We are delighted to announce today that London Mutual Credit Union has achieved the Silver Award in the Armed Forces Covenant Employer Recognition Scheme. This award recognises our commitment to supporting the armed forces, including Active Personnel, Reservists and the wider forces family.
The Journey So Far
London Mutual has worked with the Ministry of Defence since 2015 as part of its ‘Joining Forces’ initiative. Our first member was Colour Sergeant Johnson Beharry, VC. In the years since our armed forces membership has grown substantially. It is now an important part of our membership which also includes those working in health, education and the wider community.
Over the years, our armed forces members have accumulated hundreds of thousands of pounds in salary-deducted savings, as well as saving significant sums on affordable loans. In 2020 alone we lent £4.45m to serving armed forces personnel and veterans. On average, this saved them an average of £493 in interest compared to borrowing an equivalent amount on credit cards.
Our armed forces members come from all branches and financial backgrounds. Many are those early in their careers looking to begin saving for the first time. Others are looking for an affordable way to finance a new car or home improvements. We are also often able to help those looking to escape the cycle of debt via a salary-deducted consolidation loan. And as a credit union, we are always happy to provide tips and support to those facing challenging times.
Building On Our Commitment to the Armed Forces
London Mutual has been a proud holder of the Armed Forces Bronze Award since 2017. Achieving Silver is an important next step, as we continue to strengthen our links with the Forces Community.
As an employer, we seek to encourage veterans and service leavers to join our growing staff team. Over the past two years, this has included reservists, a spouse of a serving member. We have also been delighted to welcome Michael Cook, a former member of the RAF Regiment and veteran of the Falklands War, onto our Board.
Announcing the awards, Minister of Defence People and Veterans, Leo Docherty MP, said:
“I would like to thank all the organizations who have proven their support for the Defence community through such unprecedented and challenging times.
The vast range of those recognized this year demonstrates how employing the Armed Forces community makes a truly positive and beneficial impact for all employers, regardless of size, sector or location.”
What Our Armed Forces Members Say
The comments and feedback of members are just as important to us. Over 79% of our Armed Forces members agree that “I feel financially better off since becoming a member of London Mutual Credit Union.” 70% of our Armed Forces members agree that “I have spent less time worrying about money since becoming a member.”
Thank you to all our staff, supporters, and most of all our members, for helping us reach this milestone. We’re looking forward to what comes next, and will leave you with some of our favourite comments from over the past few years:
“I am a serving member of the armed forces, over the years have struggled with credit due to being an overseas soldier. Since I was told and referred to London Mutual I have had nothing but clear, transparent and affordable banking. I hope in the future London Mutual can brief fellow soldiers on the benefits and services provided. Fantastic“Sy – British Army
“Excellent level of customer service!! Even better that there is a payroll deduction option, each month before you receive pay in the bank it’s gone so you don’t even miss it as well as the savings amount that is taken at the same time. Would highly recommend to anyone as I already have to a few Naval Service colleagues.”Lee – Royal Navy
“As the spouse of a former Royal Marine and a member of staff at London Mutual Credit Union I have had the privilege of both providing and using the financial services it offers. The credit union has assisted service and veteran families like mine, and I am proud of the work that we do at the credit union to ensure that families like ours have access to equitable finance.”Miriama – London Mutual Credit Union employee (2019-21)