NEFirst Credit Union

What is a credit union? A Credit Union is a “not for profit” financial organisation that provides savings and loans accounts for its members.  We are regulated by the Bank of England, through the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and members’ savings are protected by the Financial Services Compensation Scheme.  The big difference between a Credit Union and a bank is that a Credit Union is owned and run by its members. A Credit Union does not make huge profits or reward its directors with enormous salaries.  The members of a Credit Union elect a Board of Directors, who are all unpaid volunteers, at the Annual General Meeting ever year.  As every member jointly owns the Credit Union all members can attend the annual meeting and vote in the election of the Board.  The credit union for anyone living or working in Tyne and Wear, Durham County or Northumberland.   We offer an opportunity for saving and loans at various rates of interest. We are a cooperative owned and run by its members and have a great track record of serving our members for over 25 years.