About Penny Post

What is a Credit Union?
A Credit Union is a democratic, financial co-operative owned and controlled by its members. Each Credit Union is run only to benefit its members, all of whom share a common bond. Penny Post Credit Union is based upon a common employment bond, where members work for Royal Mail Group or the Penny Post Credit Union (family members living in the same household are also eligible).

How is a Credit Union different from a bank?
A Credit Union is different because it is owned by its members – not shareholders – and each member has an equal say in the running of their Credit Union. As a ‘not-for-profit’ organization, members’ savings are used to fund loans to members at reasonable rates of interest. Similarly, the interest charged on loans is used in part to fund a return (or dividend) on members’ savings.


Who can join Penny Post Credit Union?
Membership is open to Royal Mail Group employees (and their immediate families living at the same address).

I am a Royal Mail Employee based in Northern Ireland, can I join Penny Post Credit Union?
Under the current regulations we are not permitted to enrol RM employees based in Northern Ireland.

How do I become a member?
The easiest way is to join online. Applications are also welcomed by post or by visiting our North West Midlands Mail Centre. If you are applying in person please bring the following documentation with you: photographic identification (e.g. valid passport or driving licence) and proof of address (e.g. a bank statement or utility bill dated within the last three months). If you have any difficulty in acquiring the specified documentation please contact us for advice, as we can also accept a reference from a Line Manager, CWU Representative or professional person.

Can I stay with Penny Post if I leave Royal Mail?
Yes, but let the Credit Union know you are going so we can arrange a bank standing order to replace the payroll payments.

Can I leave Penny Post when I leave Royal Mail and re-join when I have a new job?
Unfortunately, no, we are only permitted to recruit members from Royal Mail Group.


I am a new member, when can I start borrowing?
New members can apply for a Personal Loan as soon as we receive the first payroll deduction.

How much can I apply for?
If  you apply within the first five weeks of joining the maximum Loan is £2,000, there is no minimum amount.  After six weeks of saving the Personal Loan maximum is £6,000 and the Attached Loan is £10,000.

What if my circumstances change and I’m struggling with repayment?
Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the Credit Union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan may be renegotiated.


May I withdraw my savings after taking a loan?
Yes, if it is a Personal Loan.  If you have an Attached Loan you need to keep 25% of the outstanding  loan in the savings.

Online Accounts

How do I withdraw my money online?
Members who have submitted a Transfer Authority form can withdraw savings by logging into their online account and clicking Account Transfer.

How long do website transfers take to arrive in the receiving account?
We authorise funds transfers throughout the working day, and money can arrive in the receiving account within a matter of hours. Requests made after 4pm Friday and over the weekend are authorised and sent on Monday morning.

Junior Accounts                                           

Who can open a Juvenile Account for a child?

The child’s parent or legal guardian (who must be a member) may open a Juvenile Account for a child. The parent or legal guardian must present the child’s birth certificate and his or her own passport or driver’s licence, a current utility bill or RM Pay Advice. In the case of legal guardianship, proof of guardianship (e.g. adoption papers) must also be presented.

If you have any other questions at all please email us at or ring on 0333 332 1461.