About Us

We were founded by employees of Southwark Council in 1982. Since then, we’ve had one mission: serving our community by providing fair and ethical financial services that are relevant to their needs. 

Building a different kind of bank

London Mutual credit union was founded in 1982 by Southwark Council employees as a way to pool their savings and to lend to one another at reasonable rates.

We’ve come a long way in the time since, and the area we serve (known as our ‘common bond’) now covers anyone who lives or works in Southwark, Lambeth, Westminster or Camden, those working in health and education occupations in London, as well as members of the armed forces nationwide.

As a credit union, our goal is financial inclusion. We believe that everyone should have access to quality financial tools and services that make them better off, built around their individual needs.


Our Mission

“To promote financial well-being within the communities we serve, by providing high-quality and affordable financial services which are accessible and relevant to all.”

What is a credit union?

London Mutual is part of the global credit union movement, which consists of almost 300 credit unions across the UK, serving over 1.3 million members.


Credit unions are focused on the long-term financial well-being of their members and the wider community.


Credit unions work to make high-quality finance accessible to all, at rates that are fair and affordable.


Credit unions are owned by their members and overseen by a board of volunteer directors drawn from the membership.


Credit unions serve their members by listening to their needs and developing products and services built around them.

ethical savings community bank

What Our Members Say


Account Assistant

Loan application easy to complete and apply. The response was very good and they text you for updates. I wish all high street banks can operate like this.


Royal Air Force

Wasn’t really sure about being a member of credit union before but the professionalism and friendly staff have sold it.

I’d go to them time and time again before a high street bank.


Southwark Council

Fantastic service as usual. No hassle straightforward easy application. Very fast at making decisions. Highly recommended.




Years Experience

Good to know

What is a credit union?

Credit unions are not-for-profit, member-owned, financial co-operatives that exist for the benefit of a group of members who share a common bond, such as where they work or live.

Our mission is to provide our members with access to reasonably priced financial services and encourage the development of good financial habits such as saving and responsible borrowing.

What's the difference between a credit union and a bank?

The biggest difference between credit unions and banks is the member’s ownership or involvement in the institution. Credit unions are not-for-profit organisations owned by their customers, who are also its members.

As a member and owner, you are given the opportunity to gain greater control over your finances. Most banks are for-profit corporations, with profits paid to their shareholders only.

What does it mean to be a member of the credit union?

As a member of the credit union, you own part of the credit union through your shares. The members own, control, and administer the Society (the credit union). Because you are a member and partial owner, the credit union works for you.

Therefore, as a member of the credit union you will have access to ethical and affordable loans and more financial advice as to which loan product is best for you.

What makes credit unions ethical?

Credit unions work to offer fair, competitive financial services to individuals from all walks of life, regardless of their social status and economic background.

We also believe that borrowing money should be a carefully thought through process, and the way we lend is built around your ability to repay.

Our dedicated employees want to work with you personally to create a repayment plan that best fits your situation.

Is my money secure with you?

London Mutual Credit Union, like banks and building societies, is regulated by the Financial Conduct Authority (FCA) and authorised by the Prudential Regulation Authority (PRA). Savers’ deposits are protected by the same Financial Services Compensation Scheme that covers banks and building societies.

An eligible depositor is entitled to claim up to £85,000.