About Money Spider
Money Spider Credit Union is a not-for-profit company providing straight forward financial services for people living or working in the South Derbyshire and East Staffordshire areas, see below "In the Community for the Community".
Money Spider was setup in 2003 and has grown steadily since then. Our aim is to provide local saving, loans and free budgeting advice for our members. We are run by our members, for our members. Our members are encouraged to save for the future, and receive dividends on their savings with us.
We are a financial co-operative run by our members, for our members. Unlike Banks, there are no shareholders to pay, so all the profits come back to the members. There are no hidden costs, and no transaction fees. The income generated by lending helps us meet our operating expenses. Any surplus can be distributed to the membership in the form of dividends if agreed at the AGM.
Competitive & Flexible Loans
We make loans to our members for all types of purposes, at rates starting from 19.56% APR. Our loans are also inclusive of free life assurance (conditions apply).
One of the benefits of being a member of Money Spider is that we are pleased to offer free life assurance covering both savings and loans.
In the event of the death of a member payment will be made equal to the amount in the savings account, in addition to the amount saved. Any amount outstanding on a loan account will be cancelled. The assurance is subject to some simple conditions, details of which can be provided upon request.
How do I save?
Money Spider operates a number of collection points throughout the Burton and South Derbyshire area at which payments to your account can be made. Alternatively you can save directly via Payroll Deduction, by Standing Order, Bank Transfer, or directly from your State Benefits.
In the Community, for the Community
Membership of Money Spider is based on a common bond, which means all members have something in common linking them together. Money Spider's common bond is that its members must live or work in the South Derbyshire or East Staffordshire area. If you move outside the area, or take employment outside the area you can keep your membership. Click here if you are unsure if you live or work within the common bond.
We are are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and are members of The Association of British Credit Unions Ltd. Money saved is protected by the Financial Services Compensation Scheme (just like banks and building societies). We also have annual scrutiny committees and mandatory professional audits.