Credit unions in the United Kingdom

Credit unions in the United Kingdom are special kinds of banks. They look and work very similarly to other banks, but the main difference is that credit unions are owned by members instead of by companies. Credit unions are owned and run by their members, which means all of the money made by the credit union benefits the members. Credit unions usually offer services such as saving accounts, loans, and other banking services. The money inside the credit union is held in trust by a board of directors who are elected by the members to make sure the credit union runs properly. A credit union is a great way to save and borrow money because they usually have lower fees and interest rates than other banks.