Pentecostal Credit Union

Pentecostal Credit Union is a member-owned credit union in the UK. It takes savings from its members and makes loans to them, and it now trades under the name The Pentecostal Community Bank¹. It also appears on the Bank of England list of credit unions incorporated in the UK².

A credit union is not a bank. It is a co-operative financial institution, not-for-profit and run by its members to benefit the community rather than to make a profit³. All credit unions offer savings and loans, and many add products such as junior savings accounts, Christmas savings accounts, prepaid debit cards, insurance products and cash ISAs⁵. Pentecostal Credit Union's own site describes it as a community bank offering a personalised approach to banking, including for businesses⁷.

The sections below cover what it offers, who can join, how to open an account, how to complain, and how your money is protected.

What Pentecostal Credit Union is and what it offers

Credit unions exist to provide access to fair and affordable credit, including for people with a poor credit history, and to help those who cannot access mainstream forms of credit³. The model is a self-help co-operative whose members pool their savings so that members can borrow at a low rate of interest¹⁰. Members' savings are used to fund loans to other credit-worthy members of the same credit union¹¹.

Pentecostal Credit Union follows that model. Its core products are savings and loans, which is what all credit unions offer⁵. Its own site describes a personalised approach to business banking, with applications considered holistically rather than solely by automated assessments, and says surpluses are reinvested back into the bank and its members, including workshops, business support and financial wellbeing programmes⁷.

Larger credit unions often add extra services such as Christmas savings accounts, ISAs, budgeting accounts, current accounts and debt management, though the features vary between firms⁵. Some credit unions also offer electrical and household goods that members can pay for in weekly instalments, often much cheaper than high street equivalents¹². Whether Pentecostal Credit Union offers any particular extra product is something to confirm with the credit union itself, since the range differs from one credit union to the next.

If you are comparing credit unions more broadly, the credit unions guide explains how the sector works, and the savings and loans guides cover those products in general.

Savings accounts: how deposits work at a credit union

A credit union savings account is a share account. You pay money in, and that money helps fund loans to other members¹¹. Savings accounts either pay interest or a share of any profits⁴. Where a credit union pays a share of profits, that payment is distributed among members annually and is known as a dividend¹³.

Paying in is usually flexible. Members can pay in directly 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 points⁵. Some credit unions ask members to deposit a small amount regularly into savings, as part of encouraging better money management¹⁴.

Taking money out works in a few different ways depending on the credit union: cashing a cheque at a local Post Office, taking cash from the local credit union office, having a payment made directly into a bank account, or using a debit card at a cash machine if the credit union operates a current account⁶. For free, credit union accounts commonly allow you to pay in or take out cash at the credit union, have wages, benefits and pensions paid in, use online, mobile or telephone banking, and get budgeting advice and support⁴.

One practical point for anyone on benefits: to receive Universal Credit you usually need an account that can receive automatic payments, and that can be a bank, building society or credit union account¹⁵. Universal Credit is paid into your bank, building society or credit union account¹⁶.

Loans: how borrowing from Pentecostal Credit Union works

You must be a member of a credit union to get a loan from it, and some will ask you to build up savings first¹⁷. Some credit unions will lend as soon as you become a member, while others will only lend after you have saved for a set period, and affordability is checked against the money you have left after paying your bills⁶.

How much you can borrow often depends on your savings. As a rule of thumb, you can usually borrow up to two or three times the amount you have in savings, depending on the loan policy of your credit union¹⁸. Credit unions describe their loan products as suited to individual needs and at rates members can afford¹⁹. Pentecostal Credit Union's own site says applications are considered based on individual circumstances, affordability and overall financial position, not just credit scores⁷.

Credit union loans are not automatically the cheapest option. They are often more expensive than personal loans from a bank or building society²⁰. The trade-off is that credit unions will consider people that mainstream lenders turn down, and they are an alternative borrowing option to payday loans⁹.

Some credit unions insure the loan itself. One credit union states that a credit union loan is insured, subject to terms and conditions, at no direct cost to the member²¹. Whether that applies to your loan depends on the individual credit union's terms.

If you are thinking about consolidating existing debts with a credit union loan, the mechanics are the same as any consolidation loan: you work out how much you need to borrow to pay off all your debt, apply for a loan for that amount, and if approved use the money to repay each creditor, leaving one monthly repayment to the lender²². That replaces several payments with one, but it does not reduce what you owe, and it can turn unsecured card debt into a loan secured against your savings or other assets²². The debt guide sets out the alternatives.

Who can join: the common bond and membership rules

All credit unions in the UK may only accept members who share a common bond²³. The common bond is what ties members together. It can be living, working, studying or volunteering in a certain area, working in the same industry or for certain employers, or belonging to the same trade union⁴. Belonging to the same church or other association is another example of a common bond⁹.

Pentecostal Credit Union's own site says it is open to individuals and businesses who meet its membership criteria, known as the Common Bond⁷. Because the common bond is specific to each credit union, the exact rule for this one is something to confirm with the credit union directly before applying.

There is usually a route in for people close to a member. Anyone in the household of a person with a common bond with a credit union can usually join⁹. As long as one member of a family meets the common bond requirements and has joined, other family members living at the same address can usually join too⁶. Some credit unions extend this further: one states that a person who is the spouse of, or child or grandchild of, a member who qualifies is deemed to qualify and is eligible for membership²⁴.

You can be a member of more than one credit union²⁵. If you share your home with an existing member, you may be able to join on that basis as well²⁵. To become a member, you need to visit or call your chosen credit union to confirm what information you need to join⁵.

The Pentecostal Community Bank name and the PCB brand

The Pentecostal Community Bank is the name the credit union now uses. The FCA register lists The Pentecostal Community Bank as a current trading name, and PCB as a previous name, for the same firm¹. So the two names refer to one organisation, and savings or loans held under either name sit with the same firm.

The credit union's own site describes it as operating within a regulated financial framework, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority⁷. It also states that it maintains protections in line with regulatory requirements, including Fidelity Bond Insurance, which provides cover against fraud and theft⁷.

If you have dealt with the credit union under the older name and see the newer one on correspondence, nothing about your account changes: it is a change of name, not a change of firm.

How to bank with Pentecostal Credit Union

Credit unions differ in how you reach them. Across the sector, members can use online and phone banking, a payroll partnership with an employer, a local branch or service point they can walk into, or a combination of all three²⁶. Pentecostal Credit Union's own site describes a personalised approach, with applications considered on individual circumstances rather than automated assessment alone⁷.

Because the credit union's own site is the authoritative place for its opening hours, contact details and current service arrangements, that is where to check how it takes payments and how you reach it day to day. The FCA register lists its website as www.pcbank.co.uk¹.

If you are choosing between credit unions, the credit unions guide explains the different access models, and the current accounts guide covers what a transaction account normally includes.

Joining and opening an account

The process for joining a credit union is usually straightforward, and many now let you do it online. One credit union lets new members join and apply for a loan at the same time, with everything done online and repayments by monthly direct debit or payroll deduction²⁸. Another lets you apply for membership online, at a branch, or over the telephone, and then complete a request form or contact the credit union to open a specific savings product²⁹. A third asks members to fill out a membership application form online or visit in person²⁵.

For junior accounts, the rules are stricter. A legal parent or guardian must open the account for a junior member²⁵. One credit union asks for a separate online joining form for a junior account for children aged 0 to 15²⁴.

A practical sequence for joining:

1. Check that you meet the credit union's common bond, and ask the credit union to confirm what information it needs⁵.
2. Complete the membership application, online or in person, and provide identification as requested.
3. Open your savings account and set up how you will pay in, whether by standing order, payroll deduction, bank transfer, benefit payment or cash at a counter³⁰.
4. If you want to borrow, ask about the loan policy, including whether you need to save for a period first and how much you can borrow against your savings⁶.

Complaints and where to get help

If something goes wrong, start with the credit union itself. Credit unions publish how to complain: one asks members to visit the office, write to its complaints address, or call a named phone number³¹. If the credit union cannot resolve your complaint, you can take it to the Financial Ombudsman Service, which handles complaints about financial firms including credit unions³².

The Financial Ombudsman Service publishes quarterly complaints data by product and firm, so you can see how many complaints have been opened about a firm and about a product area³³. In the first quarter of 2026/27, for example, 5,783 credit card complaints were opened³³.

If you are dealing with debt rather than a service problem, free and impartial help is available. StepChange provides debt advice, and its website explains how to complain to the ombudsman if you are unhappy with a debt advice service³². Christians Against Poverty runs its own complaints procedure for its Debt Help clients, by telephone to a debt advisor or in writing to its Service Quality and Insight Delivery Manager³⁴. The debt guide sets out the full range of free debt advice options.

FSCS protection for your savings

Savings and loans with credit unions are protected by the Financial Services Compensation Scheme³. The scheme protects each account holder up to £120,000 in total across all accounts held with the credit union, and joint account holders are each protected separately⁸.

The Pentecostal Community Bank states that it is a member of the Financial Services Compensation Scheme, which protects eligible members' savings should the bank fail⁷. Other credit unions describe the same protection in similar terms, confirming that savings are covered under the FSCS²⁹.

Not everything is covered. Credit insurance is not eligible for FSCS protection³⁷. The scheme covers deposits, so the savings side of a credit union account is protected, but not every product a credit union offers carries the same protection.

If you hold several accounts with Pentecostal Credit Union, they count together towards one limit for you⁸.