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The loan policy allows members to borrow up to three times the balance of their savings plus £2,000, less the outstanding balance of any existing loans. There are five types of loan available: the
Everyday Loan and Member Loans, for members of at least three months standing; the larger Non-Affiliate
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They also accept retired firefighters and fire brigade staff along with employees of the
Firefighters Charity, the Fire Brigades Union and London Fire Brigade Welfare Fund. Existing members remain eligible for life, even if they leave the service or retire.
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Credit unions don't pay interest on savings, instead they return a dividend to members based on financial success over the previous year. Dividend is calculated after the accounts have been audited and it is approved at the Annual
General Meeting.
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The members of a credit union must share a common bond. In the case of
National Fire Savers, membership is restricted to employees of the fire and rescue services in England, Scotland and Wales.
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Loan and
Affiliate Loans, for members whose contributions are collected by payroll deduction; and the Savers Loan, for those who want to keep their savings but still require a loan.
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There are three types of savings account offered: the basic membership account; Savings Plus, which pays an enhanced dividend for members with at least £1,000 to save; and the
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and affiliated brigades. The credit union is responsible for the operation of the scheme, with the brigade facilitating monthly deductions from salary.
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Membership is open to all firefighters and staff working for any of the fire and rescue authorities in
England, Scotland and Wales.
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From 617 active members in 1998, the credit union has steadily grown each year. As of 2018, it has 3,042 active members.
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was formed in 1998, to enable London firefighters and their families to access affordable credit and secure savings.
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Ultimately, like the banks and building societies, members’ savings are protected against business failure by the
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provides a financial community where members mutually benefit by pooling their savings to lend to one another.
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National Fire Savers runs a payroll deduction savings and loans scheme in conjunction with
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In 2010, London Fire Savers became
National Fire Savers Credit Union by extension of the
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and operating throughout Great
Britain. It has assets in excess of £11,000,000.
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to include all firefighters, wherever they are serving in Great
Britain.
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In 2017, total dividend paid by
National Fire Savers was £158,088.
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Association of British Credit Unions (retrieved 1 November 2014)
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Financial Services Compensation Scheme (retrieved 2 April 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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National Fire Savers Credit Union (retrieved 9 February 2015)
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British not-for-profit member-owned financial co-operative
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National Fire Savers Credit Union is authorised by the
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Limited, registered under the Credit Union Act 1979.
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335:Affiliated brigades offering payroll deductions
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717:Financial services companies based in London
97:is a not-for-profit member-owned financial
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359:Savings accounts with National Fire Savers
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395:Loans available from National Fire Savers
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95:National Fire Savers Credit Union Limited
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323:What if I leave the Brigade or retire?
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203:Financial Services Compensation Scheme
727:Fire and rescue in the United Kingdom
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678:Association of British Credit Unions
416:Association of British Credit Unions
253:Credit unions in membership of ABCUL
113:Association of British Credit Unions
712:Credit unions of the United Kingdom
452:Credit unions in the United Kingdom
229:Fire services in the United Kingdom
224:Credit unions in the United Kingdom
187:, which does not attract dividend.
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690:Ulster Federation of Credit Unions
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411:National Fire Savers Credit Union
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101:, based in the London Borough of
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311:Joining the National Fire Savers
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192:Prudential Regulation Authority
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132:History of credit unions
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383:How much can I borrow?
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194:and regulated by the
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573:National Fire Savers
602:Police Credit Union
166:London Fire Brigade
61:London Fire Brigade
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371:Credit Union Guide
258:2015-01-03 at the
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657:North West London
299:Facts and figures
272:How does it work?
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87:firesavers.org.uk
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642:East London
598:Plane Saver
547:Changemaker
511:Plaid Cymru
506:London Plus
284:Our history
144:common bond
706:Categories
606:retailCURe
593:Penny Post
539:Industrial
529:White Rose
516:Thamesbank
481:Leeds City
240:References
153:Activities
130:See also:
630:Dissolved
621:TCU Money
558:1st Class
471:The Co-op
459:Community
198:and PRA.
103:Southwark
466:Commsave
256:Archived
218:See also
54:Location
209:Lending
172:Savings
126:History
83:Website
36:Founded
66:London
563:Unity
692:(NI)
686:(NI)
680:(GB)
616:SCVO
568:NFRN
118:The
44:Type
39:1998
611:RMT
588:PCS
578:NHS
70:SE1
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291:^
205:.
68:,
444:e
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