Credit Union Service for the Armed Forces celebrates 25,000 Member Milestone

Friday 2 August 2024

In October 2015, the Ministry of Defence embarked on its journey – launching a collaboration of credit unions to help Service Personnel save regularly and borrow responsibly with repayments straight from their military pay. Last month, the group achieved the significant milestone of supporting over 25,000 members.

The credit unions selected to offer the service are Serve and Protect Credit Union, Plane Saver Credit Union), London Mutual Credit Union. Each providing a range of simple savings accounts and affordable loans to help Service Personnel and their families who may otherwise struggle to access financial products.

Before the launch of credit union services for the Armed Forces, Service Personnel often experienced difficulties accessing affordable credit because of regularly moving due to the job. This can present challenges in terms of building up a good credit rating.

The credit unions were introduced to provide a ‘not-for-profit’ alternative for Service Personnel and their families to turn to for financial support – with the convenience of repayments straight from their military pay.

Since launching, the credit unions have helped Service Personnel save over £10million – paying attractive returns to members in the form of annual dividends and fixed rate saving accounts.

“It is a remarkable achievement to reach the 25,000 member milestone and one we are all extremely proud of,” says Serve and Protect’s Business Development Manager, Rob Lovesey. “It is a great example of what can be achieved through the credit union principle of cooperation between co-operatives’ and the positive impact this can have on the communities we serve.”

Head of Business Development of Plane Saver (First Defence Finance), Rachel Downing said: “We are incredibly proud to have jointly reached this amazing milestone as part of Joining Forces. All the CUs involved have shown real passion for serving our Military members and getting to this point is a clear demonstration of that commitment.”

Also commenting on the recent achievement, Head of Business Development at London Mutual Credit Union, Ben West said: “Behind each of these 25,000 members is a story of someone achieving financial goals through our collective efforts. Whether it’s saving for a first home, buying a car which enables them to see family, understanding credit scores, or consolidating debt, we are proud of our role in building the resilience of those who serve.

“It’s also deeply gratifying to see these service members playing an increasing role on our boards and staff teams, embodying the mutual values that set us apart.”

Further information about the group’s work is available via its website – Joining Forces.