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What is a credit union?

Credit Unions - Frequently Asked Questions

Want to join? Details and forms here










































What’s a Credit Union?
A Credit Union is a community bank owned and run by its members from the local community.

Can I Join?
If you live or work in Brentford, Chiswick, Osterley or Isleworth then you can join Thamesbank..

How does it work for Savers?
Once you join you’ll be given a Swipecard. You use this to pay money in at any PayPoint. You’ll find these in newsagents, supermarkets, petrol stations and elsewhere through the area. Y ou can also set up a Standing Order to pay in regularly.

How much do I have to pay in?
It’s up to you – anything from 50p to £500 a week. Some banks insist on a minimum deposit – but not Thamesbank. You decide how much you want to save. You can set up a regular payment, or pay in when you have some spare cash.

Is my money safe?
Absolutely. Savings are insured and Thamesbank is regulated by the Financial Services Authority.

Can I get my money out when I want to?
Of course – it’s your money.

Why should I save with you?
Convenience – many PayPoints are open 24 hours a day.
Ethical savings – we won’t invest your money where it will support unethical businesses or countries with poor human rights records
Not-for-profit – if there’s surplus interest it is returned to the members.
Run by local people for local people – we have your best interests at heart.

How does it work?
Savers’ money provides a common pool which gives us the resources to give loans to members.

So I can borrow money?
If you’re a member, yes. You’ll need to be a member for at least 12 weeks before you can apply for a loan, but after that you will be eligible for a loan, providing that you are saving regularly.

How much can I borrow?
It depends on how much money you have in your Thamesbank Account and your ability to pay it back.

How much interest will I pay?
Our interest rates are 1% per month – APR 12.68%. That’s much lower than most banks and loan companies, and there are no arrangement fees and no penalties for early repayment.

I don’t have a bank account or credit record. Can I join? Can I borrow?
Yes! Credit Unions are ideal for people who are not part of the mainstream financial system.

I want to join! What do I do?
Contact us for membership forms. Telephone 020 8568 4112, email mail@thamesbank.org or visit our website www.thamesbank.org

Thamesbank Credit Union looks forward to welcoming you as a member!