Joining Forces Credit Union (JFCU) service – which now supports over 27,000 members – provides a range of simple savings accounts and affordable loans, to help Service Personnel (Regulars and Reservists), veterans, and their families access financial products. Repayments can be made straight from military pay or pension.
Defence Civil Servants can also use the service, with saving and loan repayments made via Direct Debit – rather than payroll deduction.
What is a credit union?
Credit unions are not-for-profit, financial co-operatives, owned by and run for the benefit of their members. They are there to help members save and provide access to credit at fair and reasonable rates.
Why was the JFCU formed?
Before the launch of credit union services for the Armed Forces, Service Personnel often experienced difficulties accessing affordable credit because of regularly moving due to the job. This could then present challenges in terms of building up a good credit rating. The credit unions were introduced to provide a ‘not-for-profit’ alternative for Service Personnel and their families to turn to for financial support.
Since launch, the credit unions have helped Service Personnel save over £11 million – paying attractive returns to members in the form of an annual dividend on savings and fixed rates of interest. With over £71million on loan, they continue to provide a responsible way to borrow – often for those who may otherwise struggle to access affordable credit.
Learn more about the credit unions
The credit unions that make up the JFCU are:
· Serve and Protect Credit Union – formerly Police Credit Union
· First Defence Finance – a trading name of the Plane Saver Credit Union
· Forces Finance – part of the London Mutual Credit Union
Visit the Joining Forces website to learn more about the three credit unions.
For further information on the JFCU and everything else included in Your Offer – visit Discover My Benefits.