First Rate Credit Union Celebrates 43 Years of Supporting BAE Systems Employees

Friday 4 July 2025

First Rate Credit Union is marking 43 years of service to BAE Systems employees last month, reflecting on an inspiring journey from modest beginnings to a thriving national financial cooperative.

The credit union’s roots go back to June 1982, when BAE employees James “John” Geraghty and Les Walker began collecting savings from their fellow colleagues. Faced with soaring interest rates and few options for affordable credit, they rallied colleagues around a simple but powerful idea: people helping people. The first ever loan – just £250 to fund a family holiday – was approved from a bench in the workshop.

From these humble beginnings, the credit union steadily grew. Throughout the 1980s and 1990s, meetings took place in living rooms and offices, supported entirely by volunteers. By 2003, on its 21st anniversary, membership had reached 700, and the credit union opened its doors to all BAE Systems employees in the country. At that point, over £2 million had already been loaned to members.

More recently, in 2024, the credit union launched an Employee Hardship Fund and ramped up its digital offering, leading to an 18% increase in membership – equivalent to its first 28 years of growth combined. It now serves over 8,000 members from Portsmouth to Lossiemouth and manages over £22 million in assets.

Members continue to highlight the credit union’s role in providing financial stability, whether by enabling relocation for work, supporting apprenticeships, or simply offering a trusted safety net. Many credit the credit union with helping them build a savings habit and offering peace of mind in times of need. In the 2023–24 financial year, members received a 4.5% dividend.

As First Rate Credit Union looks to the future, it remains committed to its mission of financial empowerment and mutual support for BAE colleagues across the country.