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Ethical financial services for local people in inner city Birmingham

What is a Credit Union?

 Credit unions are not-for-profit, financial co-operatives.  They are well-established across the country and world-wide. Our aims as credit unions are to provide savings and affordable loans to members, help develop money management skills to generate financial control for individuals and put greater demand into our local economies.

A credit union is member-owned and managed, electing its management board and decision-making committees at its Annual General Meeting.  The basis of the credit union is made from the pooling of members' savings that can be recycled as loans to members  when the need arises.  There is a legal limit on the loan interest that credit unions can charge amounting to 3% a month.  Our interest rate is 1.5% a month.  Surpluses generated from the loan income must be returned to the credit union to meet its legally required reserves and paid back to the members as a dividend.

Our History

The credit union is an amalgam of smaller credit unions established between 1987 and 1992 in Ladywood, Aston and Newtown and Nechells.  They came together in 2006 and became Birmingham Inner circle Community Credit Union, to provide access to membership for all those living or working in the following Birmingham post codes:

B1, B2, B3, B4, B5, B6, B7, B12, B15, B16, B17 8, B18, B19, B20, B21 and parts of B42.

Our services have developed from a savings and loan service, to include young members savings accounts, bill-paying accounts, Christmas and school uniform savings accounts, access by referral to benefit and debt advisers, receiving members'  wages and benefits and additional types of loans.

Regulation, authorization and affiliation

Company registration number - 95C and Firm Reference Number 213254.  We are authorized by the Financial Conduct Authority and regulated by the Prudential Regulatory Authority; to both we must submit quarterly and annual reports.

Welcome to Circuleight Credit Union Website! Birmingham Inner Circle Community Credit Union Ltd

Your money in the credit union is safe.   All savings are covered by the Financial Services Compensation Scheme.We have a complaints policy, reporting procedure and must assist with reports to the Financial Ombudsman Service when complaints are unresolved

We are affiliated to ACE Credit Union Services, one of the credit unions leading trade bodies.

ACE is the leading organization providing advice, training, funding information and insurance.