Great Western Credit Union (GWCU) celebrated its 25th anniversary on 2nd October 2024 heralding a quarter of century of affordable, ethical finance to people across the area.
Since 1999, GWCU has supported over 30,000 members, growing to be the largest credit union in the South West. In 2023 their members held £8 million in savings, and GWCU saved their members over £3.5m in total interest for loans that year alone. The credit union also provided 359 loans to people at risk of homelessness in 2023, and made saving easier for mothers with their Family Saver Pilot - a result of their research partnership with University of Bristol.
GWCU was originally founded in 1999 as Bristol Credit Union at a time when the Millenium Bug was a major issue, the UK enjoyed a solar eclipse, the devolved Parliaments opened, Manchester United won the treble with Westlife and Boyzone was dominating the charts. The cost of housing, education and general living expenses have all increased, and the impact of inflation on individuals and households cannot be understated.
One of the most significant shifts has been the rapid digitisation of finance, which has reshaped how people spend, access and manage their money. GWCU has grown from an inner-city credit union with 16 members into the largest credit union in South West England, digitally serving over 19,000 members and the wider community across the region. Over 25 years the credit union has helped over 30,000 members access affordable loans.
James Berry, CEO of Great Western Credit Union, said:
“Our 25th anniversary event is an opportunity for us to look back at where we started, how the world has changed, and how we’re continuing to respond to the ever-evolving financial needs of the people we serve. There is an increasing demand for ethical financial solutions that benefit entire communities. After such a long time of people struggling with the rising cost-of-living we do see that many are struggling with the cost of debt. Ethical, affordable finance, be that loans or debt consolidation, is one way for us to help people manage our way out of this latest financial crisis. And we are also here for those who want their savings to have an ethical impact with our Fixed Rate saver. Our mission remains focused on supporting people at risk of financial exclusion by offering accessible solutions that prevent the cycle of high-cost lending and debt. We’re also working with more and more employers to build financial wellbeing for their employees, something we’ve been doing for as long as the credit union has been going.”
Showcasing their commitment to offer a variety of products to build financial wellbeing and emphasising the importance of savings, GWCU has also announced the opening of the second tranche of their popular Fixed Rate Saver on 2nd October 2024. Available for a limited time (with a closing date on 1 November 2025) to people across the South West, this one-year fixed term account has a minimum deposit of £1,000 and 4.75% AER.
GWCU’s innovative approach to community-focused finance continues to grow in scale and impact. The credit union’s employer partnership program, Money@Work, has lent over £3.3 million since its launch in 2019, providing employees across the South West with direct access to low-cost finance options. In 2023, GWCU launched its first-ever Bond Offer which surpassed expectations, raising £1.9 million with a target of £800k with match funding from Fair4All Finance. The credit union’s annual Social Impact Report also reflects their ongoing work to tailor their offerings to meet the evolving needs of their members, and provide help to those who struggle to find support elsewhere.
