Feel Positive about Saving and Confident about Borrowing

Date: 02 March 2022

How you manage your personal finances can either help or hinder you. When you make the right choices about money you can feel good about what you’re spending your money on and how it’s used.

Who benefits from your savings and loans and how they are impacting society matters. Read on to find out why being part of the GMB Credit Union community can make you feel that you are part of an alternative more ethical approach to money.


Where does your money go when you save and borrow with GMB?

GMBCU has a very different business model in that members not shareholders own the business. The traditional business model of banks and most of the financial services industry is driven by profit for the benefit of a few shareholders.

Saving with GMBCU means that more GMB members can benefit from competitive loans as money circulates within the GMB Credit Union community instead of being invested in the money markets. This virtuous circle as it is sometimes called enables us to offer GMB members market-leading rates on savings and loans.

As a leading Credit Union, we are regulated by the PRA and FCA which means that savings are fully protected to £85,000 and with member funds circulating within our community, your money is always safe and available whenever you need it.


How do GMB Credit Union members use their savings and loans?

Saving or borrowing with GMBCU is not only stress-free and straightforward, but it could provide the lifeline you need to improve your current circumstances or plan for a brighter future.

GMB members like you use our loans and savings pots to pay off costly car finance loans, build their credit rating, or set up accounts for their grandchildren to pass on the benefits of their GMB membership to future generations.

The choice is yours: we’re here to empower you – to make it happen.

One member said: “I did it for my son because I knew at some point he’d probably want to go to uni, and I wanted to do a bit of a savings plan for him where I could save up… Then, when he got to 18, I could give him an amount of money to do whatever he wanted with.”

The only people who benefit from your GMBCU membership are you and your fellow GMB members, and that’s how we like it.


Benefits of joining GMB Credit Union

Here’s what some of our members say about the advantages of being a member of GMBCU.

“Working office hours, it’s sometimes hard to find the time to call companies on the phone, so being able to put in requests for statements or anything like that outside of office hours on the app and knowing that it’ll be picked up first thing the next day is really great for me.”

“Being able to talk to someone about your difficulty, and before you know it, it’s sorted.”

“I don’t have the best credit rating. This gives me access to finance in an easier way.”

“It always comes down to what you can afford as a person, which is fantastic because you know your limits, you know your maximum – you know there’s something always within your range.”

“It makes life a lot easier, less stressful.”

“I wasn’t managing my money very well, but with the credit union, I was able to learn how to manage my money, be more money savvy.”


How does GMBCU impact your community and society?

As you know, being a GMB member allows you to save and borrow responsibly and feel in control of your finances, which adds to your sense of wellbeing.

You have access to a wealth of free resources and information available online, helping you understand your finances and make better decisions.

Recently, we’ve drawn your attention to the risks of short-term credit, to educate our members and their wider networks about the pitfalls of buy now pay later schemes, credit cards and payday loans.

We strive to keep you informed about relevant aspects of money management that may affect you, so you in turn feel able to make the right choices for yourself and your loved ones.


How to feel good about your money

During our most recent member feedback sessions our members described GMBCU as:

  • Friendly
  • Accessible
  • Efficient
  • Trustworthy
  • Reliable
  • Convenient
  • Easy
  • Helpful

So, if you want to feel more confident about where your money is going, how you manage it, and who in addition to you benefits from your savings and loans why not take advantage of a unique GMB member benefit and join our Credit Union.

Get in touch here, and let’s bring the financial feel-good factor into your life.