GMB Credit Union

GMB Credit Union is a credit union that offers savings and loans to members of the GMB trade union and their immediate families. Its savings product is the Member Saver account, and its lending includes loans to members, with a Top Up Loan option for people who already have a loan with it and need to borrow more¹. Like all credit unions, it is a financial co-operative run for its members rather than for outside shareholders, and you must be a member before you can save with it or borrow from it³.

GMB Credit Union is a UK credit union, and it appears on the Bank of England's Prudential Regulation Authority list of credit unions incorporated in the UK⁴. You can find it online at gmbcreditunion.com⁵. Savings held with it are protected by the Financial Services Compensation Scheme, the same scheme that covers bank and building society deposits⁶.

What GMB Credit Union offers: savings and loans

GMB Credit Union's savings product is the Member Saver account, which it describes as a way to grow your savings as part of your membership¹. Beyond that, its lending centres on loans to members, including the Top Up Loan for existing borrowers². This is the core credit union model: all credit unions offer savings accounts and loans, and members' savings are used to fund loans to other credit-worthy members of the credit union³.

Credit unions as a whole can offer more than the basics. Some provide current accounts, junior savings accounts, Christmas savings accounts, prepaid debit cards, insurance products, cash ISAs and, in some cases, mortgages, though services vary between credit unions and between branches³. A credit union current account, where offered, typically lets you pay in or take out cash, have wages, benefits and pensions paid in, and use online, mobile or telephone banking, all usually for free¹⁰. GMB Credit Union's own published products are its Member Saver savings account and its loans, so if you are weighing up what to save into or how to borrow, the wider options are covered in our guides to savings accounts, loans and credit unions.

Credit unions are often used as an affordable alternative to high-cost credit. Independent debt charity StepChange lists credit unions as an alternative borrowing option to payday loans, and notes that most local areas have one¹¹. They are also one route considered in emergency funding situations, where a credit union loan is among the options for people who need to borrow a small amount quickly¹². GMB Credit Union does not publish rates on the pages described here, so check its own website for today's figures on savings returns and loan costs.

Who can join and borrow from GMB Credit Union

Membership of GMB Credit Union is tied to the GMB trade union. To open a Member Saver account you must be a GMB trade union member or an immediate family member of one¹. To borrow, GMB Credit Union states you must be a member, and for a Top Up Loan you must also have an existing GMB Credit Union loan².

This is how credit union membership works everywhere. Anyone can become a member, but you must share a "common bond" with the other members, which can be working for the same employer, living in the same area or, as here, belonging to the same trade union³. Anyone in the household of a person with that common bond can usually join too¹¹. The common bond rules have been widening: changes in recent years have extended eligibility to include students, local workers and relatives of existing members, reflecting the way people's working lives have changed¹³.

On the borrowing side, you must be a member of a credit union to get a loan from it, and some credit unions ask you to build up savings first¹². Others lend as soon as you become a member, and all assess affordability by looking at the money you have left after paying your bills¹⁴. Credit unions also offer accounts to people with a poor credit rating, which is one reason they are often suggested as an alternative to high-cost lenders¹¹. If you are not a GMB member, other credit unions serve different common bonds, and you can find your nearest one through the credit union finder service³.

Top Up Loans add to the loan you already have

A Top Up Loan is extra borrowing added to a loan you already have with GMB Credit Union. Rather than running a second, separate loan alongside the first, GMB Credit Union replaces your existing loan with a topped-up one, so you have a single repayment rather than two. It describes this as a way to simplify budgeting².

The same structure exists elsewhere in the market, which is useful to know when comparing. HSBC's top up option automatically consolidates your existing loan with the new loan to provide one monthly repayment¹⁵, and Omagh Credit Union lets members apply for a loan on top of an existing loan balance¹⁶. At Capital Credit Union, a top up sets up a new loan for the remaining balance plus the extra amount, paying off the old loan, and the new loan may have a different interest rate and term from the initial one¹⁷. That last point matters: a top up is a new loan agreement, so the terms need not match your original one, and the new rate and term are set out in the agreement before you sign it.

When a Top Up Loan can be considered

GMB Credit Union sets two main conditions. First, normally half of your first loan must be repaid before it can consider a Top Up Loan, unless otherwise agreed at the time of the original loan². Second, Top Ups are assessed on an individual member basis and are available subject to affordability on all loans except Starter Loans². So a Starter Loan cannot be topped up, and every other loan type is considered case by case, based on what you can afford.

The half-repaid rule is a common way for credit unions to control risk, but the details differ from one credit union to another. At Penilee Credit Union, a top up may be given at the discretion of the Credit Committee and the Board of Directors after six months of the previous loan being granted, and the original loan needs to be at least 30% repaid before applying for a top up¹⁸. Falkirk Credit Union permits no top ups on first or second loans, which must be repaid in full in instalments before applying for a second loan¹⁹. Great Western Community Credit Union takes a different line again by product: it is not possible to top up a Family Loan, but it is possible for Personal Loans²⁰. The lesson is that top up rules are set by each credit union, so GMB Credit Union's own terms are the ones that apply to its members.

Affordability is the other gate. Official guidance for Wales states that credit unions always consider affordability when assessing loan applications⁶, and independent guidance says the assessment looks at the money left after your bills¹⁴. A top up increases your total debt, and taking out a loan means taking out more credit, which could affect your credit score²¹. Keeping up with payments on time and in full can help boost your credit score in time²².

Up to three top ups a year, or four for Family Loans

GMB Credit Union caps how often you can top up. Members can apply for up to three Top Up Loans annually, or a maximum of four Top Up Loans for Family Loans². The higher cap for Family Loans reflects the fact that these loans are repaid directly from Child Benefit, which gives the credit union a more predictable repayment stream; Manchester Money Management Credit Union, for example, runs a Top Up Scheme on its Child Benefit loan allowing up to three top-ups on the original loan, with three months between each top-up²³.

Other credit unions set their own frequency limits, and they vary widely:

The comparison is there to show the range, not to rank anyone: each credit union sets its own rules within the general framework of affordability. If you are close to your annual limit with GMB Credit Union, the alternative is to wait until the next year or to ask whether a further loan is possible once your current one is further repaid, subject to its assessment.

Applying: a credit search and affordability checks

Applying for a Top Up Loan with GMB Credit Union is, in its own words, "Subject to a credit search and we may request additional information to support your application"². In practice that means two things happen: the credit union checks your credit file with a credit reference agency, and it assesses whether the larger repayment is affordable for you. It may also ask for documents, such as bank statements, to support what you have told it. Omagh Credit Union, for comparison, states that a credit search may be required to access affordability and asks for three months of bank statements¹⁶.

The affordability side is a rule, not a courtesy. Credit unions always consider affordability when assessing loan applications⁶, looking at what is left after your bills¹⁴. The same principle applies across lending of this kind: most types of personal debt, such as credit cards and loans, come under Financial Conduct Authority standards, which set out what lenders must do²⁵. If you want to see what a lender will see, our guide to credit scores and credit reports explains how to check your file.

A credit search leaves a record on your file. Taking out more credit, including a top up, could affect your credit score²¹, though keeping up with payments on time and in full can help boost it over time²². If you are refused, that is not the end of the road: credit unions exist partly to serve people that mainstream lenders decline, and accounts are offered to people with a poor credit rating¹¹. A refusal usually means the affordability assessment did not support the larger repayment.

Repaying by direct debit, with one adjusted payment

Repayment of a topped-up loan stays simple. GMB Credit Union states that the loan is repaid through your usual direct debit, adjusted to cover the new topped-up amount once agreed². You do not set up a new payment or manage two direct debits: the existing one carries on, at the higher amount.

Direct debit is one of several ways credit unions collect repayments. Members elsewhere can pay by payroll deduction or through benefit direct accounts, through retail payment networks such as PayPoint and PayZone, by standing order or direct debit, or in cash at local offices and collection points³. Capital Credit Union, for example, repays loans in instalments by either payroll deduction or direct debit¹⁷, and Great Western Community Credit Union makes repayments by direct debit rather than directly from benefits on its personal loans for people receiving benefits²⁰. Payroll deduction, where your employer passes the money straight from your wages, is a distinctive credit union feature that some trade union members find convenient.

Because a top up replaces your existing loan with a new one², the new repayment amount reflects the new balance, and possibly a new term. Before agreeing, check that the adjusted direct debit fits your budget: the affordability assessment is designed to test this, but the payment is yours to live with. If your circumstances change and the payment becomes hard to meet, contact GMB Credit Union early rather than letting the direct debit fail.

Complaints: four ways to raise one and a reply within two working days

GMB Credit Union lists four ways to raise a complaint: email, telephone, post and its mobile app⁷. Its complaints page states: "You will hear from us within two working days after submitting a complaint."⁷ That is the acknowledgement, not necessarily the final answer, so expect a further response once it has investigated.

If you cannot settle the matter with GMB Credit Union directly, the next step is the Financial Ombudsman Service, the free independent body that handles complaints about financial firms. Firms must follow FCA rules on acknowledging and responding to complaints, and consumers can escalate unresolved disputes to the ombudsman²⁵. For comparison, London Mutual Credit Union's terms commit it to sending a written acknowledgement within five business days and keeping the customer informed of progress until the complaint is resolved²⁶, which shows the kind of service standard the rules encourage.

A few practical points. Raise the complaint through any of the four channels and keep a note of the date⁷. Give the firm a chance to respond first: the ombudsman normally expects you to have complained to the firm and either received a final response or waited eight weeks. If your complaint is about how a debt is being collected or a credit file has been recorded, the same process applies, and you can also ask the credit union to correct anything it has got wrong on your file.

A former name: TCU Money

GMB Credit Union has not always traded under this name. The credit union previously traded as TCU Money before adopting its current name, GMB Credit Union⁵. So if you have paperwork, a direct debit or an old account statement that says TCU Money, it is the same credit union.

A change of name does not change your rights. The credit union behind the brand is the same authorised firm, and your savings and loans continue on the same terms⁵. If you hold an old TCU Money account or loan, contact GMB Credit Union through its current channels⁷ to confirm the details and make sure your contact information is up to date. Name changes of this kind are common in financial services: Virgin Money, for example, was formerly Clydesdale & Yorkshire Bank⁴, and credit reference agency TransUnion was formerly CallCredit.

Regulation: authorised by the FCA

The credit union behind the GMB Credit Union brand is authorised by the Financial Conduct Authority, with authorisation effective since 2 July 2002, and its permissions include accepting deposits, which covers the savings side of its business⁵. You can check its entry yourself on the FCA Register using firm reference number 213550⁵. It also appears on the Bank of England's Prudential Regulation Authority list of credit unions incorporated in the UK⁴.

Credit unions answer to two regulators. Regulation of credit unions in Great Britain and Northern Ireland is undertaken by the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority²⁷, and the key legislation includes the Credit Unions Act 1979, the Co-operative and Community Benefit Societies Act 2014 and the Financial Services and Markets Act 2000²⁷. The Welsh Government likewise states that credit unions are regulated by the Financial Conduct Authority⁶. For you as a member, this means GMB Credit Union must follow the same conduct standards as any other lender: affordability checks, fair treatment and a proper complaints process²⁵.

How your savings with GMB Credit Union are protected

Money you save with GMB Credit Union is protected by the Financial Services Compensation Scheme. Official guidance states that credit union loans and savings are protected by the FSCS⁶, and independent guidance confirms that all shares, the credit union term for savings, are eligible for FSCS protection⁸. This is the same scheme that protects deposits with banks and building societies, so if the credit union were to fail, your savings would be covered up to the scheme's standard limit.

The protection covers the savings side of your relationship. Loans you owe are not protected in the same way: if a lender fails, you still owe the debt, which usually passes to whoever takes over the loan book. What the FSCS gives you is confidence that money you have put into your Member Saver account¹ is not lost if the credit union collapses.

It is worth knowing what sits outside this protection too. GMB Credit Union's own products are savings and loans¹, and any insurance sold through a credit union is typically arranged rather than underwritten by the credit union itself, so the insurer's own protections apply to that cover. If you want the wider picture of how UK financial protection works, including the FSCS limits and the Financial Ombudsman Service, see our guide to consumer protection in UK financial services. For free, impartial help with money questions at any point, MoneyHelper is the government-backed service, and StepChange offers free debt advice¹¹.