22 April 2024
Newport Credit Union is merging with Smart Money Cymru Community Bank to create the largest Community Bank is Wales!
Smart Money Cymru-one of the fastest growing Community Banks in Wales is excited to welcome Newport Credit Union members into our community.
Following extensive talks between both Boards of Directors, members of Newport Credit Union voted unanimously to merge with Smart Money Cymru Community Bank, a move which will give them access to modern, community led financial services and create the largest organisation of its kind in Wales with over 15,000 members and a branch network extending throughout South and Mid Wales.
Mark White, CEO, of the new “super Credit Union” says that the move will “bring major benefits to members of Newport Credit Union” whilst highlighting the technically advanced products available to anyone living in Newport.
Reg Smith, Chair of Newport Credit Union added that it seemed fitting that the merger completed this year as they are celebrating 25 years of the Credit Union being open.
The move will also provide job security to Newport Credit Union’s staff, with the merged organisation having 26 employees. The branch in Skinner Street will join branches in Caerphilly, Blackwood, Tredegar, Aberdare, Brecon and Llandrindod Wells. Newport members will be able to access face to face services in any of these branches after the 25th April 2024.
Smart Money Cymru would like to thank the Directors, staff and members of Newport Credit Union, both past and present, in their support in completing the merger and their commitment to providing credit union services to Newport city residents over the last 25 years.
Member Benefits
Newport Credit Union members will now have access to:
- Increased savings limits-save up to £60,000 with dividend returns of 1% in 2022/2023
- Larger loans of up to £15,000 (subject to affordability and credit report assessments)
- Smart Banking: Same day savings withdrawals and quick loan decisions
- Smart Money Cymru’s mobile app and website with 24/7 control over accounts
- Smart Goods finance-over 5000 household items, tech and gifts available via small weekly payments
- A larger customer service team to assist you Monday to Friday between 8.30am and 4.30pm
- To a market leading, sustainable and stronger Credit Union
We’ve tried to answer some key questions that members may have post merger. If you cannot find what you are looking for, give us a call or pop us an email, where one of the Customer Advisor team where will be happy to help.
Directors of Newport Credit Union were mindful of the needs of its members and the ever changing dynamics of running a Credit Union. With this in mind, they sourced a likeminded Credit Union partner to merge with, to ensure their members had access to services and product. The merger between Newport Credit Union and Smart Money Cymru Community Bank will enable the Credit Union sector in Wales to continue growing.
After months of carefully planning, the merger is due to complete on Wednesday 24th April 2024. From Thursday 25th April 2024, the Skinner Street branch will open as Smart Money Cymru and members will be able to access their accounts through any other Smart Money Cymru branch.
Yes unfortunately to complete the system upgrades required for the merger, there will be a short period of closure in all branches. The expected timeline for the merger is:
- Monday 22nd April 2024
-Newport Credit Union staff will be dealing with member enquires as usual whilst the merger process begins
-Smart Money Cymru branches will be open as usual - Tuesday 23rd April 2024
-Newport Credit Union staff will be processing regular payments until 10.30am and then closed for the remainder of the day
-Smart Money Cymru branches will be open as usual - Wednesday 24th April 2024
-Newport Credit Union will continue to be closed but staff will be available during usual opening times to answer telephone and email enquiries
-Smart Money Cymru staff will be processing payments until 9.30am with no further transactions available after this time and answering telephone and email enquiries - Thursday 25th April 2024
-The merger will be complete and all branches will be open as usual!
Please be patient with staff during this period as they become familiar with the new branches, services and systems. We thank you for your continued support.
You will retain your Smart Money Cymru Community account, with information and balances of your Newport CU account available too.
Yes, as a member of the former Newport Credit Union, your membership number will change but we have tried to keep this as simple as possible for you by adding a prefix of 200,000 to member numbers. For example, if your current membership number is 1234, your new membership number will be 201234.
It will always speed up telephone calls or email responses if you have your membership number, but don’t worry if you don’t have it to hand as our Customer Service team will be able to find you on our system with other secure information.
Many months of planning have gone into this merger. The Directors of both Credit Unions strongly believe that members will see only benefits once the merger is completed, and the staff are on hand to support members through the change. We would strongly advise members with concerns to chat to one of the team so we can put your mind at ease.
Yes! All of the staff from Newport Credit Union will become employees of Smart Money Cymru Community Bank after the merger and you will still see them in the offices, along with some new friendly faces. All staff are committed to providing you with a high level of service, a core value of Smart Money Cymru Community Bank.
- Set up a direct debit from your bank account
- In the office by cash, cheque or debit card
- By phone
- Via online services (BCCU website and App)
- Bank transfer
Members will be able to withdraw via electronic funds transfer, either by telephone, email or through the mobile app or website. You can withdraw any savings you have that are in excess of a loan balance or in a share account that is not attached to a loan. We encourage members to save as much as they can comfortably afford, so we do not automatically return any excess payments that are received to us. We are able to redirect any excess payment deposits to another savings account such as a child’s account or Christmas Savings account, please give us a call or pop us an email to discuss this in more depth.
If you are already a member of Smart Money Cymru, then no. If you are a member of Newport Credit Union, then you will have to register for the Smart Money Cymru website or app as the two Credit Unions use different systems so we are unable to transfer these across as part of the merger process. This can be done from Thursday 25th April 2024.
The Smart Money Cymru website and app is much more user friendly and reliable than existing services, so we would encourage members to access/download them as soon as they can. Find out more here
As a member of the former Newport Credit Union, you can apply for a loan with Smart Money Cymru Community Bank from Thursday 25th April 2024. The easiest way to apply for a loan is to download our mobile app from here.
Smart Money Cymru has a variety of loans available of up to £15,000 for lots of different reasons. To apply for a loan online, you need to be registered for access to the SMC mobile app or website. You can also come into branch to discuss an application or be supported by one of the team to complete an application. We require 3 months of bank statements to support your application, which can be securely submitted through the Open Banking network or by bringing paper copies into your nearest branch. Loan decisions are usually made within 24 hours of all documents being received.
If you wish to discuss a loan application with one of the loan assessment team, please call 02920 883751 and select option 2.
Your loan repayments will stay the same. Our team will be contacting all members to change their payments into the Smart Money Cymru bank account over the next couple of weeks. Please ensure this is done promptly to reduce the likelihood of any missed payments.
Members of Smart Money Cymru Community Bank can save up to £60,000. We have Christmas Savings accounts, general savings accounts and children’s savings accounts available.
Smart Money Cymru has a variety of loans available of up to £15,000 for lots of different reasons. To apply for a loan online, you need to be registered for access to the SMC mobile app or website. You can also come into branch to discuss an application or be supported by one of the team to complete an application. We require 3 months of bank statements to support your application, which can be securely submitted through the Open Banking network or by bringing paper copies into your nearest branch. Loan decisions are usually made within 24 hours of all documents being received.
If you wish to discuss a loan application with one of the loan assessment team, please call 02920 883751 and select option 2.
We understand that sometimes we all can face unexpected life changes, so if you have fallen behind on your loan repayments, please contact our dedicated team by calling 02920 883751 via Option 3 or email us at info@smartmoneycymru.co.uk to talk through your options an get back on track.
You can call us on 02920 883751, email via info@smartmoneycymru.co.uk or pop into any of our branches to talk to one of the Customer Advisor team (opening times vary, please check them here before visiting).
