We are the Credit Union for GMB members and their families nationally. Founded by the GMB in 1999 as an alternative ethical savings and loans provider we are 100% owned and operated by GMB members.
GMB Credit Union is regulated by the FCA (Financial Conduct Authority) and the PRA (Prudential Regulator Authority). Member savings are fully protected up to £75,000 by the FSCS.
We do not invest in the money markets; instead member savings are pooled and then lent to other members thereby ensuring that money circulates solely for the mutual benefit of the GMB community. To date GMB members have borrowed over £40 million from their Credit Union
GMB Credit Union trading surpluses are returned to members as an annual dividend on savings and reinvested in the Credit Union to ensure that we deliver competitive savings and loan services for all GMB members.
The Credit Union Board and its Committees are elected by members at our AGM. We operate from our registered office based in South Manchester where we employ full time professional staff to serve members.
It's your Credit Union and if you are a GMB member you are eligible to apply for a member loan straight away, there is no need to save before borrowing. So join your Credit Union today and support our on-going campaign for greater financial inclusion through the provision of simple, secure and socially responsible financial services.
Loans
Handy Loans typical 26.8% APR
Borrow from £100 to £2,000
A cost effective short term borrowing facility
Ideal for financing those unexpected household expenses
A fair alternative to a payday loan
Member Loans from as low as 3.5% APR
Borrow £1,500 to £15,000
Very competitive loan rates
Repayment up to five years, seven years in certain circumstances
Ideal for holidays, cars, home improvement, debt consolidation
Our price promise means 'We'll beat' any like for like offer made by another loan provider, contact us for more details
Members can apply for an upfront two month repayment break
Save Secure Loan typical 3.0% APR
Borrow £5,000 to £15,000
Fully secured by members savings
No credit reference checks required. Market leading interest rates
Existing and new GMB members can apply immediately
Loan applications are consider on an individual basis and interest rates will depend on individual circumstances and the loan amount requested.
Loans are assessed on a member's ability to repay.
We may request additional supporting information and search and share credit information with credit reference agencies.
Members must hold or open a Credit Union member savings account and save an agreed amount; minimum £5.00pm; while repaying their loans.
SAVINGS
Member Savings Account
This is an easy access savings account which all members open when joining the credit union.
A flexible way to save whatever you prefer weekly or monthly
Save by direct debit, standing order or send us a cheque
Withdrawals from savings are transferred direct by BACS to your bank or by cheque on your telephone or email instructions
Junior Savings Account
Save for your children or grandchildren
This account will be in the child's name but under adult control until 18
Deposit lump sums or save on a regular basis by direct debit, standing order
We will gift £5 to each Junior account when activated to encourage savings
Christmas Club
Budget for the festive season by saving regularly over 11 months
One withdrawal from the Christmas Club to your bank account is made annually in the first week of December
Your Christmas Club will automatically restart in January of the following year unless you advise us otherwise
Credit Union savings are fully protected by the Financial Services Compensation Scheme up to £75,000. A competitive dividend recommended by the credit union Board and approved at the AGM is paid annually on Member and Junior savings accounts. Stay in touch with your savings through our online balance enquiry or request a statement as required.
