No 1 CopperPot Credit Union

No 1 CopperPot Credit Union is a member-owned credit union for people who work in, or have retired from, the UK police. It takes savings from members, pays a share of profits once a year rather than interest, and lends to members out of the money they have saved between them. It is not a bank: there is no branch network to walk into, and membership is restricted to people who share its common bond.

No 1 CopperPot Credit Union is a credit union whose members' savings and loans are protected by the Financial Services Compensation Scheme¹. It offers savings accounts and loans, and the Financial Services Register shows it also holds permission to enter into a regulated mortgage contract as lender². Its website is www.no1copperpot.com².

Savings with it are covered by the Financial Services Compensation Scheme up to £120,000 per depositor, and the credit union states that eligible deposits are protected up to that total³. The sections below cover what it offers, who can join, how to run an account and what to do if something goes wrong.

What No 1 CopperPot Credit Union is and who it serves

A credit union is a financial co-operative owned by its members. All credit unions in the UK may only accept members who share a common bond, which is what ties the membership together, whether that is an employer, an industry, a trade union or a place⁶. No 1 CopperPot's common bond is occupational: it serves people employed by, or retired from, the UK police⁴.

That structure shapes what the credit union does. Members' savings are used to fund loans to other credit-worthy members, so the money circulating in the credit union stays within it⁷. Credit unions are run on a not-for-profit basis, and any surplus is shared among members rather than paid to outside shareholders⁷. The wider purpose is to provide access to fair and affordable credit, including for people with a poor credit history who may struggle to borrow from mainstream lenders⁸.

The sector is small but established. The first credit union in Britain began trading in 1964⁹, and UK credit unions reported total assets up 1.97% on the previous year in 2025¹⁰. Most local areas have a credit union of some kind, though the common bond decides who each one can actually take¹¹.

For a reader, the practical point is that No 1 CopperPot is not a general-purpose bank. It is a savings and loans institution for a defined group of people, and the products it offers reflect that. If you are outside the common bond, the credit unions guide explains how to find one that covers you.

Savings with No 1 CopperPot: how the accounts work

Savings at a credit union are usually held as shares in the organisation rather than as a bank deposit, and the return is a dividend, which is a share of any profits, rather than interest¹². The Consumer Council for Northern Ireland puts it the same way: profit shares are distributed among members annually and are known as a dividend¹³.

No 1 CopperPot's savings terms and conditions set out the accounts it offers and how each one works¹. The credit union also runs a Junior Account, where the dividend is paid once a year into the account on the working day after the annual general meeting⁴. A dividend is not guaranteed, because it depends on the credit union's profits¹⁴.

The accounts themselves vary in how much access they give. Some credit unions offer instant access savings that can be operated online, by phone or in a branch, and allow more than one savings account without affecting any loan¹⁵. Others lock money away for a set term. No 1 CopperPot publishes the terms for its fixed term deposit account and its regular saver accounts on its own site, and those documents are where the current figures sit¹⁶.

Two features are worth knowing before you save. First, some credit unions ask members to build up savings before they will lend, so a savings habit can be the route to borrowing later¹¹. Second, savings held with a credit union count towards the same compensation limit as any other deposit you hold with it, which is covered below.

Mortgages from No 1 CopperPot

Credit unions in Great Britain can offer mortgages, and the Financial Services Register shows that No 1 CopperPot holds permission to enter into a regulated mortgage contract as lender². That permission is what allows it to lend against property at all; it does not tell you what the credit union currently offers or on what terms. Where credit unions do offer mortgages, these tend to have higher rates than mortgages on offer from conventional banks and building societies³.

The wider credit union sector is built around savings and loans, and mortgages are not the core product for most credit unions⁷. Where a credit union does lend for a home, the loan is funded from members' savings in the same way as its other lending⁷. If you are weighing up a mortgage, the mortgages guide sets out how lenders assess affordability and what the process involves, and the home buying guide covers the steps from offer to completion.

Because No 1 CopperPot does not publish mortgage rates on the pages covered here, anyone considering borrowing against a property needs to ask the credit union directly what it currently offers, and check the terms in writing before proceeding. The same applies to any other product where the credit union's own site carries the current figures.

Who can join No 1 CopperPot

Membership is defined by the common bond. No 1 CopperPot describes a qualifying member as someone who fits its common bond, which covers people employed by, or retired from, the UK police⁴. Credit unions may only accept members who share a common bond, so this is a legal restriction rather than a marketing choice⁶.

Credit unions commonly extend membership to people connected to an existing member. Anyone in the house of a person with a common bond with a credit union can usually join, and other family members living at the same address can usually join once one family member meets the common bond and has joined¹¹. Some credit unions also widen eligibility to students, local workers and relatives of existing members¹⁸. Whether No 1 CopperPot applies any of these extensions is something to confirm with the credit union, because the terms are set by each one.

If you are not part of the police family, other credit unions cover other groups. Serve and Protect Credit Union, for example, takes serving police officers and staff, wider law enforcement, National Crime Agency staff, people receiving a police pension and family members of existing members, and it has partnerships with over 35 police forces¹⁹. It also says that people outside the police family may still be able to join if they fit its field of membership¹⁹. The credit unions guide explains how common bonds work across the sector.

Managing your account online with No 1 CopperPot

Credit unions have moved a long way from the paper passbook. MoneyHelper notes that credit union current accounts usually come with no credit check or overdraft, and that members can typically pay in or take out cash at the credit union, have wages, benefits and pensions paid in, and use online, mobile or telephone banking, along with budgeting advice and support¹².

No 1 CopperPot's own terms and conditions cover how its accounts are operated, including the credit reference agency information it shares while you are a member, which includes settled accounts, repayments and whether you repay in full and on time⁵. That matters for your credit file: the credit scores guide explains how lenders and credit reference agencies use that data.

One term to be aware of is set-off. The credit union's loan terms state that it may use any credit balance on any other account you hold with it to reduce or repay sums you fail to pay, after giving a reasonable opportunity to remedy the breach⁵. In practice that means savings held with the same credit union are not ring-fenced from a loan in arrears.

How to join and open an account

Joining a credit union starts with the common bond. You need to have a common bond to open an account with a credit union, and you must be a member to get a loan from one¹¹. Some credit unions ask you to build savings first, so the savings account often comes before any borrowing¹¹.

The process itself is usually straightforward. Credit unions generally ask you to visit or call to confirm what information they need to join⁹. No 1 CopperPot's own joining route is through its website, and its product pages state that you must be a member before you can apply for a specific account, such as the fixed term deposit¹⁶.

A typical sequence looks like this:

1. Check that you fit the common bond, in this case employment with, or retirement from, the UK police⁴.
2. Contact the credit union or use its website to confirm what it needs from you to join⁹.
3. Complete the membership application and provide identification.
4. Open a savings account and, if you want one, apply for a specific savings product such as a fixed term deposit¹⁶.
5. If you later want to borrow, apply once you are a member, and expect the credit union to look at your savings history with it¹¹.

If you are outside the common bond, the Association of British Credit Unions can help you find one that covers you, and its finder site lists credit unions by area⁷.

Complaints: going to the Financial Ombudsman Service

If something goes wrong, the first step is always the firm. The Financial Ombudsman Service asks consumers to complain to the company involved before bringing a complaint to it²¹. No 1 CopperPot's loan terms give the contact details for complaints: phone 0161 741 3160, email info@no1copperpot.com, or write to Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, Stockport, SK8 3GX⁵.

If the credit union does not resolve the complaint to your satisfaction, or does not respond within the timeframe it is allowed, you can take it to the free Financial Ombudsman Service¹². No 1 CopperPot states in its terms that it is a member of the Financial Ombudsman Service, which offers an independent review service¹⁷. The ombudsman can look at whether a provider treated you fairly and reasonably²².

The ombudsman service can be reached through its website or by phone on 0300 123 9123²³. Complaints about credit referencing also have a route to the ombudsman once the agency's own complaints procedure has been used²⁰. If a complaint relates to a claims management company rather than the credit union, the same service handles it, including disputes about the results of a claim or the fees charged²³.

How your savings are protected at a credit union

Savings and loans with credit unions are protected by the Financial Services Compensation Scheme⁸. All shares, meaning savings, in an affiliated credit union are eligible for protection under the scheme⁷. No 1 CopperPot states that it is protected by the FSCS and that members do not need to take any action to ensure their protection³.

The limit is £120,000 per depositor per bank, building society or credit union³. No 1 CopperPot's own documents confirm that eligible deposits are protected up to a total of £120,000 by the Financial Services Compensation Scheme¹. Business accounts are treated differently: eligible deposits in business accounts are treated as if made by a single depositor and are only protected up to £120,000³.

Two points are worth holding on to. The limit applies per depositor per bank, building society or credit union, not per account, so multiple accounts with the same credit union share one £120,000 ceiling³. And the FSCS advises checking whether the particular activity a firm is carrying out for you is regulated by the PRA or the FCA, because protection depends on the activity as well as the firm¹.

No 1 CopperPot also runs a life protection benefit, which may double the balance of your savings and clear any outstanding loan balance, subject to criteria and paid at the discretion of the board of directors¹⁷. The credit union is explicit that this is not an insurance policy and is not guaranteed¹⁶. Anyone who needs cover they can rely on should look at protection insurance instead, where the policy terms are contractual.