Bath and North East Somerset Credit Union

Why not ask us about our low cost loans? No arrangement fees or early repayment penalties!

Bath and North East Somerset Credit Union (BANESCU) is registered and regulated by the Financial Services Authority as a savings and loans co-operative operating across the Bath and North East Somerset Local Authority area.

Our mission is to provide financial inclusion for all individuals in our area by providing friendly and affordable financial services.

Supporting our mission, the primary objectives of the Credit Union are:

To grow and develop the organisation towards sustainability and independence
To provide savings and loan facilities as widely as possible in the Bath and North East Somerset area.
To investigate diversifying the range of products that we offer.
To explore ways in which our members can develop, and, if necessary, improve their financial awareness.

Members can save as little or as much as they wish, and may apply for a loan after saving for 8 weeks. The amount borrowed can be up to 3 times the share balance at the end of the 8 weeks. The repayment period is agreed between the member and the Credit Committee.

There is a membership fee of £1 for all new adult members.

Why are we different to other lenders?

Our interest rate never exceeds 2% of the outstanding loan balance each month, and unlike many high street banks, there are no set up fees, no administration fee or early repayment penalties.

Income from the interest is retained for the benefit of members within the community.