Credit UNion

Credit union savings accounts
Credit unions are owned and run by their members, for their members. Membership depends on people having a common bond, for example:

living or working in a specific area;
belonging to the same housing association; or
belonging to the same trade union.
Credit unions aim to help you take control of your money by encouraging you to save what you can. Once you have a reliable record as a saver, you can apply to borrow money from them. They will let you borrow what you can afford to repay. Some credit unions offer Christmas savings accounts where you cannot take your money out before November without notice. So you won't be tempted to take it out, but you could be earning interest – so your money could grow.

A credit union may suit you if:

you don't want a bank account;
you want the flexibility to save what you can, when you can; or
you prefer a local, ethical co-operative...