Copperpot Credit Union

Helping the Police Family financially

No1 CopperPot Credit Union is a not-for-profit organisation with the aim to provide the Police Family with instant access savings, affordable loans and financial education.

What are your financial goals?
Are you looking to purchase your first house? Or perhaps you're thinking about going away on a sunny holiday, whatever your goals are we believe it's important to financially prepare for them. We think one of the best ways to do this is by mapping out your financial goals. By doing this you will know how much you would need to save and how long it would take you to reach your goal amount. The below table can give you an idea on how your savings could build up over time.

Shockingly, research suggests that 15% of adults in the UK have no savings at all and that 22% have less than £100 in savings or investments. Experts advise that you should have 3 months worth of expenditure saved away in case of an emergency and we strongly agree that you should work towards having a reserve of money, no matter how big or small.

Instant access savings
We encourage our members to save little and often with us, and you can join the Credit Union by saving as little as £5 each month. Building up a savings pot is important to improving your financial resilience. When you open a Member Account with No1 CopperPot, you become a shareholder of the Credit Union, meaning every year you'll receive your share of our surplus profits in the form of an annual dividend.

Visit our website to find out more.

Financial wellbeing
We want to ensure that everyone has good financial knowledge and to help with this we created a financial wellbeing area. The reason behind this was to give clear explanations and good tips on how you can improve your financial wellbeing.

We mentioned earlier that not everyone has a reserve of savings to dip in to, so if an emergency happened, for example your car was to break down, how would you pay for it? It's important to consider different scenarios that could happen so that you can help yourself prepare for the unexpected. If you didn't have savings available you could find yourself in a situation where you need to take out credit and whilst it may be simple to apply, there can be information hidden in plain sight if you don't understand how credit advertisements work.

Did you know that your credit score can affect the APR you are given? When you look at a loan advertisement you will often see the term 'representative APR'. This is then followed by the cheapest loan rate available, also known as the 'headline rate'. Companies can advertise 'representative APR' if they reasonably expect 51% of applicants to receive the headline rate. The remaining applicants could then be charged a higher interest rate, this will usually be after they have reviewed your credit score and application. You can read more about this on our website.

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