What is a money Circle?
A money Circle is a group of people that share a social bond. They pool their savings together and make loans to members of the Circle based on a trust score. The better a Circle performs the better the rate of interest that is given to savers.
How do I join a Circle?
MoneyCircles will launch in early 2017. You can register for early access here.
Are you a bank?
No. We are a software company bringing together financial co-operatives and their members through online channels like social media and messaging.
How do I borrow and save if you are not a bank?
MoneyCircles works with financial co-operatives like credit unions.
What is a credit union?
Credit unions are community-based savings and loans co-operatives, run on a profit with a purpose basis. There are no external shareholders and profits are given back to members in the form of dividend (interest) on savings.
Credit unions offer great rates on loans and savings accounts and there are no early repayment penalties or hidden fees.
Each Credit Union has a common bond which determines who can join it. The common
bond may be for people living or working in the same area, people working for the same employer or people who belong to the same association, such as a church or trade
union. These common bonds form the basis of each of our MoneyCircles.
Here’s a video about the principles behind credit unions and other co-operatives:
Where does MoneyCircles come in?
MoneyCircles enables you to sign up with a credit union from your mobile device and over social media. We make it easier to see all the credit unions you can join and take the hassle out of the application process.
If I deposit money with a MoneyCircle is it protected?
MoneyCircles does not hold or transfer money. All deposits or loans are handled by credit unions that are regulated by the UK Prudential Regulation and Financial Conduct Authorities.
Each institution is a member of the Financial Services Compensation Scheme established under The Financial Services and Markets Act 2002.
In respect of deposits with a UK office, payments under the scheme are limited to 100% of the first £75,000. This may be subject to change please visit www.fscs.org.uk for the latest details
Who’s behind MoneyCircles?
Meet the team.
I’m a credit union. How do I find out more?
Please visit our credit union page.