Joining Forces Credit Unions

Who is it for?

All MOD Civil Servants and Military Personnel.

What is it for?

Initially available solely to the military, Joining Forces Credit Union has now been made available to civil servants. It is an alternative to a commercial bank that operates on a not-for-profit basis with competitive dividend rates and affordable loans. All three credit unions are fully regulated and all deposits protected under the Financial Services Compensation Scheme up to £85,000. 

What do I get?

Serve and Protect Credit Union 

Serve and Protect CU is a free employee benefit which is here to help you save, but also there if you need to borrow throughout your career.  They help you prepare for the future, through a range of flexible saving accounts with repayments via direct debit. 

• Regular Saver: Save between £10-£1,000 per month with interest and you withdraw at any time. 

• Flexi Saver: Lump sum deposit account, save up to a maximum of £20,000, withdraw at any time. 

• Junior Saver: Easy access, save up to £10,000 for your child or grandchild living at your same address, withdraw at any time. 

Your savings are also covered by Life Cover at no extra cost (up to the  age of 65) so should the worst happen to you we double the amount you  have saved, up to the first £25,000 and pay it to your loved one.  

Fixed Term Loans are available to members looking to borrow between £500 and £25,000, repayable over a period of between 6 and 96 months. These are ideal for car purchases, home improvements, holidays and consolidating existing debt.  

First Defence Finance  

First Defence Finance offers a range of savings accounts, low cost affordable loans, a members lottery and much more.  Part of the team who won “Best Credit Union South” in the 2020 Smart Money People’s Consumer Credit Awards so you can be confident of great service. 

Save from as little as £10 a month via direct debit and for a limited time they will give you £10 to kick off your savings when you join.   You can check your balances at any time with their mobile app or online banking.  There’s access to free life insurance too. 

Family members want to save?  That’s ok too with their regular saver and junior savers accounts.   

For those times when you need to borrow money, they have a range of loans from £500 to £25,000 all at affordable rates. For added peace of mind, loans come with free loan protection and no hidden fees.   

Forces Finance 

London Mutual Credit Union provides Forces Finance for all MOD staff. 

• Rescue Loans: Receive up to £400 with an instant decision. Rescue Loans provide a fair alternative to commercial payday lenders who can charge significantly higher interest rates. 

• Homeowner Loans: Whether you are looking to make those essential home improvements, or you are looking to buy your dream car, make those dreams a reality with the Home Owner Loan. Borrow up to £25,000 payable over 84 months at an interest rate of 4.9%APR

• Gold & Platinum Loans: If you’re in full-time employment and have a strong credit history, you could be eligible for the Gold or Platinum Loans. Borrow from £5,000 to £7,499 at 6.9% APR, repay from 6 to 60 months, or from £7,500 to £15,000 at 5.9% APR, repayable over 12 to 60 months 

In addition to loans, Forces Finance enables you to: 

• Open a current account with access to online banking, an easy mobile app and an overdraft with interest calculated at 42.6% and no more.

• Open a savings account to make saving for Christmas and holidays more manageable. 

Next Steps