Unlike banks, which are open to the general public, membership of credit unions in the UK is restricted to those who fit a defined 'common bond', which is legally defined in their rules.
What is a common bond?
A common bond is a set of qualifications for membership. This might include individuals living or working within a specific city, borough, or postcode, or those who work for a particular employer or in a specific industry.
Why do common bonds exist?
Traditionally, credit unions are based on the principle of trust between their members. Because of this, the idea is that all members of a particular credit union should share something in common with one another, such as being neighbours and colleagues.
There are hundreds of credit unions in the UK, each of which serves a particular community and has a common bond of its own.
London Mutual's common bond
London Mutual Credit Union serves people who live or work in specific London boroughs, as well as employees of certain organisations and their family members. Our common bond also includes members of the armed forces and emergency services.
How to check if you're eligible
You can check whether you fall within our common bond here or contact us directly. We'll be happy to confirm your eligibility and help you understand how you qualify for membership.