What is a credit union?
Credit unions are not-for-profit financial organisations providing savings, loans and other financial services. Just like high-street banks, the credit unions we work with are authorised and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
Their reference numbers are as follows: Castle Community Bank – FRN 213877 and My Community Bank – FRN 213245.
To open a savings account with one of our the credit unions we work with, you’ll need to become a member. Between them the credit unions we work with accept members from almost all areas of employment, as well as those part of organisations such as the Co-Op, National Trust and some Trade Unions and other associations – see the next FAQ for more details about credit union membership. There are no costs associated with membership.
Credit unions use their members savings to offer fair and affordable loans.
