A new credit union has been launched formed by
The Church of Scotland has joined with other denominations to launch a credit union.
The church said the initiative aims to “show banks and pay day lenders a fairer approach to finance.”
The Churches Mutual Credit Union (CMCU) is a partnership between the Church of England, Scottish Episcopal Church, the Methodist Church, and the Church in Wales.
Initially, members will be able to invest in a ‘Founder Member’s Bond.’
Ordinary savers accounts and loans will be available in March.
About 35,000 ministers, elders and workers in the Church of Scotland will be able to join the CMCU, with the intention of widening the membership in due course.
Church launches credit union
16 February 2015