| Ownership<\/td> | Owned and controlled by its members, the people who use its services<\/td> | Owned by shareholders, who may not be customers<\/td><\/tr> |
| Purpose<\/td> | Run to promote members’ well-being; surplus is returned through lower fees, better savings rates and lower loan rates<\/td> | Run to generate profit for shareholders<\/td><\/tr> |
| Governance<\/td> | Volunteer board elected by the members<\/td> | Board appointed by and accountable to shareholders<\/td><\/tr> |
| Who can join<\/td> | Members share a common bond (the “field of membership”), such as an employer, a local area or an association<\/td> | Generally open to any eligible customer<\/td><\/tr> |
| Savings protection (US)<\/td> | NCUA Share Insurance Fund, standard $250,000 per share owner per ownership category<\/td> | FDIC deposit insurance, standard $250,000 limit<\/td><\/tr> |
| Savings protection (UK)<\/td> | FSCS, up to £120,000 per person per PRA-authorised firm from 1 December 2025<\/td> | FSCS, same £120,000 limit<\/td><\/tr> |
| UK regulation<\/td> | Authorised by the PRA and dual-regulated with the FCA<\/td> | Authorised by the PRA and dual-regulated with the FCA<\/td><\/tr><\/tbody><\/table><\/span>Which should you choose?<\/span><\/h3>- Choose a credit union if you qualify for membership and value lower-cost small loans, local decision-making and a say in how the organisation is run.<\/li>
- Choose a bank if you need a wide branch or ATM network, international services or complex business banking.<\/li>
- Many people use both: a bank for day-to-day payments and a credit union for savings or an affordable loan.<\/li><\/ul>\n\n\n
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