Credit unions are not for profit, you can apply for a loan or savings account like a bank or building society.
They offer:
- low-interest loans
- savings accounts (including Christmas savings schemes)
- school and junior savings accounts
- accounts to help you pay your rent and budget
- prepaid debit cards with similar features to a bank account
- payroll deduction schemes (this is when your employer can take an amount from your salary to save or pay back a loan)
Credit unions are an alternative to pay-day loans and other high interest lenders. They are protected by the Financial Services Compensation Scheme.