Kernow Credit Union


Savings in the credit union are called Shares, as each member is also a shareholder and owner of the credit union.

Encouraging regular saving is the major aim of the credit union. Member's savings are pooled together to provide money to loan out to members.

How You Can Save

By Standing Order
If you have a bank account you can set up a bank standing order. You can pay in amounts on a weekly, fortnightly or monthly basis. You choose the date and the amount you want to pay in. If you want to increase the amount or change the date at any time you just have to contact your bank and make the adjustment - it's that simple!

Download Form

Payroll Deduction
If your company is interested in setting up this then please contact our Head Office for an information pack.

Service Points
Members can pay in cash or cheques. Please see the Service Point page for details of any service points in your area.

Kernow Credit Union Ltd does not pay interest on savings. Instead, as a registered co-operative, non-profit making business, it gives a dividend to members who have saved regularly.

Established credit unions can typically pay out a dividend of between 3% and 5% (Please note that a Credit Union does not, by law, have to deduct tax, it is the responsibility of the member to declare their dividend for tax). Dividends are paid on your Membership Account annually, after the Annual general Meeting of the members. This dividend is your share of the net surplus made by the credit union in the previous financial year.

Please note: members who close their accounts prior to the Declaration of Dividend at the Annual General Meeting forfeit their right to any dividend.

Fees as of 3rd June 2019
Please click on the link below to see a full list of fees associated with a Kernow Credit Union account.

Membership Fee £5.00

Annual Fee. £5.00

Junior Savers

Junior Savers belonging to a School operated savings scheme do not pay a £3.00 Joining fee as this is paid by the school or Cornwall Council. Junior Savers Joining at a Service Points will be charged £5.00 joining fee BUT no annual fee. Junior Savers will not pay a membership fee on moving from Junior to Adult (Full Membership) of the credit union in the first year, but will be subject to the usual adult annual charge each year.

Standing Orders paid from Ordinary Share Account is limited to one standing order per month per accountand subject to a £1.50 Ancillary fee.

If more than 1 S/O then an engage card is required.Payments to Third Parties by Cheque, Ancillary Fee charged is £1.50 per transaction.

Bacs payments to members own accounts are FREE.

Replacement for lost Passbook £2

Cheques paid into the credit Union are charged 40p per cheque.

Credit control actions -

£3 charge for each letter sent on default loan repayments.

Tracing charge -currently £25 + vat is added to the debt.

If referred to debt collection agency – commission charges are added to debt. If court action is taken – whatever the current charges are is added to the debt.

Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.