In 1997, the Head of Strategy at The Co-operative Group, approached the Manchester Headquarters Staff Council with a proposal that it act as a steering group to oversee the creation of a credit union for employees of the various members of "the co-operative family" in Greater Manchester.

[3] Members of the credit union save regularly every month, forming a pool of money which is lent by way of loans at reasonable rates of interest.

The credit union is responsible for the operation of the scheme, with the employer facilitating monthly deductions from salary.

Instead of paying a fixed rate of interest on savings balances, credit unions return any surplus profit to members.

Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.