What is a credit union?
A credit union is a member-owned, not-for-profit financial institution designed to provide fair and accessible financial services. Unlike traditional banks, which are profit-driven and owned by shareholders, credit unions are governed by their members, who have a say in how the organisation operates. This cooperative model means that any profits generated are reinvested into the credit union to improve services or shared with members through dividends.
Credit unions focus on offering affordable fees, competitive interest rates, and more personalised service than banks, ensuring that financial products are designed with the well-being of their members in mind. While credit unions and banks both offer similar services, such as savings accounts and loans, credit unions are driven by a commitment to serve their communities, rather than maximising profits.
Are all credit unions connected? No, each credit union operates independently but may be part of a larger network that allows members to access services across the country.
To learn more about how we approach finance and the values behind our services, visit our About Us page.
Key benefits:
Member-owned and community-focused
Profits reinvested into services or returned to members
More personalised, customer-centric
approach to financial services
How do credit unions work?
Credit unions are member-owned, not-for-profit financial institutions that exist to serve their members rather than generate profits for shareholders. When you join a credit union, your deposits contribute to a shared pool of funds that provides loans and financial services to other members.
Key Features of Credit Unions:
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Members fund the institution: Credit unions use member deposits to provide affordable loans and essential financial services, creating a system where members support one another.
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Profits go back to members: Instead of maximising shareholder profits like banks, credit unions reinvest earnings into better rates, lower fees, and improved services.
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Community-centred banking: Credit unions keep money local, supporting individuals, families, and small businesses to help strengthen the communities they serve.
By choosing a credit union, you’re joining a cooperative financial model that prioritises fairness, affordability, and long-term financial wellbeing.
Loans and saving accounts at credit unions
Credit union loans
GWCU offers affordable, flexible loans with fair interest rates and no hidden fees. Unlike banks, we prioritise your financial wellbeing, making borrowing more accessible and manageable. Whether you need a loan for a car, home improvements, or unexpected expenses, our rates are designed to be fair and affordable, ensuring you don’t pay more than necessary.
How to apply for a loan with GWCU:
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Compare our loans – Find the right loan for you, whether it is to consolidate debts, home renovations, or cover unexpected expenses.
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Check eligibility – Our loans are available to members who live or work in the South West area (including Bristol, Bath, Somerset, Gloucestershire, Wiltshire and Dorset).
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Apply online – Submit your application quickly and securely through our website.
Credit union savings
Saving with a credit union means your money works for you—and your community. GWCU offers higher interest rates than many banks, along with secure, tax-efficient savings options. Whether you’re building an emergency fund or saving for the future, our accounts help you grow your money with peace of mind.
Why save with GWCU?
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Competitive interest rates: Competitive returns on savings to help your money grow.
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Tax-free savings: Options like our Cash ISA allow you to save tax-free.
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Safe and protected: Deposits are FSCS-protected up to £85,000, ensuring your money is secure.
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Fully regulated: GWCU is regulated by the Financial Conduct Authority (FCA) and follows strict financial security guidelines.
Your savings are insured and protected, just like at a bank—giving you complete confidence in managing your money.
