More pictures of ISCU in the community.

What is Ipswich & Suffolk Credit Union Ltd?

Ipswich & Suffolk Credit Union was founded in 2001 and has thousands of members who save by PayPoint at a local shop, or by standing order, payroll deduction or visit collection points across Suffolk. It is a financial co-operative which is owned and managed by its members, with 70 volunteers and three paid staff, providing a safe place to save as well as low cost loans.

Who can join ISCU?

Anyone who lives and/or works within Suffolk can join. You pay a one-off joining fee of £3 and an initial £2 savings deposit (£5.00 in total). Anyone over 18 can join as a full member, and we have junior accounts for under-18s. Junior accounts can be opened at no charge.

Why choose ISCU?

You will be part of a savings and loans co-operative which aims to help people in the local area: people helping people through fair treatment and local services offering services that the high street banks can’t be bothered with.

How can we help?

ISCU specialises in helping you save for a ‘rainy day’. Members save for holidays, car insurance, MOT costs, a new washing machine or car and special events like weddings, birthdays etc — anything where you need your savings to be safe and you won’t be tempted to spend them.

Other Christmas clubs are not insured to protect your money. If you run or pay into a Christmas club, contact us to advise you how you can bring your scheme under our protection.

Saving with ISCU

We have collection points across Ipswich and Suffolk where you can talk to our volunteers. Or you pay in using a PayPoint card at local shops, or standing order. You choose how much to pay in, as little or much as you like, weekly or monthly. There are no charges for depositing or withdrawing money.

Unless you have an outstanding loan you can withdraw whenever you like, although we do need some notice to get your cash ready. You can save by cash, cheque, standing order or payroll deduction—ask for more details. We can receive BACS transfers from employers if you need your full wages processed too.

Borrowing

Most members save regularly for at least 13 weeks and then apply for a loan of up to three times your savings. Although we sometimes carry out credit checks, we normally only look at your savings history with the credit union. Loan rates vary from 12.7% APR to 26.8% APR on the declining balance, ISCU’s Typical rate is 19.6 % APR.

ISCU has a limited number of loans available to people who do not save first, and a higher rate of interest is charged to new members, credit checks will be undertaken for new members who borrow straightaway. If the loan fund is fully committed, we will tell you – just ask if the Bronze loans are available at present.

ISCU has variable rate loans, and we reward loyalty by offering lower rate loans depending on how long you have been a member and paid in. Interest is charged at the end of each month on the outstanding balance, and you are welcome to overpay or pay extra whenever you like so the amount of interest you owe would be lessened.

We ask you to continue to add a little to your savings while you are repaying the loan, even if only a pound, to increase your savings and build up bigger loans in the future.

While you have a loan you cannot withdraw your savings. There are no penalties if you pay off your loan early. You must be over 18 to borrow.

Security

Credit Unions are authorised and regulated by the Financial Services Authority, and savings are fully covered by the Financial Services Compensation Scheme, so you can be sure your money is safe and protected by law.

Free Life Insurance

ISCU offers free life insurance on your savings. The amount covered depends on your age when you put money into the credit union. Insurance is paid at 100% of the amount saved between the ages of 18 and 64, and at 25% of the amount saved between the ages of 65-79. There is no insurance on money saved under the age of 18 or over the age of 80. The maximum cover is £2,500

Free Life Insurance Examples

John is under 65 when he saves £2,000, but is over 65 when he dies. ISCU pay out £4000: his £2,000 savings have been doubled by life insurance.

Emily is over 64 when she saves £2,000. Upon her death ISCU pay out £2,500: the original £2000 has been increased by 25%