Who is the First Rate Credit Union?
Formed in 1982, the First Rate Credit Union Ltd is owned and run by current and retired employees of BAE Systems plc. The First Rate Credit Union is recognised by BAE Systems. First Rate Credit Union is a member of the Association of British Credit Unions Ltd, (ABCUL). We are authorised and regulated by the Financial Conduct Authority. Their website is www.fca.org.uk.
What is a Credit Union?
A credit union is a Not for Profit financial co-operative institution, that is owned and controlled by its members. Members of a credit union save in a common fund. Only people who come within the common bond of a credit union can join it and make use of its services. A credit union is directed by a volunteer Board of Directors.
How does a Credit Union work?
Regular savings form a common pool of money, which in turn provides the following benefits:
- Competitive interest rate loans, which vary according to the amount borrowed.
- Simple and flexible savings facilities.
- Annual dividends on savings if we make a surplus.
Who Runs First Rate Credit Union?
You do. As a member, you get to elect the Board of Directors, which can be you and other fellow members who then govern the Credit Union on behalf of all its members.
The Board of Directors decides the overall policy and strategic direction and monitors against delivery of the business plan.
The Internal Audit team carries out regular checks to ensure that the Credit Union is being run in accordance with the policies the board has set.
All members of these committees are members of the First Rate Credit Union.
If you are a BAE systems UK employee you can become a member and start saving directly from your payroll by applying here.