Islington Community Credit Union

The country’s best shadow Chancellor Vince Cable has pointed out that the collapse of Bradford & Bingley is part of the sad end of the traditional mutual building societies.

Credit Unions can provide safe, local alternatives. Islington Community Credit Union is a member-owned not-for-profit savings-and-loans co-operative (a mo-nopro-sloco?) dedicated to encouraging savings rather than borrowing.

Members can invest up to £10k, which is 100% guaranteed safe. The members (investors) agree an annual dividend rather than getting a particular interest rate. The Credit Union also provides low-cost and flexible loans to members at times when they have to borrow.

Originally the Credit Union was set up by Islington Council staff for their fellow employees. But thanks to a campaign by Highbury Lib Dem councillors Laura Willoughby and Terry Stacy, it has been extended to benefit residents too.

So now anyone living or working in Islington or the City of London can join and become a member of the credit union. You can find out more on their website.

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