The credit union was first established for members of the Independent Order of Oddfellows by Manchester Unity Friendly Society in 1991.
[2] In 1999, the Treasury announced that credit unions would be brought within the mainstream regulatory scheme administered by the Financial Services Authority.
[3] With little growth and increasing legislation, talks took place between the credit unions and the Board of the Oddfellows bringing all three together in 2001.
New members can join both the Oddfellows and the credit union at the same time, which entitles them to the benefits of both organisations for a single monthly contribution.
Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.