Smart Money Cymru started in October 1989 as the Penyrheol, Energlyn and Trecenydd Credit Union, working from St. Andrews Church. In 1993, the Volunteers moved into the Energlyn Hospital and in 1995 received their first computer as a donation from Caerphilly and District Council. The first paid member of staff was employed in 1998.
In 2000, the common bond area extended to cover the whole of the Caerphilly Basin and the first purpose built office was opened in Clive Street, Caerphilly in 2001. In 2002, the extension of the common bond was approved to include the Rhymney Valley.
In 2005, the Credit Union moved down the road to Winsor Street and by October 2006, employed its fifth member of staff and extend its common bond to cover the whole of the Caerphilly County Borough.
Smart Money Cymru Credit Union Ltd was formed in July 2008 following a merger between Caerphilly & District and Blaenau Gwent (Save-it) Credit Unions and another member of staff was employed.
In March 2010 the Financial Service Authority approved a further extension of our common bond to cover the Newport area.
We moved to its current premises on the High Street of Caerphilly in July 2013 and in 2017 we opened our first branch in Blaenau Gwent on Castle Street in Tredegar in order to become more accessible and grow further.
An ‘All Wales Common Bond’ was approved in 2019 and in June 2020, we merged with the Islwyn Community Credit Union to provide the residents of the Caerphilly and Blackwood areas better access to Credit Union services. Another merger between Plaid Cymru Credit Union and SMCCU was completed in September 2020.
Where are we now?
2021 has seen Smart Money Cymru improve its digital systems across all products and services. Membership has increased steadily, providing better access to low-cost finance to those within its common bond area and to support those financially excluded.
Smart Money Cymru Credit Union is now known as Smart Money Cymru Community Bank and in October 2021, we’ll launch ‘Smart Goods’ products. This is born from a partnership between CSupplies and Smart Money Cymru.
We now have a team of full and part time staff dedicated to the growth and sustainability of Smart Money Cymru and a host of volunteers also give their time to support the Community Service Points available in many areas.
Benefits of Joining
- Exclusive access to personal loans up to £15,000
- Access to SmartGoods
- An easy way to become a regular saver with the comfort of member death benefit cover
- 24-hour access to view your account
- Become a part of a local organisation that puts its members first
- Your savings are protected by FSCS Guarantee and we are regulated just like High Street banks
- Enjoy interest rates on loans that other lenders won’t offer
- We have paid members an annual dividend consistently over the past 20 years, at higher than many high street banks’ savings interest rates
- Be a part of an ethical financial organisation
- We take great pride in our customer service to help each and every member, the reviews speak for themselves, so you’re always in good hands
Smart Money Cymru is a Community Bank offering financial services to the people of Wales. Compared to a high street bank, our values, mission and visions are very different. We’re here for the community of members who are part of Smart Money Cymru, to help them save or borrow money, and to be smarter with their financial decisions.
We want to empower our members and our communities, and we do this in many different ways. We provide affordable loans and financial resilience with a range of saving accounts, working with stakeholders across Wales, providing financial education and supporting and donating to good causes.
More than anything, we have our community at the core and heart of everything we do. Unlike your high street banks, you can contact us either on the phone, email or at our branches and discuss your finances with a friendly customer advisor. Over time, you’ll probably get to know the team!
We also launched our Nivo app in January 2022, so members can open accounts, apply for loans, manage their savings and speak to the team, without leaving the comfort of their homes. Contacting Smart Money Cymru through Nivo is fast, it’s secure and it’s convenient. The app is linked to any mobile device with a personal PIN. Every message that you send is encrypted to keep your personal information secure from hackers and fraudsters.
Download the Nivo app to your phone by searching Nivo on either the Google Play Store (Android) or the Apple Store (iPhone) or clicking on the link below:
Smart Money Cymru Community Bank, like all Community Banks and Credit Unions is authorised by the Prudential Regulation Authority (PRA) to operate as a Financial Organisation and our actions regulated by the Financial Conduct Authority (FCA) and the PRA to ensure we are meeting our legal requirements as a financial organisation. Our Firm Reference Number (FRN) is 213370 and our Mutual Society number is 163c, should you wish to check our registration with either of these.
SMCCB is Audited internally by the internal compliance team and externally by Bevan and Buckland LLP and they report to the elected Board of Directors that presents these findings at the Annual General Meeting (AGM). Any Director that serves under the FCA & PRA approved Senior Manager Regime is thoroughly vetted by the organisation and at times, the PRA & FCA.
Smart Money Cymru Community Bank has extensive insurance as required by law to cover against any wrong doings by Staff or Directors and ensure that all member’s money is safe, the same as other financial organisations. We also hold other necessary comprehensive insurance policies, such as buildings insurance, so our members know they are always safe when visiting us.
Smart Money Cymru Community Bank is registered by the Information Commissioner’s Office (ICO) as part of the General Data Protection Regulations 2018 as a company that holds data on its members. This means that should SMCCB misuse your data, you have the right to complain to the ICO. Our reference with the ICO is Z4777869.
Finally, the Financial Services Compensation Scheme (FSCS) covers Smart Money Cymru to provide compensation to any member of a Bank, Building Society or Credit Union that becomes insolvent.
If you as a member ever needed to make a claim for shares held by SMCCB that were unable to be paid back to you due to insolvency, an eligible depositor is entitled to claim up to £85,000. At this time, members of SMCCB are only permitted to have a share balance of £10,000.
For further information about the compensation provided by the FSCS scheme (including the amounts covered and eligibility to claim) please ask at your local branch of Smart Money Cymru Community Bank or go to the FSCS website.
Our Community Banking Hubs are based in local community centres and hubs in Blaenau Gwent, Caerphilly and Powys to provide convenient places for members to pay into their accounts or find our more about Smart Money Cymru services and products. Our trained volunteers can support you in all aspects of using your Smart Money accounts.
We are looking for new venues to provide services to local residents in. If you wish to find out more about how Smart Money Cymru Community Bank can benefit your local community, contact us today.
Ebbw Vale Institute
Monday 1pm - 3pm
Ebenezer Baptist Church
Thursday 10am - 12pm
Neuadd St. Catwg’s Community Hall
Wednesday 10am - 11am
Phillipstown Community House
Tuesday 10am - 11am
Community Support Office
1 Groe Street
Friday 11am - 1pm
The Herb Garden Café
Thursday 10.30am - 12pm
The Neuadd Arms Hotel
Monday 10am - 11am
The Civic Centre
Friday 12.30pm - 3pm
Friday 10.15am - 12.15pm
Want to set up a Community Banking Hub?