A credit union run by and for Birmingham
Too many people feel like strangers at their own bank. Branches close, decisions are made far away, and profits go to shareholders instead of the people whose money makes the bank work. We're building a local alternative.
Owned by its members
A credit union is a financial co-operative. Members save together, lend to each other at fair rates, and share any surplus.
£10 makes you an owner
It costs £10 to join. Your £10 membership share makes you a co-owner.
One member, one vote
Your balance doesn't change your voice. Every member's vote counts the same.
Members elect the board
Directors are local people, chosen by members at the Annual General Meeting.
Surplus comes back to you
Profit is returned as dividends, fairer loan rates and lower fees.
Credit union or big bank?
| Feature | The People's Credit Union | Typical high-street bank |
|---|---|---|
| Who owns it | Its members | Shareholders |
| Who it's run for | Members and the local community | Profit for investors |
| Your vote | One member, one vote | None, unless you own shares |
| Where profit goes | Back to members | Dividends to shareholders |
| Where decisions are made | In Birmingham, by an elected local board | At head office |
| Deposit protection | FSCS, up to £120,000 (once authorised) | FSCS, up to £120,000 |
Open to everyone in Birmingham
Credit unions serve people who share a common bond. Ours is the city. As we grow, members can vote to open up across the West Midlands and beyond.
You live in Birmingham
Or you work in Birmingham
Adults can join, and parents or guardians can open savings for children
How credit unions are regulated
In the UK, credit unions are authorised by the Prudential Regulation Authority (PRA) and regulated by both the PRA and the Financial Conduct Authority (FCA). They must meet rules on capital, governance and how they treat members.
We are preparing our application now. Until we are authorised, we can't take deposits or make loans. When we open, eligible savings will be protected by the Financial Services Compensation Scheme up to £120,000 per person.
Where we are now
- Pending
Build the founding group
Recruit founding members, volunteers and a skilled board of directors.
Prove the demand
Gather membership pledges from people across Birmingham.
Apply for authorisation
Submit our business plan to the Prudential Regulation Authority and register with the FCA.
Open in the city centre
Our first branch opens, alongside online and mobile access.
Grow with our members
New branches open where members vote for them.