Manchester Credit Union

Manchester Credit Union: a financial co-operative for Greater Manchester

Manchester Credit Union (MCU) is a financial co-operative owned and controlled by its members, with more than three decades of activity. Its origins date back to 1991, when it was founded as Beswick and Openshaw Credit Union, driven by volunteers alongside the Church of the Resurrection. Since then it has grown to become a financial services provider covering Manchester, Trafford, Rochdale, Tameside, Bury, Stockport, Oldham, Salford, Bolton and High Peak.

The organisation reports more than 32,000 members and operates branches in the city centre, Wythenshawe and Rochdale, as well as a free mobile app that allows access to accounts 24 hours a day, 365 days a year.

Personal loans and savings

MCU offers personal loans for both household expenses and larger purchases. Among the conditions the organisation highlights are the absence of arrangement fees and early repayment penalties, and interest calculated only on the reducing balance. Affordability is assessed by considering the applicant's specific circumstances and not just their credit history, with review by a person rather than an automated system. Repayment terms can be tailored to the member's budget, with weekly or monthly options.

On savings, the co-operative explains that members are not simply customers: they share in the ownership of the organisation and may receive an annual dividend. Any surplus generated is distributed among members as a dividend on savings or reinvested in improving services.

Mobile app and loan calculator

The organisation provides members with a free mobile app to manage accounts remotely. The website also includes a loan calculator for illustrative purposes, offering an indicative estimate of the cost of borrowing; the organisation itself warns that actual repayments may vary.

Community activity and financial education

MCU runs financial education initiatives, including the school programme Bee Smart with Money, and publishes the Greater Manchester Money Report. The organisation also holds an annual general meeting with documentation accessible to members, including reports, minutes and annual accounts.

Eligibility and governance

Anyone who lives or works in the city of Manchester, Trafford, Rochdale, Tameside, Bury, Stockport, Oldham, Salford, Bolton or High Peak can become a member. The board of directors is made up of volunteers from diverse backgrounds.

Manchester Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213400).

Branches and locations

Branch 1: Ground Floor, Queens Court, 24 Queen Street, Manchester, M2 5HX · Phone: 0161 231 5222 · Opening hours: Monday to Friday 09:00 to 15:30

Wythenshawe Branch: Unit 1 Haletop, Wythenshawe Civic Centre, Manchester, M22 5RN · Phone: 0161 231 5222 · Opening hours: Monday to Friday 09:00 to 15:30

Rochdale Branch: 2 Smith Street, Rochdale, OL16 1TU · Phone: 07510829860 · Opening hours: Tuesday 10:00 to 14:30, closed for lunch 12:30 to 13:00

Bolton Branch: The Square, 53-55 Victoria Square, Bolton BL1 1RZ · Opening hours: Monday, Tuesday, Thursday and Friday 09:00 to 13:00; Wednesday closed