Your money is protected up to £85,000
A requirement of Credit Unions is that members have a “common bond” with each other. This reflects the fact that Credit Unions are organisations run for the benefit for its members with a social connection. Wyvern Savings and Loans’ Common Bond is outlined below:
Admission to membership of the Credit Union is restricted to:
a) An individual who resides in or is employed in the locality of the Counties of Dorset and Somerset and adjoining parishes as delineated in the red outer boundaries on the map below.
b) An individual who is employed by the following employers:
i) Bournemouth Churches Housing Association;
ii) Magna Housing Association;
iii) Spectrum Housing Association.
c) An individual who is associated with other members through:
i) being a tenant of Bournemouth Churches Housing Association;
ii) being a tenant of Magna Housing Association;
iii) being a tenant of Spectrum Housing Association.
d) An individual who is a member of the same household as, and is a relative of, an individual who is a member of the credit union and falls directly within the common bond specified above.