Welcome to our knowledge hub. As a member-owned credit union, we help each other out. Here, you’ll find simple guides and handy tools, like our credit union calculator, that cover the finance basics you need to manage your money better. Start making smarter financial choices today and build resilience for whatever comes your way.
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We want our members to feel that our services are relevant to them, and suit their changing circumstances. Alongside our rebrand to Beacon Savings…
At Beacon, we’re committed to helping our members feel confident when taking control of their finances, and have looked into the research to bring…
We are proud to announce the new trading name of Halton Credit Union – Beacon Savings and Loans! After many years serving the community…
Learn what a credit union is, how it differs from banks and the eligibility criteria for joining.
A Credit Union is a member-owned financial cooperative that provides savings, loans and a range of financial services. It operates on a not-for-profit basis, focusing on serving its members rather than generating profits for shareholders. Note: We are a credit union. Beacon Savings & Loans is the trading name for Halton Credit Union.
Credit unions, like Beacon Savings & Loans, are fundamentally different from banks because they are cooperatives owned by their members, which ultimately means that our members are our shareholders. The board also consists of members rather than investors, ensuring that your best interest is always at the heart of decision making.
This means every decision we make is for the benefit of our members. Our core values—keeping promises, working together, always improving and showing kindness—reflect this commitment. We prioritise clear and straightforward interactions, collaborate to enhance our services and create a welcoming space for all members to grow and succeed. Unlike banks, which aim to maximise profits for shareholders, we focus on enriching our members’ financial lives and strengthening our community.
Yes, credit unions are safe. In the UK, they are regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) like other financial institutions, such as banks and building societies. Members savings are also protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per individual.
In addition to the above, Beacon Savings & Loans adheres to the ‘Code of Governance (COG)’, a set of standards for the credit union sector, devised by our affiliated body, the Association of British Credit Unions Limited (ABCUL). The COG serves as the benchmark that Beacon uses to ensure quality governance. These standards are overseen by our Compliance Officer who reviews and implements any necessary improvements.
A share account is a basic savings account at a credit union. Your initial deposit in a share account represents your ownership share in the credit union.
With Beacon, members can access a Christmas Club designed for secure savings specifically for the festive season, which allows the cost of Christmas to be spread throughout the year. Savings are locked-in until the payout date (the Wednesday prior to Black Friday), providing financial peace of mind for our members.
Learn how to join a credit union, manage your account, and understand how profits are shared.
To open an account, you must first be eligible for membership based on the credit union’s common bond criteria. You’ll need to complete an application form and provide proof of identity and address. A joining fee and small initial deposit may be required.
To join Beacon Savings & Loans, you’ll need proof of who you are and where you live, a one-off entrance fee of £2.00 plus a minimum deposit of £1.00 to open your account. Members must have at least £1.00 in their share (savings) account.
A growing number of credit unions offer online and mobile services.
Beacon Savings & Loans has both a website and an app that allows members to view and manage their account, make savings withdrawals and apply for loans. Personal details can also be updated on our app, available to download on Google Play and Apple Store. You can complete a membership application and join via both methods.
Credit unions distribute their surplus based on decisions made during their Annual General Meeting (AGM). Members vote on how to use the surplus, either through lower fees, better rates, interest rebates or dividends returned directly to members. This ensures that all decisions benefit the members and align with the credit union’s goals.
No, Beacon Savings & Loans doesn’t pay traditional interest on savings. Instead, we distribute earnings to our members as dividends. The amount of dividend paid is based upon the surplus made at the end of the year, once all overheads and expenses are covered. The rate paid will be suggested by the directors, in collaboration with our external auditors and voted for at our AGM by the members in attendance, either in person or online. Dividends are not guaranteed and may be combined with interest rebates for members who repaid a loan during the financial year.
Credit unions like Beacon return profits to members through better loan rates, savings interest and lower fees as part of our not-for-profit cooperative structure. Profits may also fund dividends, interest rebates, and community projects.
After covering overheads and expenses, any remaining surplus is dedicated to community enrichment, emphasising our commitment to both member service and broader community impact. Note: the decision to distribute dividends or interest rebates is based on financial feasibility and requires approval from our members at the Annual General Meeting (AGM).
Some credit unions provide financial education resources and support services to help members manage their finances, understand credit and plan for the future.
Members can access financial tools to help with budgeting, saving and managing debt on our website – we can also provide information and/or signpost to other beneficial agencies.
Understand the community and personal benefits of joining a credit union.
Membership is typically based on a common bond, such as living in a particular area, working for a specific employer, or being part of a certain group or association. Each credit union has its own eligibility criteria.
Our common bond criteria was originally people that lived or worked in the borough of Halton. This has since been extended, and now Beacon Savings & Loans covers all of Cheshire and the adjacent WA postcodes.
*Beacon has partnered with ‘Just One Tree’, a company that plants trees to remove carbon dioxide from the atmosphere, helping to combat climate change and improve our carbon footprint.
For each new member that joins or every dormant member that reactivates their account, Beacon will pay for a tree to be planted. So, members are not only joining a fantastic financial institution they are making a meaningful difference for our planet.
Just One Tree focuses on regions near or on the equator, as trees grow faster, and mature trees absorb more carbon than younger trees. In addition to tree planting, they also establish kelp forests to help cool our oceans.
Yes, Credit Unions often focus on community development and may support local projects, offer sponsorship, provide help with staff secondment, and offer services tailored to the needs of the community.
Beacon is deeply committed to supporting our local community. We have sponsored local sports teams, and actively participate in community projects. Our staff members also have a strong community focus and get involved in local initiatives. This can include volunteering at events and attending other ethical organisations’ promotional and/or information days. We also support our local community shop, demonstrating our dedication to making a positive impact in the area we serve.
Consider factors such as your financial needs, the services offered, membership eligibility, the fees and how you value community involvement and a member-focused service. If these align with your priorities, a credit union might be a great fit for you.
Beacon can be a beneficial decision depending on your financial needs and goals. If you value community involvement and support, then our organisation will align well with your values. Member ownership makes you part-owner. This means you can have a say in how we are run — you can join our Member Focus Group, become a director or volunteer in-branch.
Credit unions are democratically controlled by their members, typically through a board of directors elected by the membership. Each member has one equal vote, regardless of how much they have saved, ensuring that the credit union operates in the best interests of ALL members.
Our credit union sends a member satisfaction survey out annually and acts on suggestions that will improve our members’ journey and provide a good outcome. By actively seeking and responding to member feedback, we demonstrate our commitment to continuous improvement and alignment with regulatory expectations, making sure that we meet the evolving needs of our community.
Learn about the recent changes to our brand.
We expanded our reach a few years back to include a broader community, making sure that our services remain relevant and accessible to both existing and potential members across various regions.
We opted for a name change because the original name, Halton Credit Union, was geographically specific and could limit our growth. Such names can be restrictive, as potential members outside of Halton might not feel a connection or may even be unaware they’re eligible to join.
The new name, Beacon Savings & Loans, was chosen because it evokes a sense of reliability and security, while clearly describing our core services. It’s straightforward, memorable and designed to resonate with a diverse range of members, eliminating any sense of exclusivity tied to a specific locale. This makes our credit union more inviting and inclusive, extending a sense of belonging to everyone in the areas we serve.
Our existing members inadvertently helped to choose the trading name Beacon Savings & Loans. They completed a survey about their Credit Union without knowing what the exercise was for. Responses were conducted through a blind survey to ensure that members gave impartial reasoning, rather than being guided by us.
The new brand is fresh and modern and as ‘Beacon Savings & Loans’ feels more authentic as it accurately reflects:
Our new branding introduces a modern, fresh design that reflects a more professional appearance.
The original brand, featuring a logo designed over 20 years ago with a pound sign, felt outdated and misaligned with our core values. Today, Beacon Savings & Loans is less focused on money and more dedicated to the impact we can have on our members’ lives and the broader community. This new logo now aligns with our longstanding mission of people and the planet before profit. At Beacon, we’re not just highlighting the changes needed in our communities; we’re actively engaging in creating solutions.
Thursday 2nd January 2025 – Branches open as usual
Tuesday 25th February 2025 – Beacon Savings & Loans AGM – Heath Business Park, Runcorn and online – 6pm