Member protection
How your savings are protected.
Members' savings are protected up to the £15,000 maximum balance (less any loan liability) by cash reserves and funds held under an arrangement approved by the Isle of Man Financial Services Authority.
What's covered
- Protected amount
- Up to £15,000 per member
- How it works
- Savings are protected by cash reserves and funds held under an arrangement approved by the Isle of Man Financial Services Authority.
- What's covered
- Balances held in your MCU share account, less any loan liability you hold with us. £15,000 is also the maximum balance a member can hold.
- Statutory scheme?
- No. There is currently no compensation scheme established under the Credit Unions Act 1993, so credit-union savings are not covered by a statutory scheme such as the Depositors' Compensation Scheme.
- More information
- Pop in on a Tuesday or Saturday morning, or email us, and we'll happily talk you through how the arrangement works.
A quick note
The reserves are a safety net, not the first line of defence.
The first defence for member savings is how we run the credit union day-to-day: prudent lending, capital reserves above the regulatory minimum, and independent annual audit.
Our annual accounts, audited and tabled at the AGM, set out our capital position, loan-loss provisions and operating surplus. Members vote on the accounts at the AGM each year.
The FSA-approved reserve arrangement sits behind that, as a backstop for the unlikely event that the first defence ever fails.
Read the latest audited accounts →