Plane Saver Credit Union is a not-for-profit financial co-operative, with their main office based in Harlington, and a second office at Heathrow Airport. A member of the

Association of British Credit Unions The Association of British Credit Unions Limited, commonly known as ABCUL, is the leading trade association for credit unions in Great Britain. ABCUL represents around 70% of credit unions who in turn provide services to 85% of the British credit ...

Limited, Plane Saver has over 11,500 members, over £45 million in assets, and have lent more than £100 million to date.

History

The

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provisi ...

was known as British Airways (UK) Employees Credit Union from its foundation in 1993, until 1997, when it widened its scope to include employees of UK-based

CAA CAA may refer to: Law * Citizenship (Amendment) Act, 2019 of India ** Citizenship Amendment Act protests, Protests regarding the Citizenship (Amendment) Act * Copyright transfer agreement, Copyright assignment agreement, to transfer copyright to ...

-registered airlines and their associated companies. In 2015, Plane Saver won the contract to offer their services to the Ministry of Defence. It is currently the fourth largest credit union in the UK.

Activities

The members of a credit union are required to share a common bond. In 2010, Plane Saver Credit Union further extended its common bond to those employed in, or associated with, the airline and transport industry, logistics, engineering, police, fire and ambulance services or the armed forces. In a move backed by the Minister of State for Defence Personnel, Welfare and Veterans in 2014, the chair of the

Co-operative Party The Co-operative Party is a centre-left political party in the United Kingdom, supporting co-operative values and principles. Established in 1917, the Co-operative Party was founded by co-operative societies to campaign politically for the fair ...

called for the creation of a credit union aimed at military families. As members of the armed forces were already eligible to join, it was reported that Plane Saver was ready to assist in the creation of a military credit union, providing there could be payroll deduction. Two other credit unions also won the contract, to give armed forces personnel a choice of provider. The three credit unions formed what became known as Joining Forces, in which they work together to promote the scheme. Plane Saver Credit Union was first UK adopter of payment waiver in 2014. Under the scheme, if a borrower cannot work due to sickness or unemployment, payments are immediately waived. The credit union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA. Ultimately, like the banks and building societies, members’ savings are protected against business failure by the

Financial Services Compensation Scheme The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or li ...

.Credit Union Guide
Financial Services Compensation Scheme (retrieved 2 April 2015)

References

External links

Plane Saver Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom Credit unions of the United Kingdom Banks established in 1993 Heathrow Airport British Airways

History

Activities

See also

References

External links