We’re called The Money Co-op – but what exactly does that mean? What is a co-op, and what makes it different?
Co-ops are a worldwide movement – there are over 3 million co-operatives worldwide, and more than 1 in 10 people across the globe are members of one. Co-ops exist in everything from housing and farming to energy, retail and finance. And what makes them different is simple: they’re owned by the people who use them.
At The Money Co-op, our members aren’t just customers – they’re the building blocks of everything we do. When members save with us, their money goes into a shared pot. That pot is then used to provide fair, affordable loans to other members. And when those members repay their loans – with a fair rate of interest – it helps keep the whole thing going. That money comes back into the pot, so we can help even more people save, borrow and build a better future. So by saving, and borrowing with us, you’re not just helping yourself – you’re helping other members too.
That’s the power of people helping people. That’s what being in a co-op is all about.
This Co-op Fortnight, we’re celebrating the incredible members who make that happen – our #CoopHeroes.
Take Joanne, who’s been saving with us for over 14 years:
“I heard about it from a colleague and thought it’s a great way to save without consciously having to do anything. I’ve saved for holidays – I’ve been to Goa, Thailand and Las Vegas!”
Nathan joined after seeing a poster at work– and found it helped him in more ways than one:
“With flexible repayments and built-in savings, it’s helped my personal, working and university life. Seeing how it helps others made me realise the importance of member-based organisations like this one.”
We’ve also heard from members in difficult moments, like the one who told us:
“I was struggling to pay for my mum’s funeral when she had no insurance – you were so helpful and kind. It really helped with the burden of what I was facing.”
Doug uses his membership to save easily – with the added bonus of a fun monthly draw:
“I use it mainly as an easy way to save. The monthly lottery draw is a bit of fun too (and I’ve won it once!). The best thing is the comfort of knowing I have access to a trustworthy lender when I need it.”
Ope joined through a friend – and found it surprisingly simple:
“It’s been wonderful since then. I save monthly, and even getting a loan was easier than I thought. It’s a smooth process and it’s great being part of this.”
And John’s story shows how small steps can lead to big results:
“It goes straight from your pay, and after a few payments you don’t even miss it. One day we realised we’d saved enough to completely refurb our bathroom. The money just built up over time.”
These are just a few of the thousands of stories that make The Money Co-op what it is. A community of people looking after their money – and each other.
So this Co-op Fortnight, we’re saying a heartfelt thank you.
To everyone saving. Everyone borrowing. Everyone encouraging a colleague to join.
You’re not just part of our co-op.
You are our co-op.
You’re our #CoopHeroes – and we’re proud to celebrate you!
Help us spread the word, become an ambassador or share your Money Co-op story with us here
