All members need to be saving regularly and this pool of savings provides the cash from which members may take loans. The income from loans pays for the administration, regulation, external auditor and the establishment of a general reserve.

CUBE has a Board of Directors that is comprised of volunteers that are elected annually at the Annual General Meeting. The Board of Directors monitors the finances, develops the business plan and oversees the administration.

The Annual General Meeting also elects a three-person Supervisory Committee that oversees the activity of the Board of Directors, these are also volunteers and ordinary members of the credit union.

Any surplus that the credit union makes will be split roughly into three areas. Firstly there is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union. Secondly, the credit union Directors may wish to put part of any surplus into developing the credit union or its products and services. Lastly, any remaining monies will be returned to savers in the form of a dividend.

The CUBE Difference

Credit Unions are financial institutions that offer the same products and services as banks but we operate quite differently. As a not-for-profit financial cooperative, we’re formed by and continue to be owned by you, our members, with the purpose of beneficially serving and helping each other – hence the credit union philosophy of “people helping people”. This means our decisions are made with your needs in mind, rather than dictated by profits or anonymous shareholders. Finally, a financial organization you can love – and one that loves you back!

How to join

Every new member must complete an application form and provide proof of ID and address in order to satisfy the requirements of the money laundering regulations.

Paying into your credit union accounts

There are a number of different ways to pay into your credit union account.

If you are employed in a company where we have payroll agreements in place you must pay into your account using a deduction from your payroll this is by far the easiest way to pay into your credit union.

Products and Services

The key activities of the credit union are to assist members to save and to provide a range of loans for members to take advantage of. All members savings and loans are covered by, free to the member, loan protection and life savings insurance so the debt always dies with the debtor and is not passed on to the next of kin.

All savings up to £85,000 per member are guaranteed by the Financial Services Compensation Scheme.

Members can have payments made to them by cheque or BACS. There may also be a charge for BACS payments.

Ealing Credit Union Partners

  • Ealing Council
  • Ealing Homes
  • Catalyst Housing Group
  • Vintage Care Centre
  • Inquilab Housing Group
  • Brent Housing Partnership
  • Strictly Education
  • Brent Council
  • Derwentwater
  • QVC