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| Founded | 1997 (Hornsey Co-operative 1964) |
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| Type | Industrial and Provident Society |
| Location |
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Key people | Helen Baron, President Martin Groombridge, Chief Executive |
| Website | credit-union.coop |
London Capital Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Archway and operating across London and the South East.
Founded in 1997, by 2024, the credit union had over 16,000 members. A small permanent staff are supported by a team of volunteers.
Islington Council Employees Credit Union was originally established in 1997, to provide secure savings and low cost flexible loans for employees of Islington Council. [1] It became Islington and City Credit Union in 2007, [2] briefly Haringey, Islington and City Credit Union (with the support of Haringey Council) in 2011 [3] and finally adopted the current name, broadening its catchment to include Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey, Islington & Waltham Forest . [4]
One of Britain's first registered credit unions, [5] Hornsey Co-operative Credit Union [6] and the neighbouring North West London Credit Union [7] transferred engagements in 2013, [8] followed by the smaller Radio Taxicabs Credit Union in 2014. [9]
David Lammy, Labour member of Parliament for Tottenham, was signed into membership in 2014, [10] followed by Dave Prentis, General Secretary of the public service trade union, UNISON (then President of Unity Trust Bank and a non-executive director of the Bank of England). [11] UNISON's registered charity, There for You, has been working in partnership with the credit union since 2013. [12]
In 2015, a merger with the small Rainbow Credit Union for Co-operative members and employees in London and the South East proved impractical; [13] it was placed into administration and ceased trading on 14 September. [14] Notable for being one of the first credit unions to lend money to businesses, the neighbouring North London Credit Union transferred engagements in 2023.
The credit union promotes thrift by the accumulation of savings, creating sources of credit at a fair and reasonable rate of interest by using savings for the mutual benefit. Its objects include the training and education of members in the wise use of money and in the management of their financial affairs. [15]
Credit unions form part of the wider international co-operative movement and can be found in 97 countries, with over 184 million members. In the UK there are currently 362 credit unions, offering an alternative to payday lenders to some 1.2 million members. [16] Membership of London Capital Credit Union is restricted by Common bond of association / common bond to individuals living or working in the London & the South East, members of the South East Region of The Co-operative Group and the Greater London & Eastern Region of Unite the Union or employees of over 100 of employers across the UK.. [17]
London Capital Credit Union runs salary savings and loans schemes in conjunction with over 100 national and local employers. It also offers a Prize Saver Scheme with a monthly free prize draw for £5,000 as an incentive to save. The credit union is responsible for the operation of the salary scheme, with the employer facilitating monthly deductions from salary. [18]
Low cost Saver Loans allocate part of the repayment to a share account, which means that as members repay loans their savings continue to grow. The credit union also offer a range of other products, including short-term and home-owner loans; credit builder loans, designed to help people repair their credit rating; and security loans, to encourage members not to withdraw their savings. CredEcardplus is a reloadable prepaid card that works in a similar way to a High Street bank account. The credit union has a 94% approval rate for its saver loans. [19]
The credit union is an accredited London living wage employer. [20] In 2015, the Fairbanking Foundation awarded London Capital Credit Union five stars for personal loan products in its first Mark certifications. [21]
Credit unions do not pay a fixed rate of interest on savings balances. Instead, they distribute any trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid (2% in 2023).
A member of the Association of British Credit Unions Limited, [22] registered under the Industrial and Provident Societies Acts, London Capital Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme. [23]
Leeds City Credit Union Limited is a not-for-profit member-owned financial co-operative, trading as Leeds Credit Union, formed in 1987 and based in the West Yorkshire city of Leeds.
The District of Canterbury Credit Union Limited was a savings and loans co-operative based in the cathedral city of Canterbury. In 2011, it merged with the larger Kent Savers Credit Union.
North West London Credit Union Limited was a savings and loans co-operative, operating in the north west London boroughs of Barnet and Brent. Based in Grahame Park, the credit union had over 1,000 members and branches in Burnt Oak, Edgware, and Finchley. In 2013, it merged with London Capital Credit Union and the branches were closed.
London Mutual Credit Union Limited (LMCU) is a not-for-profit member-owned financial co-operative, based in Peckham and operating in the City of Westminster and the London boroughs of Southwark, Lambeth and Camden. The primary lines of business include retail banking, deposit-taking and lending.
The Retail Trust, trading as retailTRUST, is a registered charity based in North London which aims to support those working and retired from the retail industry in the United Kingdom. The charity runs a helpline and several retirement estates in England and Scotland, as well as providing educational bursaries and hardship grants.
Credit unions in the United Kingdom were first established in the 1960s. Credit unions are member-owned financial cooperatives operated for the purpose of promoting thrift, providing credit and other financial services to their members.
Hornsey (FIA) Co-operative Credit Union Limited was a savings and loans co-operative, established in the Municipal Borough of Hornsey, now part of the London Borough of Haringey, in 1964. One of the earliest credit unions in the United Kingdom, it merged with London Capital Credit Union in 2013.
Mountview House Group Limited was a taxi holding company, based in Finsbury Park in the north London borough of Islington, comprising Radio Taxis, Xeta and One Transport. In 2016, it was acquired by Gett, Inc.
Rainbow Saver Anglia Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Lowestoft and operated through 18 collection points in the East Anglian counties of Suffolk, Cambridgeshire and certain districts of Norfolk. It was established in 1999 and had 3,500 members.
The Co-op Credit Union is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom.
Eastern Savings and Loans Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Ipswich and operating through 25 local payment and information points in the East Anglian counties of Suffolk, Cambridgeshire, Norfolk and north Essex. The credit union has 6,500 members and manages £1.4 million in savings.
London Community Credit Union Limited is a member-owned and led financial co-operative, operating in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest and the City of London. It has over 17,000 members and 4 branch offices in Bethnal Green, Poplar, Hackney and Stratford.
National Fire Savers Credit Union Limited is a not-for-profit member-owned financial co-operative, based in the London Borough of Southwark and operating throughout Great Britain. It has assets in excess of £11,000,000.
NHS Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Glasgow and operating throughout Scotland and the north of England. It has 9,100 members and manages over £12m in savings.
Commsave Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Northampton in the English Midlands. In 2020, it absorbed Northamptonshire Credit Union. As at 31 March 2021, Commsave has 30,875 members with over £90m worth of savings and £45m on loan to members.
Plane Saver Credit Union is a not-for-profit financial co-operative, with their main office based in Harlington, and a second office at Heathrow Airport. A member of the Association of British Credit Unions Limited, Plane Saver has over 11,500 members, over £45 million in assets, and have lent more than £100 million to date.
London Plus Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Fulham and operating in the City of Westminster and west London boroughs of Hammersmith and Fulham, Kensington and Chelsea, Wandsworth and Hounslow. Wandsworth Plus Credit Union is a trading name of London Plus Credit Union working in partnership with Wandsworth Council in south-west London.
North London Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Enfield Town and operating in the north London boroughs of Enfield, Barnet, Haringey, Waltham Forest and southern Hertfordshire. The credit union had around 1,500 members and managed assets in excess of £3 million. In 2023, it merged with London Capital Credit Union, bringing with it two members of staff.
East London Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Walthamstow and operating in the east London boroughs of Waltham Forest, Enfield, Haringey, Hackney, Newham, Redbridge and the Epping Forest district of Essex. All members of the credit union were instant savers; different loans were provided depending on individual circumstances.
Thamesbank Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Hayes and operating in the south west London Boroughs of Hounslow, Richmond upon Thames, Wandsworth, Kingston upon Thames and the Spelthorne district in Surrey.