Camlin Credit Union

Camlin Credit Union is a member-owned credit union based around Crumlin and Glenavy in County Antrim. It takes savings from its members, lends to them, and pays any surplus back each year as a dividend on savings rather than paying it out to outside shareholders. Membership is open to anyone living in the general area around Crumlin and Glenavy, covering all of postcode BT29 and parts of BT28 and BT67¹.

There is an entrance fee to open an account, and members are admitted during office opening hours, subject to staff availability¹. The savings account carries no monthly fees and no minimum payment, and there is no commitment to save regularly². Loans run for repayment terms of between 1 month and 5 years, depending on what the loan is for, and Camlin says over 95% of loans are approved³.

The credit union is authorised by the Financial Conduct Authority under reference 574517 and appears on the Bank of England's list of UK credit unions regulated by the Prudential Regulation Authority⁴. Savings are protected by the Financial Services Compensation Scheme, the same scheme that covers money in banks and building societies⁶.

What Camlin Credit Union offers its members

Credit unions in the UK provide loans, savings, bank accounts and other services to their members, and all of them offer savings accounts and loans as a minimum⁷. Camlin Credit Union follows that model: a savings account, a loan book, and a dividend paid on savings out of any surplus the credit union makes².

Because credit unions are owned by the people who save with them, the products tend to be simple and the charges tend to be low or absent. Camlin's savings account has no monthly fee and no minimum payment, and the credit union describes itself as non-profit, paying any surplus back to members as a dividend rather than to shareholders².

What a credit union offers beyond savings and loans varies a great deal by size. Larger credit unions offer extra services such as Christmas savings accounts, ISAs, budgeting accounts, current accounts and debt management, and some offer junior savings accounts, prepaid debit cards, insurance products and in some cases mortgages⁷. Some also offer small interest-free loans to members¹⁰. Camlin's own product set is narrower than the largest credit unions, so it is worth checking its site for what is currently available before assuming a particular product exists.

If you are comparing what a credit union offers with what a bank offers, the current accounts guide and the savings guide set out how the two models differ. The credit unions guide covers the sector as a whole.

Savings accounts and how the annual dividend works

Camlin Credit Union's savings account is the entry point to membership. There are no monthly fees, no minimum payment and no commitment to save on a regular basis². Ways to pay in include:

• over the counter by cash, cheque or debit card
• over the phone by debit card during opening hours
• online by debit card through the Members Hub
• by direct debit weekly, fortnightly, four-weekly or monthly
• by pension or social security benefits²

The return on a credit union savings account is not a fixed interest rate. It is a dividend: a share of whatever surplus the credit union makes in the year, decided by the members at the annual general meeting. Camlin Credit Union pays back any surplus each year to its members as a dividend on their savings². Across the sector, credit unions normally pay a dividend once a year, and the amount depends on how much you have saved and how much profit the credit union has made¹¹. Some credit unions describe the timing more precisely: Cardiff & Vale pays a dividend each spring, agreed retrospectively at its AGM¹³.

That structure has two consequences worth understanding. First, the dividend is not guaranteed. It depends on the credit union's financial performance and on the members approving it at the AGM, and a year with no surplus can mean no dividend¹⁴. Second, because it is a dividend rather than interest, it is declared after the year ends rather than accruing at a rate you can see in advance. Credit unions may also set their own limits on how much you can save with them¹⁶.

Loans from Camlin Credit Union: terms and repayment

Camlin Credit Union lends to its members for repayment terms ranging from 1 month to 5 years, depending on the purpose of the loan³. You have to be a member to borrow: credit unions require membership before they will consider a loan application¹⁷.

Repayment arrangements vary across the sector, and it is worth asking what yours would be. Darlington Credit Union, for example, lets members repay weekly, fortnightly or monthly depending on what suits them best¹⁹, and Pomeroy Credit Union describes repayment terms set to suit the member's circumstances²⁰. Cambrian Credit Union offers terms up to 7 years on its personal loan, with no early repayment fees, so a member can repay in full at any time without penalty²¹. Camlin's own maximum term is shorter than that, at 5 years³.

Before borrowing, it is worth comparing what a credit union loan costs against the alternatives, because the cheapest option depends on your circumstances rather than on the type of lender. Personal loans are available in person at a branch or by post, phone or online²², and credit unions are one route among several. Payday loans are a much more expensive way to borrow and are worth avoiding where any alternative exists²³.

If you are borrowing to consolidate existing debts, the debt guide sets out the options and the risks. Consolidating can lower a monthly payment while extending how long you are in debt, and it does not by itself fix the shortfall that caused the borrowing.

Savings pledged against a loan: what you can and cannot withdraw

This is the part of credit union membership that surprises people most, and it is worth understanding before you borrow.

Camlin Credit Union sets out the rule clearly. If the amount of savings in your Main Shares account is equal to or less than the loan amount, those shares are pledged as security and cannot be withdrawn. Any excess above the loan amount may be withdrawn at any time. Savings held in an Easy Shares or Direct Payments account are not pledged against the loan and may be withdrawn at any time, provided the member is not in serious arrears³.

The same principle applies across the sector. Derrygonnelly Credit Union tells members they can withdraw savings provided they are not pledged as security on a loan²⁴, and Owenkillew Credit Union states that a member with no loan account may withdraw part or all of their savings at any time during normal office hours, with the pledged savings restriction applying where a loan exceeds them²⁵.

In practice this means your savings can act as collateral for your own borrowing, which is one reason credit unions can lend to people who might struggle elsewhere. It also means that money you think of as accessible may not be, for as long as the loan runs. If you need savings to stay reachable, ask which account they sit in before you commit.

Who can join: the Crumlin and Glenavy common bond

Every credit union in the UK may only accept members who share a "common bond"²⁶. That bond can be based on the area members live in, the occupation they work in, or the employer they work for²⁷.

Camlin Credit Union's common bond is geographic. Membership is open to anyone who lives in the general area surrounding Crumlin and Glenavy, covering all of postcode BT29 and parts of postcodes BT28 and BT67¹.

There is usually a route in for people who live with someone who qualifies. Anyone in the house of a person with a common bond with a credit union can usually join, and where one family member meets the common bond and has joined, other family members at the same address can usually join too¹⁸. So if you live at an address inside the BT29 area, the household connection may be enough even if your own circumstances are less clear cut.

If you are outside the area entirely, the practical step is to find a credit union whose common bond you do meet. The Association of British Credit Unions runs a search tool and a phone line on 0800 015 3060 for exactly this²³.

How to join Camlin Credit Union

Joining starts with getting in touch. Credit unions generally ask prospective members to visit or call to confirm what information is needed⁷, and Camlin admits members at any time during office opening hours, subject to staff availability¹.

You will need to prove who you are and where you live. Camlin Credit Union asks for photographic identification such as a passport, driving licence, Smartpass or electoral card, plus a recent household bill or bank statement to confirm your address. This is a requirement under money laundering rules rather than a choice the credit union makes¹. Across the sector, the standard ask is two recent documents proving identity and address, which might be a passport, driving licence, student or work ID card, bus pass, birth certificate, bank statement or energy bill⁸.

Other credit unions show the range of ways this can work:

Some credit unions let you join entirely online through an app or a short online form²⁷.

Camlin Credit Union charges an entrance fee to open an account, and the amount is set by the credit union, so check the current figure with it¹. Not every credit union charges one: Cambrian Credit Union states there is no joining fee to use its products and services³².

Camlin also encourages all members to complete a Nomination of Beneficiary form¹. This records who should receive your savings if you die. Other credit unions take the same approach, and Faughanvale asks new members to complete one alongside their membership form³⁰.

Applying for a loan: documents and credit checks

Camlin Credit Union accepts loan applications during opening hours in the office, by telephone, or through the Members Hub if you are registered for it³. You need to be a member first¹⁷.

Have your paperwork ready. Camlin asks that your proof of identification and address verification documents are up to date, and says proof of income and bank statements may be required³. It also states that it may carry out an Experian credit search³.

That combination is typical. T.P.M. Credit Union asks for photo ID, a recent payslip and three months of bank statements for each person or guarantor on an application³³. Bacup Credit Union uses a loan application form plus a promissory note³⁴. Tay Valley Credit Union asks members to include their most recent payslip and a monthly bank statement covering one full month³⁵. If you have recently moved address, you may be asked for further documents, such as photo ID or bills and bank statements dated within the last three months³⁶.

Applications can be made in several ways across the sector: online, by post, by phone, or at a branch³⁷. Some credit unions let members apply through a member's area of their website or by collecting a form from the office³⁵.

How your savings are protected

Savings held with Camlin Credit Union are covered by the Financial Services Compensation Scheme. The Welsh Government's guidance on credit unions states that loans and savings are protected by the scheme⁶, and credit unions themselves confirm it: Bacup Credit Union says members' savings are covered by the scheme³⁸, and Carlisle and District Credit Union describes members' savings up to £120,000 as 100% protected, the same as any other bank, building society or approved financial institution³⁹. Cardiff & Vale Credit Union says savings are protected in the same way as savings with banks and building societies, and that credit unions are also fully insured against fraud¹³.

The scheme covers eligible deposits up to a set limit per person, per institution. Where you hold savings with more than one credit union, each is a separate institution for this purpose, so the limit applies to each one rather than being shared across them. Where you hold savings in more than one brand that shares a single licence, the limit applies across those brands together.

On regulation, credit unions are regulated by the Financial Conduct Authority⁴⁰, and credit unions in the Republic of Ireland are registered and regulated by the Central Bank⁴¹. Credit unions are also authorised and regulated by the Prudential Regulation Authority⁴². Camlin Credit Union Limited holds FCA reference 574517, and its permission covers accepting deposits⁴. It appears on the Bank of England's list of UK credit unions regulated by the PRA⁵.

If something goes wrong with a credit union and it cannot meet its obligations, the Financial Services Compensation Scheme is the route to reclaim eligible savings. If you have a complaint about the service you receive, the credit union's own complaints procedure comes first, and the Financial Ombudsman Service can look at unresolved complaints about firms it covers.

Contacting Camlin Credit Union and complaining

Camlin Credit Union operates from its office, and members are admitted during opening hours subject to staff availability¹. Loan applications can be made in the office or by telephone during opening hours, or through the Members Hub if you are registered³. The credit union's website is camlincreditunion.co.uk⁴.

If you have a complaint, raise it with the credit union first. Firms are required to have a complaints procedure, and if you are not satisfied with the response you can usually take the matter to the Financial Ombudsman Service, which is free to use and independent of the firms it looks at.

If your difficulty is with debt rather than with the credit union's service, free and impartial help is available. Community Money Advice offers a debt advice service you can reach by phone or by using the email link to request an appointment⁴³. StepChange also provides free debt advice, and its guidance covers credit unions specifically¹⁸. The debt guide sets out the full range of options, including where to get free help.