Salford Credit Union makes dividend payment announcement

Salford Credit Union has announced it is paying a dividend to all members.

More than 5,000 members will now receive a 0.75% dividend payment on their savings. And borrowers will receive an interest rebate of 0.75%  on the interest paid on their loans in the financial year. This is the first time since 2012 that all members have received a dividend.

Salford Credit Union in a ‘not-for-profit’ financial co-operative and was founded in 1988 and originally set up by volunteers as Mandley Park Savings. It has since undergone several mergers with smaller Credit Unions and then had a relaunch to become Salford Credit Union in 2012. 

Mark Brazendale, Chief Executive of Salford Credit Union said:

“2024 was an exceptional year for the Credit Union and we are keen to build on the growth seen in both members joining and the number of loans that we provide. We are a community asset and available to all that live and work in Salford. Each new member represents a person or family seeking a better financial future, and we are proud to have earned the trust of our members.

“Our membership base now spans across a diverse range of individuals and families and this diversity is something we celebrate. We are here to serve all our members, regardless of social or economic circumstance. The future of the Credit Union is bright and we are committed to becoming Salford’s financial institution of choice.”

Councillor Jack Youd, Deputy City Mayor and Lead Member for Finance, Support Services and Regeneration at Salford City Council said: 

"As the current chair of board of directors after serving 10 years as a volunteer, I'm so proud to be the chairman when Salford Credit Union is paying a dividend for the first time in 13 years. It demonstrates the strong financial position the union is in during these difficult financial times.

“Unlike traditional banks Salford Credit Union is owned by the members, so decisions such as dividends are made with the best interests of the membership rather than the annual profit being made.
“I’d now encourage people who are not members to sign up. The credit union is here to work for local people and can offer many attractive benefits for members.” 

In January 2024 the Board of Directors announced a reduction in the interest rates charged on loans bringing them in line with the high-street banks. The Credit Union is also cheaper than many alternatives, such as pay day loans, doorstop loans and loan sharks.

In 2024 more than 600 new members joined the Credit Union and more than 4,500 loans were provided to our members during the past year totalling over £1.4m. The Credit Union has provided loans totalling more than £10 million since 2017.

People join the Credit Union can do so at www.salfordcreditunion.com or by emailing info@salfordcreditunion.com