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Current Account With Credit Union
18 Answers
I want to switch my current bank account to a more ethical place, like a Credit Union. The ones round my way don't do bank accounts in that sense.
What are the rules about Credit Union membership? I don't want to borrow money, on the contrary, I would deposit some, plus I'd want all the usual current account facilities.
Any recommendations?
Thanks.
BillB
What are the rules about Credit Union membership? I don't want to borrow money, on the contrary, I would deposit some, plus I'd want all the usual current account facilities.
Any recommendations?
Thanks.
BillB
Answers
1 to 18 of 18
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The Co-op was an ethical bank till the US hedge funds bought it. It ain't any more.
According to Google, several Credit Unions DO provide current accounts, but then (for example like The London Mutual) they have fairly restrictive membership (church membership, geographical location, etc) which mean I'd have to move/get God to be able to join.
BillB
According to Google, several Credit Unions DO provide current accounts, but then (for example like The London Mutual) they have fairly restrictive membership (church membership, geographical location, etc) which mean I'd have to move/get God to be able to join.
BillB
Some credit unions offer current accounts but they charge monthly fees for operating them:
https:/
However, because they all operate entirely independently of each other, the only way to find out if there's one which offers current accounts near to you is to ask around:
https:/
Otherwise consider using Triodos
https:/
(See also here: https:/
the Co-op
http://
or one of the other options here
https:/
https:/
However, because they all operate entirely independently of each other, the only way to find out if there's one which offers current accounts near to you is to ask around:
https:/
Otherwise consider using Triodos
https:/
(See also here: https:/
the Co-op
http://
or one of the other options here
https:/
Don't know where you are in the uk but Credit Unions do work
https:/
https:/
>>> It does not have any payment function or money transferring ability
I thought that too, Gromit, until I checked my information.
Please see my link from the Money Advice Service above. (The MAS is run by a board appointed by the Financial Conduct Authority, with the appointment of its Chairman and CEO requiring additional Treasury approval, so the information on its website ought to be accurate!)
It seems that some credit unions DO offer current accounts (offering such facilities as accepting wages, salaries and benefit payments directly into an account), with a subset of those also allowing account holders to make payments by direct debits or with debit cards.
I thought that too, Gromit, until I checked my information.
Please see my link from the Money Advice Service above. (The MAS is run by a board appointed by the Financial Conduct Authority, with the appointment of its Chairman and CEO requiring additional Treasury approval, so the information on its website ought to be accurate!)
It seems that some credit unions DO offer current accounts (offering such facilities as accepting wages, salaries and benefit payments directly into an account), with a subset of those also allowing account holders to make payments by direct debits or with debit cards.
I worked for 37 years in the Credit Union.
The one I was in is now being run like a bank.
Savings, Loans, some kind of Credit Card facility (I have left so am a little unsure what the latest is). Oh also they run currency exchange rates (travel money)
The interest rate used to be brilliant in the Credit Union compared to the bank but now it is just the usual interest rates. Very low.
Also I know you aren't interested in the loan facility but I would never ever borrow from the Credit Union again as they charge 12 and half per cent interest.
The one I was in is now being run like a bank.
Savings, Loans, some kind of Credit Card facility (I have left so am a little unsure what the latest is). Oh also they run currency exchange rates (travel money)
The interest rate used to be brilliant in the Credit Union compared to the bank but now it is just the usual interest rates. Very low.
Also I know you aren't interested in the loan facility but I would never ever borrow from the Credit Union again as they charge 12 and half per cent interest.
Many thanks for all the help, especially Buenchico's.
I followed the same route as Buenchico, and was thwarted by sloppy journalism and website design.
Find Your Credit Union is fine, it does that, but then it is misleading. My local CUs are in London, and two of them, so that site claimed, offer 'Current Accounts' as a service. I qualified (residential/memberships) for two, so approached them. Neither of them in fact do current accounts.
The Guardian and Independent articles were probably written by people who'd also gone to that FYCU website and noted ther services offered, and just repeated it in their articles. As far as I can discover, no CU, not even the much-lauded Lewisham, actually provide current accounts for anyone - not in the same sense that the 'proper' banks do. Lewisham works through an organisation called 'Engage', which only provides limited current account facilities, and then only for members of a Credit Union with whom they are affiliated.
Bleedin' minefield, or what.
The Co-op is no longer an option for those seeking ethical banking since they were taken over by an overtly capitalist 'hedge fund'. The only possible ethical choice seems to be Triodos, and I am currently trying to get answers from them. I'll post again when/if I do.
BillB
I followed the same route as Buenchico, and was thwarted by sloppy journalism and website design.
Find Your Credit Union is fine, it does that, but then it is misleading. My local CUs are in London, and two of them, so that site claimed, offer 'Current Accounts' as a service. I qualified (residential/memberships) for two, so approached them. Neither of them in fact do current accounts.
The Guardian and Independent articles were probably written by people who'd also gone to that FYCU website and noted ther services offered, and just repeated it in their articles. As far as I can discover, no CU, not even the much-lauded Lewisham, actually provide current accounts for anyone - not in the same sense that the 'proper' banks do. Lewisham works through an organisation called 'Engage', which only provides limited current account facilities, and then only for members of a Credit Union with whom they are affiliated.
Bleedin' minefield, or what.
The Co-op is no longer an option for those seeking ethical banking since they were taken over by an overtly capitalist 'hedge fund'. The only possible ethical choice seems to be Triodos, and I am currently trying to get answers from them. I'll post again when/if I do.
BillB
Right, a rider to that last answer.
Triodos. I sent my email off 'registering my interest', and just phoned to ask what happens next. They send me an application form, by email. Fine.
When?
In a couple of months!!!
Eh?
Apparently they're very busy (good I suppose) and are running 2 or 3 months behind, so it might be the end of this year before I even see the application form!
Where, oh where, can I find an ethical current bank account? (And to repeat, not the Co-op, which is now ethical in name only).
n
BillB
Triodos. I sent my email off 'registering my interest', and just phoned to ask what happens next. They send me an application form, by email. Fine.
When?
In a couple of months!!!
Eh?
Apparently they're very busy (good I suppose) and are running 2 or 3 months behind, so it might be the end of this year before I even see the application form!
Where, oh where, can I find an ethical current bank account? (And to repeat, not the Co-op, which is now ethical in name only).
n
BillB
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