Credit union

Credit unions are not-for-profit mutual organisations that are owned and controlled by their members.

They offer savings, lending and other services to their members who meet criteria set out in a ‘common bond’ – such as living and working in a particular area or working for a certain employer.

There are limitations to the extent of business they are authorised to undertake.

A credit union requires authorisation, but the requirements are generally simpler than for a bank or building society.

See also

• Bank
• Building society
• Credit institution
• Mutual
• Not-for-profit