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What is a Common Bond?

The Common Bond is the factor that unites every Credit Union member. A ‘Common Bond’ is defined as:

  • An area where all the members live or work together in the same locality (for us that is everyone that lives or works in Oxfordshire)
  • Where all members are in the same profession or work for the same employer
  • Where all members are in the same club or association
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How do I withdraw my savings?

You can withdraw money from your Share Account at any time unless secured against a loan. Money is paid either directly into your bank account or Engage Account. Or you can complete and return to us a Share Withdrawal Form.

For fraud prevention purposes we can only pay to an account in your name, we will contact you if we don’t recognise the bank account details provided.

Withdrawals are made free of charge 7 days after the request is received, so it is best to plan and decide when you will need your money and how much you would like to withdraw.

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Why are your loans so affordable?

Credit unions do not have shareholders to pay, as our members are our shareholders. By law, the maximum interest rate that a credit union can charge its members for a loan is 3% per month or 42.6% APR. The interest rate on a typical loan from Oxfordshire Credit Union is much lower than that charged on typical payday loans, so taking out an Oxfordshire Credit Union loan saves you money and makes good financial sense.

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Do you pay interest on my savings?

You get a dividend; which members agree at the annual general meeting. Last year it was 1%, we plan to make dividend payments going forward. It’s worth noting that this is a dividend which depends on the performance of Oxfordshire Credit Union. It is not regarded as interest, so is appropriate for religious groups who do not believe in charging or paying interest.

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What makes a Credit Union ethical?

Credit unions strive to offer fair, competitive financial services to individuals from all walks of life, regardless of their social status and economic background. Additionally, we believe that borrowing money should be a carefully thought through process, and the way we lend is built around your ability to repay. Our dedicated employees want to work with you personally to create a repayment plan that best fits your situation.

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What does it mean to join a Credit Union?

As a member of the credit union, you own part of the credit union through your shares. The members own, control, and administer the Society (the credit union). Because you are a member and partial owner, the credit union works for you. So, as a member of the credit union you will have access to ethical and affordable loans and more financial advice as to which loan product is best for you.

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Why would I join a Credit Union?

  1. A Credit Union is an ethical alternative to banks – you save and your savings are used to lend to other members in Oxfordshire. Your money doesn’t get used for other purposes.
  2. You can borrow at fair rates – and certainly better than many high-cost lenders. It’s also flexible, we lend smaller amounts, let you pay off early and because you are saving whilst you borrow – you end up with a cash buffer when you’ve paid off your loan, making you more financially resilient in future.
  3. Having savings and some financial security is good for you and for your family
  4. We don’t lend more than you can afford to repay.
  5. People understand the benefits of “shopping local”, this is “saving and borrowing local”.
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