Credit unions are local not-for- profit financial co-operatives. They offer similar services to a bank, but are owned by their members – the people who use them – and are run for their benefit. All members have a ‘common bond’ between them, like where they live or work, and any profits are shared between members.
Credit unions are the positive, local solution to your financial needs. They promote social and financial wellbeing amongst their members, including access to affordable credit, and they are here to support you and your community. Find out more about credit unions.
London Community Credit Union
London Community Credit Union (LCCU) has been running since 2000, and now has over 12,000 members and four branches.
Starting as the ‘Tower Hamlets Credit Union’, we became LCCU after expanding into Hackney, and now cover the surrounding boroughs too. Anybody who lives, works or studies within this area* can become a member.
We are one of the largest credit unions in London, and one of relatively few to offer full banking services including a Current Account.
Our Annual General Meeting (AGM) is held in March every year, where members can vote on issues they care about, and elect the Board of Directors, all of whom are voluntary. We abided by the democratic principle of ‘one member, one vote’, so that everybody, no matter how much money they have, has an equal say.
Rather than paying interest on our savings accounts, we divide the profits we make between all members at the end of the year (at the AGM) in the form of dividends.
Like other banks and financial institutions, LCCU is regulated by the Financial Services Authority (FSA). This means all savings up to £85,000 are guaranteed under the Financial Services Compensation Scheme, so they’re safe whatever happens.
Our offices are staffed by full and part time staff and volunteers from the community, and we’re always looking for more people to get involved.
* London Boroughs of Tower Hamlets, Hackney, Newham, Waltham Forest, Haringey, Islington and City of London