Have your share in something big
By joining Clockwise you will become part of one of the UK's most exciting, dynamic and fast growing financial co-operatives that is just for the people of Leicester, Leicestershire and Rutland. Because we are a not-for-profit organisation we can pass on the savings to our members by providing affordable loans, safe savings and attractive financial products. This means that your share contributes to keeping money within the local community and at the end of each financial year, any cash surplus generated by Clockwise is given back to members as a dividend on savings!
Clockwise is a credit union for people who live and work in Leicester, Leicestershire and Rutland. It came into existence in November 2002, when the Financial Services Authority (FSA) gave permission for Highfields Credit Union to operate across the city, and in 2007 this extended to the county including Rutland (Registered Number FRN213498).
Download our 2012 Annual Report or previous annual reports from the Leaflets and forms section
Facts and figures
We currently have over 7500 active adult members with over £2.3 million of savings, nearly 800 Young Savers and Child Trust Fund (CTF) savings accounts with over £200,000 of savings and over 4,000 loans granted last year with a balance of £2.77 million in value at September 2011.
Included in our savings are 209 cash ISA tax free savings accounts valuing £1.01 million and 323 Child Trust Fund (CTF) accounts valuing £158,948 (30 September 2011).
We also have over 1500 current accounts now. 636 new accounts were opened this year alone.
Why we are different
What sets us apart from mainstream banking institutions is that we are a not for profit co-operative organisation. This means that money that members make and save from being a member stays in the local community and is not used to make any one individual rich. By coming together as a co-operative it gives all members access to low cost loans, as little as 8.7% APR and fairly priced current accounts. See our news article 8 reasons to choose a Clockwise loan over your bank
As an ethical lender we assess each loan application on individual circumstances thereby enabling us to consider everyone, irrespective of their credit status. We also offer free life insurance on both savings and loans (subject to terms and conditions). On savings the amount a member saves before they reach the age of 65 is doubled in value should they pass away. On loans, any loan granted before a member reaches the age of 70 is automatically cancelled should they die.
When you join Clockwise you benefit from becoming a shareholder; and all cash surplus generated is divided between our members as a dividend on savings. In 2010 we paid members a 1% dividend on shares (savings).
We are able to offer a payroll membership scheme for regular savings or loan repayments for those who work in partnered organisations such as ASRA Housing, Leicester City Council, Leicestershire County Council, Market Harborough and Melton District Councils, Hinckley & Bosworth Borough Council and BCA Braunstone.
In 2006 Clockwise was one of the first credit unions in Britain to launch a Cash ISA (we currently pay 2.0% on both ISAs and CTFs.) In July 2009 we launched the Clockwise Current Account giving our members access to banking benefits such as direct debit, standing order, ATM cash access, debit cards (for some) and cash back facilities. More recently in 2011, we are now able to offer members online account access to all their accounts. Children get their own section that is animated and fun to use.
In April 2012 we opened a Junior ISA which replaces the Child Trust Fund as a method of tax free savings for children
No big bank fat cats
Clockwise is run by a Board of Directors made up of eight volunteers elected by the members at the AGM. We employ 19 full and part time staff who are responsible for the on-going development of Clockwise and running and administering of our main office in Leicester and second office in Melton which opened in March 2011. In addition, staff support 40 volunteers who work within the ten community points throughout the city and county enabling remote access to our services.
Clockwise is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, is a member of the Financial Compensation Scheme and the Financial Ombudsman Service. In addition Clockwise is also a member of The Association of British Credit Unions (ABCUL).