Taunton & West Somerset Credit Union

We are here to help people in our local community with secure savings and low cost loans. If you would like to save and borrow with us, do call in to one of our collection points. Or you can make an appointment by giving us a call, or emailing moorvale@fsmail.net . Download our latest newsletter here.

Anyone who lives or works in Taunton Deane or West Somerset can have an account with Moorvale. The joining fee is £1, with an annual fee of £1. We have around 500 members.
We encourage regular savings by standing order, payroll deduction or at collection points. No amount is too small. Savings are held as secure shares in the Credit Union. An annual dividend is paid, depending on performance. Junior savers (below 16) are paid a special rate of interest.
We can provide cheaper loans to savers than doorstep lenders or catalogues. Loans are available to savers after 8 weeks regular savings: interest is charged at 1.5% per month on the reducing balance (19.05%APR).

What We Offer

  • Low Cost Loans
  • Anyone living in West Somerset can apply
  • Regular savings, no amount is too small
  • Joining Fee of £1, annual fee also £1
  • Annual Dividend Paid
  • Savings held as secure shares

Savings

Savings

Secure Savings

Savings with Moorvale are secure and guaranteed repayable by government; they enable Moorvale to invest in loans for the benefit of people in the local community. We do not risk our members’s savings in the financial markets. The maximum shareholding for an individual is £15,000.

Loans

Loans

Why Borrow from Moorvale?

Interest charges are small. You pay back less, and for a shorter time, than to other lenders. We can keep interest rates low because we have very low overhead costs and our profits belong to our members.

Membership

membership-ex1

How do I become a member?

Membership is open only to individuals who live or work in Taunton Deane or West Somerset. There is an initial £1 joining fee and at least £1 should be paid into the share account. An annual affiliation fee of £1 is deducted from each share account to pay for services supplied to Moorvale by national credit union organisations. Under current legislation we cannot accept business accounts.