Prison Service Credit Union Limited

Prison Service Credit Union Limited is a member-owned financial co‑operative focused on people working within the prison and wider justice sectors, typically offering access based on a common bond that includes employees, contractors, and in some cases immediate family. Its core proposition centres on payroll-linked savings and affordable unsecured lending, with regular savings deducted directly from salary and loan repayments usually taken the same way or by direct debit when payroll access is not available. Products are generally straightforward—regular savings accounts and personal loans for short to medium terms—without the broader range associated with high street banks; current accounts, overdrafts, credit cards, and investment products are not usually part of the offer. Loan decisions are subject to credit and affordability checks, interest is charged on the reducing balance, and early repayment is typically permitted, though specific fees, rates, and maximum loan sizes are set by the board and can change. As with other credit unions, surpluses may be returned to members through dividends or interest rebates, but these are not guaranteed and depend on annual performance; minimum share balances and holds on savings pledged against loans can apply, which can limit withdrawals until borrowing is repaid. Service is delivered primarily online and by phone, with no extensive branch network; joining, account management, and loan applications can be completed digitally, and service levels depend on payroll arrangements with participating employers. Governance is via an elected board and annual general meeting where members vote on matters such as dividend distribution. Prospective members should review eligibility, current rates, any joining or service fees, and withdrawal rules, and consider the narrower product set versus mainstream banks before applying.