FAIRshare Credit Union

People Before Profit

About FAIRshare

FAIRshare is a credit union and everyone who  lives or works in Shropshire, Telford & Wrekin and South Staffordshire can be a member.  We provide straightforward savings accounts and fair, manageable loans to our members.  We are a local, ethical, ‘not-for-profit’ community bank or financial co-operative, owned by and run for our members.

Our main branch and head office is in Unit 3, Southwater Square, Telford, TF3 4JG.

Who can join FAIRshare?

Everyone who lives or works in the Shropshire, Telford & Wrekin and South Staffordshire can join us.

Unlike high street banks and building societies, we do not carry out any credit checks before opening an account.  Previous County Court Judgements (CCJs), bankruptcy or insolvency do not prevent you from joining.

We also have a Younger Saver account for members from birth to under 16 years of age – a great way to teach children to save and manage money.

Why become a member?

There are many great reasons to join –

Who owns FAIRshare?

FAIRshare is a member-owned financial co-operative owned by and run for the benefit of our members.  As soon as an adult opens an account they become a member and a shareholder.  All our members have a say in how their credit union is run – come along to our AGM and have your say!

There is a one-off membership fee of £5 when joining, and members are asked to save a minimum of £1 a week or £5 a month.

Dividend Payments

When adults join FAIRshare, their membership means they become a shareholder, and any profits made may be returned to members in the form of a dividend, as a reward for saving regularly. This will be a percentage of the amount saved with FAIRshare over the financial year.

At FAIRshare’s Annual General Meeting in March 2023, the Board of Directors put forward a proposal on whether a dividend can be paid based on its financial performance up to 30 September 2022. It was decided that, due to the difficult financial climate, it would not pay a dividend to its members for the last financial year. The decision for the current financial year will be made in the Spring of 2024.

Our History

The Wrekin Council Employees Credit Union was launched on 1st September 1994 to offer savings and loans to employees of Wrekin Council.  155 members joined on the opening day, and by the end of 1994 more than 450 staff had signed up.

In 2000, the credit union changed its name to FAIRshare, and following a change to its ‘common bond’ membership was opened to everyone who lived or worked in the Borough of Telford & Wrekin.  Membership grew quickly, with Oak Credit Union & Dawley & District Credit Union transferring to FAIRshare in October 2000, and S.H.R.U.B. Credit Union (which served Stirchley, Hollinswood, Randlay United with Brookside) and Broseley & Much Wenlock Credit Union joining in 2002.

In 2012 members voted to extend the common bond to include everyone who lives or works in Shropshire. In 2022, the common bond was expanded to include the community of South Staffordshire.

The Rules of FAIRshare Credit Union can be downloaded.

We’d love to hear from you.

Do you have a question about FAIRshare services? Our team is ready to answer all your questions.