11 July 2023
The Benefits of Becoming a Member of Smart Money Cymru
At Smart Money Cymru, we offer financial services to the people of Wales. Compared to high street banks, 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. So, what are the main benefits aside from all that of becoming a member of Smart Money Cymru Community Bank?
You’ll have exclusive access to personal loans up to £15,000
As a member of Smart Money Cymru, you have access to a range of exclusive loans, up to £15,000. The more you borrow, the less the interest rate too!
If your employer is part of our Payroll Scheme, then you can also benefit from our Payroll Loans – giving you even lower interest rates than on our usual loans!
You can borrow money off us for so many reasons! From new car purchases, all the way to unexpected vet bills and Christmas loans.
The Personal Smart Loan is our most popular loan. But we also have Consolidation Loans, Payroll Loans, and Christmas Loans. We also have flexible, affordable interest rates and repayment plans, depending on how much you borrow!
Access to Smart Goods
Smart Goods, launched in 2021, has hundreds of everyday items that can be financed through Smart Money Cymru. We have flexible repayment schedules available to suit your needs and encourage members to save whilst repaying their loan. First time Smart Goods borrowers will even receive £5 into their savings account to start it off!
Existing and new members of Smart Money Cymru can apply for finance over 3 years on essential household items, tech, gift cards and more.
Become a part of a local organisation that puts its members first!
Community Banks rely on our members. We help you take control of your finances in a smart way, by encouraging you to save what you can on a regular basis and borrow only what you can afford to repay. Members pool their savings together, to lend to one another and help run Smart Money Cymru Community Bank.
We are committed to offering products and services that help members manage their money and build up a history of good money management.
We also ensure that we’re present in our communities, to ensure that members have access to us in person, even if there isn’t a branch nearby – we do this in the form of our Community Hubs. Our Community Banking Hubs exist to provide convenient places for members to pay into their accounts or to find out more about Smart Money Cymru's services and products. Our trained volunteers can support you in all aspects of using your Smart Money accounts, whilst giving you advice and support if needed. In person.
Your savings are protected by FSCS Guarantee and we are regulated just like High Street banks!
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). So, your money is in safe hands!
Enjoy interest rates on loans that other lenders won’t offer!
Repayments are often at lower interest rates than loans from high street banks, plus we charge interest on the amount remaining, not the total loan taken!
We have paid members an annual dividend consistently over the past 20 years, at higher than many high street banks’ savings interest rates.
If you live in Wales, you can open a savings account and start saving straight away.
How do our savings accounts work? We don't have a monthly interest rate, but do give our members a dividend every year, based on our operating profit.
In 2022, we gave members 0.75% interest on their saving accounts, and we've provided a dividend for the past 21 years too!
Be a part of an ethical financial organisation.
Community Banks like Smart Money Cymru are not-for-profit financial organisations that are often set up by members who have what is a called a common bond to offer savings and loans.
A common bond can be anything from living in a particular town or county or being part of a certain industry or trade union. For Smart Money Cymru Community Bank, our common bond is living in Wales – that means if you are a resident in Wales, you can join our Community Bank!
Community Banks like Smart Money Cymru are essentially ‘owned’ by their members! Every member has an equal say, and we encourage all of our members to vote in our Annual General Meetings.
So, what are you waiting for? Why not become a member today?