Our history
The Clockwise story
From a small community credit union in Highfields to one of the largest community credit unions in the East Midlands, Clockwise has grown by staying focused on fair finance, local people and practical support.
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1992
Founded in Highfields
Clockwise began life as Highfields Community Credit Union, an anti-poverty initiative based at Sacred Heart Roman Catholic Church and supported by local volunteers.
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1994
Early growth
Highfields Community Credit Union reached 200 members and became the first British credit union to twin with an Irish credit union, Castlebar Credit Union.
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1997
First dividend and school bank
Members received the first dividend of 5%, and the credit union opened its first school bank at Sacred Heart Primary School.
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2001
Becoming Leicester Credit Union
The organisation changed its name to Leicester Credit Union, reflecting its wider role across the city.
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2002
Clockwise Credit Union is born
Leicester Credit Union became Clockwise Credit Union, covering Leicester, Leicestershire and Rutland. Teresa Manning also became the credit union’s first member of staff.
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2005
1,000 members
Clockwise reached 1,000 members and moved into its first city centre office at Pocklington’s Walk.
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2006
Cash ISAs launched
Clockwise became one of the first community credit unions to offer Cash ISAs.
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2008
Second office opened
Clockwise opened its second office in Melton Mowbray, helping more members access local credit union services.
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2009
Current account launch
The Clockwise current account launched, and membership reached 5,000.
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2010
New home in Leicester
Clockwise purchased its present office at 1 St Nicholas Place, Leicester.
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2012
20th anniversary
Clockwise celebrated 20 years of service, with membership reaching 7,500.
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2014
£20 million lent
Total lending to members since launch reached £20 million.
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2015
Engage card launched
Clockwise introduced the Engage pre-paid card for members.
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2017
25 years and community grants
Clockwise celebrated its 25th anniversary and launched the Community Grants Scheme to support local charities and community groups.
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2018
App, Fairbanking and Living Wage
Clockwise launched its mobile app, received the Five-Star Fairbanking Mark for loan products, became an accredited Living Wage employer, and introduced Rewarding Borrowers.
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2019
Cyber Essentials Plus
Clockwise was awarded the Cyber Essentials Plus mark.
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2020
15,000 members and faster payments
Clockwise published its first Social Impact Report, reached 15,000 members, and moved to agency banking via Starling Bank, giving members access to 24/7 inbound and outbound payments.
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2021
New Central Credit Union merger
Clockwise merged with New Central Credit Union in Coventry. The common bond expanded, the loan book reached £7.5 million, assets reached £13 million, and membership passed 20,000.
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2023
Clockwise Core launched
Clockwise launched Clockwise Core, a cloud-native core banking platform designed and developed in-house by the Clockwise technology team.
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2023
Rugby Credit Union joined Clockwise
Rugby Credit Union became part of Clockwise, extending access to an improved range of services for members in Rugby and Warwickshire.
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2025
Notts & Lincs Credit Union merger
Clockwise joined forces with Notts & Lincs Credit Union. The merger created the largest community credit union in the East Midlands, with combined membership of more than 33,000.
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2025
Interest-free overdraft launched
Clockwise introduced a £100 interest-free overdraft on the Everyday Current Account, giving eligible members a fairer buffer when life does not quite line up with payday.
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2027
Clockwise celebrates 35 years
Clockwise marks 35 years of serving the local community, supporting members with fair, affordable financial services.
Launched as Highfields Community Credit Union.
Reached 200 Members.
Became first British Credit union to twin with an Irish Credit Union – Castlebar Credit Union.
We paid our first dividend of 5% to members & opened first school bank at Sacred Heart primary School.
We changed our name to Leicester Credit Union.
We became Clockwise Credit Union, covering Leicester, Leicestershire, and Rutland. We also employed our first member of staff – Teresa Manning.
We reached 1000 members & moved to our first city centre office at Pocklington’s Walk.
We became one of the first community credit unions to offer Cash ISA’s.
We opened our second office in Melton Mowbray.
We launched the Clockwise current account & reached 5000 members.
We purchased our present office at 1 St. Nicholas Place.
Celebrated our 20th Anniversary and membership reached 7500.
Total lending to members since our launch reached £20 million.
We launched Engage pre-paid card for our members.
We celebrated our 25th Anniversary & launched our Community Grants Scheme to support local charities and community groups.
We launched Clockwise Mobile App and was awarded Five-Star Fairbanking Mark for our loan products. This was also the year we became an accredited Living Wage employer and launched our Rewarding Borrowers Scheme – an interest rebate for all our good borrowers.
We were happy to be awarded Cyber Essentials Plus mark
We presented our first Social Impact report and reached 15000 members. Our CEO was awarded MBE for services to Financial Inclusion and the credit union sector. We also moved to agency banking via Starling Bank – meaning our members now benefit from access to real-time in-bound and out- bound payments 24/7.
We merged with New Central Credit Union, Coventry. Our common bond now covers: Leicester, Leicestershire, Northamptonshire, Rutland, Coventry, and Warwickshire. Our loan book reached £7.5 million. Our assets reached £13 million and our membership is over 20,000.