with 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!

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.

Please note, due to Covid-19 the only open Service point is Redruth. Please call 01209 314 449 to make an appointment.


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.

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.


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.