Who can join First Rate Credit Union?

Any UK resident current or retired employee of BAE Systems may join.

Family membership has been suspended until further notice. 

Can I get my money out quickly?

Yes. You can withdraw your savings without notice via bank transfer.

How much can I borrow?

Normally up to five times your savings, (subject to changes in loan policy and to the maximum allowed by Law). This is set out in our lending policy.

How do I repay my loan?

By adjusting your payroll deductions to take the loan repayment into account, for retired
employees and family by bank standing order mandate.

How do I apply for a loan?

Just fill in a Loan Application form and send it to the office. Forms are available on the internet or directly from the office.

Are there any penalties for early loan repayment?

No, and you can transfer money from your savings account to your loan account (to pay off a bit more of your loan, remembering the five times ratio) by completing a Savings to Loan form and sending it to the office.

What happens if I leave the employment of BAE SYSTEMS?

If you are closing your account your total loan outstanding will become payable. It is up to you to settle any outstanding amounts directly with First Rate Credit Union. If you are retiring and wish to keep your account open then you need to make other arrangements to pay. Please speak with officers of the Credit Union for further information. Retiring employees and their immediate families may continue their membership.

 What if my circumstances change?

You must complete a Change of Circumstances form, which is available on the internet or directly from the office to record changes of name, address or beneficiary etc. and return it to the First Rate Credit Union office so that your records can be updated.

How much interest do I earn on my savings?

The Credit Union does not pay interest, however, as an owner of the credit union your savings may attract an annual dividend payment which is announced at each Annual General Meeting. The amount of dividend depends on how much surplus is available after the credit union has paid its bills, met regulatory requirements and invested in developing its services. 

Is my money safe with First Rate Credit Union?

Yes. First Rate Credit Union is authorised and regulated by the Financial Conduct Authority and are covered by the Financial Services Compensation Scheme.

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Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 213241
© 2016 First Rate Credit Union

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