Why Choose a Credit Union as an NHS Employee

Whether you want to save or borrow, credit unions are a popular option for NHS staff up and down the UK. Because it’s part of our common bond, anyone working for the NHS can join Metro Moneywise Credit Union! But why should you opt for a credit union over a bank or online lender? Read on for some great benefits of credit unions for NHS staff…

9 advantages of credit unions for NHS staff

1.    Boost your savings with an annual dividend

Credit unions are member-owned and not-for-profit. In simple terms, that means any money we make is split between our members each year in the form of an annual dividend. You’ll get a share of our profits depending on the amount you’ve saved, giving your savings a nice little boost every January!

2.    People helping people

As an NHS employee, your work makes a difference every day – and the same is true when you’re part of a credit union. By saving with us, you’re not just looking after your own future – you’re helping fellow members access fair, affordable loans when they need support most.

3.    Personal service and support

You’ll notice we’re talking about members and not customers. Every member is part of our community as a credit union. You’re not just a number and you’ll benefit from a personal service, whether you’re checking in on your savings or applying for a loan. That includes lifelong support when you need it most – from budgeting and saving to debt management.

4.    Low APR on loans

If and when you need a loan, your credit union is ready and waiting with great interest rates. At Metro Moneywise, loans for NHS staff start from just 7.9% APR, so you can get the money you need – for home improvements, debt consolidation or that big holiday – without paying through the nose for it.

5.    Flexible terms too!

From administrative staff to clinical roles, credit unions understand how things can change for NHS employees. That’s why flexible terms are standard practice. With Metro Moneywise, for example, you can pay back your loan early without any additional fees. In fact, it will save you money, as you only pay interest on what’s remaining on your loan each month.

6.    Responsible lending only

Credit unions exist to support their members’ financial wellbeing – not to profit from debt. As a result, responsible lending is central to what we do. We focus on what NHS staff can realistically afford, helping you maintain or improve your financial circumstances over time.

7.    A safe place to save

In the NHS, enhanced DBS checks are a must for all clinical and frontline care roles.  Similar protection is in place for your savings with credit unions, which are regulated by the Prudential Regulation Authority. This ensures that they’re financially stable and can manage risks properly to protect members’ money. In short, your savings are safe!

8.    Trusted by your colleagues

Sometimes, it’s worth looking at what your colleagues are doing to manage their money. In 2024, NHS employees accounted for over half of our new members. Credit unions are trusted by thousands of NHS staff across the UK – and with good reason.

9.    Your opinion matters

Last but not least, members are the driving force behind credit unions. As well as saving and borrowing, you get a say in how your credit union is run. All members are invited to our annual general meeting, where everyone’s voice (and everyone’s vote) is equal.

Join to enjoy all these benefits and more!

Credit unions are an ethical, trusted and cost-effective choice for NHS employees who want to save or borrow safely and easily. Metro Moneywise is an employer-based credit union with the NHS forming part of our common bond. Put simply, this means anyone working for the NHS can become a member, save with us and apply for a loan.

To get started, join online using the link below or call us on 01706 298966.