What is a credit union?
How a credit union works
Behind the jargon, a credit union is simple. We pool members’ savings, lend to those who need it, and keep the benefits in the community.
Members save together, creating a pool of money.
Other members borrow from that same pool at fair, affordable rates.
Everyone has an equal say: one member, one vote.
Any surplus goes back into improving services or rewarding members — never to distant shareholders.
What makes us different?
On the surface, we may look like a bank. But while banks work for shareholders, we work for our members — and that changes everything.
Part of a global movement
Credit unions form a worldwide movement, trusted by more than 375 million members in 118 countries. From the Caribbean to Africa, the US to London, the co-operative model is the same: people helping people.
Together, we share knowledge, values, and a commitment to fair finance. Being part of this movement means our members benefit from decades of experience and innovation across the globe.
Building community wealth
Instead of profits leaving the area for distant shareholders, your savings are recycled into loans for neighbours, colleagues, and fellow members. Every repayment strengthens the pool of funds available to others.
That’s how credit unions build resilience — keeping money circulating locally, reducing reliance on high-cost lenders, and creating long-term financial wellbeing for the community as a whole.
Who can join?
Becoming a member is easier than you might think
If you live, work, or study in our area — or belong to one of our partner groups like the NHS, Armed Forces, or TfL — you could be eligible.
