A credit union is a financial co-operative that is owned by its members and runs for the benefit of its members. We allow people within the local community to save and borrow money and keep your money circulating in Dudley. Credit unions are owned and controlled by their members, so we have no outside shareholders to pay. Any profit that Castle and Crystal make is used to develop the business and provide a return to our savers.

What do we offer?

Affordable loans suited to your individual needs and at rates you can easily afford

Mutual and ethical savings so you can choose to save as little or much as you can afford

All the products we provide are supported by the excellent services of dedicated, well-trained staff and volunteers so you can be sure of a pleasant, hassle free service.

More information on the products and services we provide can be found on the navigation bar to the left of this page.

How does it work?

Members of the credit union pool their savings together; these savings then provide a pool of funds from which loans can be made. In simple terms, a credit union ‘rents’ money from its savers, which is lent out to other members who pay interest on the money loaned out to them.

We always share a percentage of our profits with our members; this is called a dividend and is applied annually to member’s accounts. Our latest dividend (2010-2011) was agreed at 1.5%, a competitive return on an instant access savings account.

We are a not-for-profit organization, with our main source of income coming from the interest charged on our loans. There is a legally set maximum interest rate on credit union loans;

by law this cannot be more than 2% per month on the reducing balance (an APR of 26.8%) which you may well find is a lot cheaper when compared to other lenders.

How do we help the community?

Money saved in interest on loans by borrowing from Castle and Crystal as opposed to borrowing from a bank or doorstep lenders helps to keep money in the community. This acheives a wider public benefit as local people have more disposable income to spend in local shops, helping businesses to flourish rather than being removed from the community to benefit individual private shareholders in the form of higher loan repayments. This is all because of the money they have saved in interest by opting for an affordable credit union loan.

See loan example below, the figures speak for themselves;

 Representative example:

Borrow £500 over 52 weeks and pay back just £10.84 per week for 51 weeks plus a final payment of £10.69. Loan repayment period over 12 months, costing you £563.53 in total.

(24% p.a. fixed). Representative 26.8% APR, calculated on the declining balance of the loan.

Why Castle and Crystal?

As a financial co-operative operating for the benefit of residents and workers of the Dudley borough we offer a UNIQUE service. If you call us you will get to speak to a real person, and we offer a local, friendly, personal and non-automated service.

Remember; ITS YOUR CREDIT UNION, THE LARGER WE BECOME, THE MORE YOU BENEFIT.