About MCU

The Manx Credit Union provides savings and loans services and is run solely for the benefit of its members.  Any individual aged 16 or over who lives in the Isle of Man can join.

Run by local people for local people, the Manx Credit Union ensures that the money it looks after stays in the local economy.

What’s different about a credit union?

Unlike a traditional bank which operates to make profits for external shareholders, a credit union is owned and managed by its members. That means it is focused on the needs of its customers, providing ethical savings options and affordable loans.

One of the roles of a credit union is to encourage good savings habits and our members are expected to save regularly where possible.

Credit union savers do not receive interest on their savings but may receive a dividend at the end of the year. The dividend is paid from any surplus profit that is made after paying for running costs and investing in future services.

Loans are offered depending on a member’s ability to afford the loan repayments. We use credit reference and fraud prevention agencies to help us make decisions.