London Mutual Credit Union

A credit union for all Londoners

Credit union rules are changing. Soon, anyone who lives or works in Greater London will be able to save, get a loan or apply for a mortgage with London Mutual Credit Union
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London's largest community bank

We're proud to be building a bank for all Londoners, serving tens of thousands of members from all walks of life, and offering a full range of financial products to make your money go further:

Regular savings

Save from your salary, save from benefits, or save as you repay a loan. Members earn a dividend when the credit union does well.
About saving with us

Personal Loans

From a £100 small loan to a £25,000 home owner loan. We lend to people in work, on benefits, and in retirement. Every application is read by a person, not just an algorithm.
See borrowing options

Mortgages

Ethical mortgages designed around how Londoners actually earn and live. We count NHS bank and agency hours, include lodger and rent-a-room income.
See mortgages

Guidance

From information guides to in-person sessions, we're committed to giving you the tools to make the most of your money.
Visit Money Gym

Working with London's employers
to build colleague financial wellbeing 

  • In figures

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    Our London story

    Founded by Southwark Council staff in 1982, now serving London's communities and key workers

    Our story begins at Walworth Town Hall, where in 1982, Southwark Council employees set up the UK’s first payroll-deduction credit union — letting members save and repay loans directly from their wages. Over the following decades we’ve grown through a series of mergers with neighbouring London credit unions, including Kings, Borough & Bermondsey, Camberwell, Pimlico and Camden Plus.

    Today the credit union serves more than 42397 members across the capital. This includes south London residents, NHS and education staff, employees of Transport for London and the Greater London Authority, parliamentary staff at Westminster, and UK armed forces personnel around the world.

    Members and supporters have included Dame Tessa Jowell, Harriet Harman, Martin Lewis, and HM The Queen (as HRH The Duchess of Cornwall). The Smart Savers scheme has put a thousand London children through their first savings accounts. In 2023 we became one of a small number of UK credit unions offering ethical mortgages, designed around how Londoners actually earn and live.

    History of London Mutual

    Good to know

    Got questions? We've answered some common ones to help you get started. If you need more information, our Help Centre is just a click away.
    Visit help centre

    • Who can join London Mutual currently?

      London Mutual already serves residents of Camden, Lambeth, Southwark and Westminster; NHS and education staff across Greater London; employees of Transport for London, the Ministry of Defence, the Greater London Authority, UK Parliament and a long list of partner organisations; and UK armed forces personnel anywhere in the world. Check our membership criteria to see whether you qualify today.

    • What is a credit union, exactly?

      A credit union is a financial co-operative — owned by its members rather than by shareholders, and run for their benefit. London Mutual offers most of the things a bank does: savings accounts, current accounts, loans, mortgages, a debit card and a mobile app. Surplus is returned to members as a dividend rather than paid out to outside investors. More about credit unions

    • Is my money safe with London Mutual?

      Yes. London Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member savings are protected by the Financial Services Compensation Scheme up to £85,000 per person, the same as any high-street bank.

    • When will membership open to all of Greater London?

      The government has announced a change to the law on credit unions, enabling them to serve larger groups of people than they are permitted to do currently.

      This legal change is currently working its way through parliament. Once it passes, it’s expected that this will enable credit unions like London Mutual to serve a much larger area – including, potentially, the whole of Greater London. Our members will have the final say on whether to go ahead with this change in the credit union’s rules, which will then need to be registered with the FCA.

      We expect that process to take place over the next few months. So if you’re interested in joining us, leave your details and we’ll let you know when we’re ready to welcome you.

    • How much does it cost to join?

      There’s a small one-off membership fee of £2 when you open your account, and you need to keep a minimum of £5 in your account at all times to remain a member. Both of these will be taken off your first deposit into your credit union account.

    • I work in London but live elsewhere. Does that matter?

      Currently, you need to either live or work in Lambeth, Southwark, Westminster or Camden to join us, or be employed by one of our employer partners.

      That’s likely to change soon. Subject to a change in the credit union’s rules to be approved by our members and by the FCA, London Mutual will soon be able to serve anyone who lives or works in Greater London.

    Visit help centre
    Woman using her phone on a busy London street with a red bus in the background.

    More Londoners will soon be able to join a credit union. Here’s what’s changing.

    For years, credit union membership rules left millions of Londoners without access to affordable borrowing and savings. That is about to change.
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    Modern London Mutual Credit Union office with cityscape background.

    London Assembly calls on Mayor to back credit unions

    The London Assembly has formally called on Sadiq Khan to expand credit union access across the capital, backing arguments London Mutual put to its Economy, Culture and Skills Committee.
    Read story
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    How the Windrush Generation built Britain’s credit union movement

    The story of British credit unions begins with a group of people who were locked out of traditional banking and decided to build something better for their communities.
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    London’s housing crisis just got a new solution: credit union mortgages

    London Mutual Credit Union has become the first UK credit union in over 25 years to offer mortgages, bringing community banking principles to London's brutal housing market.
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    London Mutual partners with transport for London to support staff financial wellbeing

    London Mutual Credit Union has partnered with Transport for London to offer membership to anyone directly employed by TfL in Greater London.
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    What is a credit union? Understanding the alternative to high street banking

    What's the real difference between credit unions and high street banks? Understanding these key distinctions could transform how you think about banking.
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    Money saving expert Martin Lewis backs credit union expansion to Parliament

    Westminster staff gain access to ethical banking through new payroll partnership
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    Duchess of Cornwall joins London Mutual Credit Union to support financial inclusion

    Royal visit highlights practical help credit unions provide to local communities
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