1st October 2024 – Serve and Protect Credit Union, one of the largest credit unions in Britain, is thrilled to announce its successful merger with National Fire Savers Credit Union. The merger marks a significant milestone for both credit unions.
A Strategic Move for Growth and Stability
National Fire Savers (NFS) has long been a trusted financial ally for its members. Since its journey began in 1998, the credit union has attracted a community of over 3,000 members, with more than £7 million in savings and over £3 million out on loan. However, to build on those successes and to attract a broader membership base — NFS recognised the need for strategic alignment with a larger credit union.
By merging with Serve and Protect Credit Union, NFS members will benefit from improved services, increased stability, and the robust infrastructure needed to meet future demands. Serve and Protect will continue to provide exceptional service to firefighters and fire and rescue service staff while expanding its reach to a total membership which is on the verge of reaching 50,000 members.
Prior to the merger, Serve and Protect proudly reached a remarkable milestone in September, becoming one of the few British credit unions with £100 million in total assets. With the additional £9 million in assets from National Fire Savers, this merger not only strengthens Serve and Protect’s standing as a leading employer-based credit union in Britain but also upholds National Fire Savers’ legacy as the largest credit union available for fire service employees.
A Strong History of Merging with Credit Unions
Serve and Protect has a proven track record of collaborating with credit unions to make the best possible services available to its community. In fact, the credit union was formed in 2003 as a result of seven like-minded police credit unions joining forces.
In more recent years, the credit union merged with Durham Constabulary Credit Union. This merger allowed the credit union to expand its reach and services to the police family, welcoming almost 1,000 new members into its community.
On the merger, Paul Norgrove, CEO of Serve and Protect Credit Union, commented “We are excited to welcome the members of National Fire Savers Credit Union into the Serve and Protect family. This merger aligns with our mission to provide ethical and fair financial services to those who serve and protect our communities. Together, we can achieve greater growth, stability, and service excellence.”
Increasing Access to Products and Services
Originally serving the dedicated staff of the London Fire Brigade as The London Fire Savers Credit Union, over the years, National Fire Savers has expanded its reach to include 7 fire and rescue services across Britain, as well as the National Fire Chiefs Council. The merger with Serve and Protect ensures that employees from these organisations will continue to be able to save regularly and borrow responsibly with deductions from their salary.
The merger will also mean members of National Fire Savers will be able to access the products and services available with Serve and Protect. Despite rising interest rates as a result of inflation over the past 24 months, Serve and Protect have also remained committed to offering the same fair lending rates to their members, while also providing record savings returns. This was reflected by the recent release of their 12-month Fixed Saver account in August, which matched the Bank of England base rate of 5% AER.
Looking Ahead
Looking ahead, Serve and Protect is excited to continue building on the proud legacy of National Fire Savers. With a commitment to supporting those who serve and protect our communities, the credit union is aiming to expand our reach to the fire family by collaborating with more fire and rescue services.
Paul Norgrove, added, “Everyone at the credit union is extremely proud to be the chosen merger partner and we are excited to be welcoming National Fire Savers Credit Union members into the Serve and Protect Credit Union family. Looking ahead, we are excited to provide our products and services while fostering partnerships with even more fire & rescue services to improve financial resilience. Together, we can create a credit union that is dedicated to the heroes who serve us every day.”
For more information, please contact:
Robert Lovesey – Business Development Manager, Serve and Protect Credit Union
About Serve and Protect Credit Union
Serve and Protect Credit Union provides financial services to those who serve and protect the nation, including firefighters, healthcare workers, military personnel, police officers, and prison staff. With assets exceeding £100 million and a membership base that is approaching 50,000, Serve and Protect is one of the largest British credit unions.
About National Fire Savers Credit Union
Founded in 1998 as The London Fire Savers Credit Union, National Fire Savers Credit Union has served firefighters and fire and rescue staff across the UK for decades. With a focus on community, NFS has grown to serve multiple fire and rescue services across the nation. With more than 3,200 members, the NFS family developed into the largest credit union exclusively serving the fire & rescue services.
This press release has been issued by Serve and Protect Credit Union, October 2024.
