About Clockwise - Leicester's Credit Union
Clockwise is a credit union for Leicester, Leicestershire and Rutland. Its legal name is Leicester Credit Union Limited and Registered Number is FRN213498. It came into existence in November 2002, when the financial Services Authority gave permission for Highfields Credit Union to operate across the City and in 2007 this extended to the County plus Rutland. Highfields Credit Union had operated successfully in the Highfields area of the city since 1992 and the Head Office of Clockwise remains at 25 Mere Road, in Highfields, Leicester. At the 2006/07 AGM it was agree to change the name to Clockwise Credit Union Ltd.
Clockwise is authorised and regulated by the Financial Services Authorities, is a member of the Financial Compensation Scheme and the Financial Ombudsman Scheme. In addition Clockwise is also a member of the Association of British Credit Unions (ABCUL).
We currently have 2634 Members with £914,000 of savings, 400 Young Savers with £30,000 of savings and 1204 loans of £1,300,000 in value (December 2007). Included in our savings are 118 ISA tax free savings accounts and 48 Child Trust Fund (CTF) accounts.
Members benefit from included life insurance on both savings and loans. On savings, the amount a member saved before they reach the age of 65 is doubled in value should they pass away and on loans, any loan granted before a member reaches the age of 70 dies with the member. (Subject to terms and conditions).
For the last three years we have paid members a 2% dividend on shares (savings), and our aim is to find ways to increase this dividend in line with growth. In 2006, Clockwise was one of the first credit unions in Britain which launched a Mini Cash ISA - tax free high return savings. We currently pay 5.5% on both ISA’s and CTF’s.
We currently offer a payroll deduction Scheme to Leicester City Council, Leicestershire County Council, Market Harborough District Council and BCA Braunstone.. We are in negotiation with a few other major employers within our common bond area such as Melton District Council and the NHS to set up new schemes.
Our Head Office is based at 20 Pocklingtons Walk, Leicester, LE1 6BU. In addition we have a number of community based collection and information points across the City and County.
We employ six full time staff and three part-time staff, all of whom are involved in the running and administering of the head office, ongoing development of Clockwise and support of the collection and information points and the volunteers. We currently have well over 30 volunteers working within the collection points or at our head office plus our Board Directors.
Clockwise is run by a Board made up of volunteers elected by the membership. We currently have 12 Board Members, however, we are constantly looking for new board members that can either bring new skills and competences to the Board or ensure all areas of the community are well represented.
Updated: January 2008.