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 know if the loan is affordable to me?

It is important to your financial health that you do not take a loan which is not affordable to you. Prior to making an application, you should carefully prepare a budget for yourself to see what would be affordable to you. You could use an online budget tool like this one from the Money and Pensions Service (formerly the Money Advice Service) or you can complete our own income and expenditure form in the office. 

How do I repay my loan?

By adjusting your payroll deductions to take the loan repayment into account. For retired
employees and family members,  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 along with your latest month's bank statement and payslip. Forms are available on the internet or directly from the office.

Are there any penalties for early loan repayment?

No. None at all. You can make partial or full repayments of your loan at any time without penalty. Interest is only charged on the balance of the loan so paying it off early also means that you pay less interest than shown on your loan agreement. 

What happens if I leave the employment of BAE SYSTEMS?

Once you are a member you can remain a member, even if you leave BAE systems employment. Loans still need to be paid and savings can also continue. As it won't be able to continue through payroll deductions just let us know and we can help you to set up a standing order from your bank to make sure that your loans stay up to date and your credit record isn't damaged by going into arrears.

 What if my circumstances change?

You must complete a Change of Circumstances form, 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. For more about dividends and how you can affect them read our blog post on The Dividend Difference

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.

Do you use a credit reference agency

Yes, we exchange both positive and negative data with Credit Reference Agencies. We obtain data from them for the purpose of ID, residency and fraud checks when you join the credit union. When you apply for a loan we carry out credit checks. We report regularly to the Credit Reference Agencies on the management of our members' loan accounts. Full details on how the Credit reference Agencies may process your data can be found by clicking here.

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Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 213241
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