What is Tartu Credit Union?
Tartu Credit Union is an advanced modern cooperative financial institution that aims at providing financial services to its members.
We are a quickly, yet rationally developing monetary institution that offers its members a number of services that are affordable, of high quality and convenient: depositing, insurance mediation, leasing, loaning, factoring, letters of credit and financial consultation.
The owners of the Credit Union are our members who determine the course of action of the Credit Union and have the right to receive a proportional share of the profits to be divided.
Tartu Credit Union is the biggest credit union in Estonia
It belongs to the Estonian Union of Credit Cooperatives and Estonian Cooperative Association.
Tartu Credit Union was first founded in 1902 by Jaan Tõnisson. By the year 1940, it had more than 5000 members. In 1941 the Union was closed due to the reign of the Soviet Union. In 2006 Tartu Credit Union was re-established by Andro Roos.
By 2017 the Union has grown significantly and has about 2800 members. Tartu Credit Union has expanded its scope and participates actively in wind energy projects.
Depositing in Tartu Credit Union - a smart decision!
Depositing in Tartu Credit Union is a smart decision – the deposit interest is 5% or 5,5%.
Tartu Credit Union has its own gold and foreign currency reserve which always makes at least 10-15% of the deposits. The compulsory reserve is held in Eesti Pank (the Bank of Estonia).
85-90% of the deposits are given out as loans to active and motivated members of the Credit Union. Loans are given for the development of the members´ enterprises. All loans are insured by a mortgage on property, reliable suretyship or mortgage.
The background of the loan applicant is thoroughly explored and the loan is given out only after a thorough analysis of the applicant’s solvency and minimization of the possible risks. Thus, the deposits involved are always well insured.
As a subsidiary of Tartu Credit Union, Lõuna Kindlustusmaakler OÜ (Insurance Broker) mediates all insurance products provided by insurance companies operating in Estonia as well as those provided by Lloyd’s, the world’s largest insurance company.