A credit union is a financial co-operative that is owned by its members. The members create the credit union and pool their money to run it as a mutually-beneficial financial community.
Credit unions offer similar services to banks and building societies – like deposits, savings and loans – but, unlike banks, offer non-profit services to their members.
If your credit union goes out of business and is unable to pay back your savings, FSCS will step in to ensure you get your money back. We will automatically pay you compensation - you don’t need to do anything.
Credit union compensation limits
You don’t need to do anything – FSCS will compensate you automatically.
How long will the credit union claim process take?