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Loans

Borrow from £1,000 to £25,000 and repay from your salary at rates from as low as 4.5% APR.

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Savings

Get into the savings habit with regular savings deducted directly from your armed forces salary.

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About us

Forces Finance is delivered in partnership between London Mutual Credit Union and the MOD.

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How it Works

Decide how much you’d like to save each month or borrow, and we’ll arrange the with your employer.

Join Forces Finance

Credit Union Savings

Savings for rainy days (and brighter ones too)

We all know that it’s good to have something saved for a rainy day, but sometimes, it’s easier said than done. Forces Finance is all about making it easier to save, with handy salary-deducted savings accounts.

Salary deduction makes saving a breeze.

With salary deduction, saving is easy. Your savings get deducted from your pay each month automatically by the MOD. They’re paid straight into your credit union savings account, with the rest paid into your current account as normal.

There’s no hassle, no temptation or risk of accidentally spending it first, and by deducting savings before it hits your account, you may not even notice it’s gone.

Each month before you receive pay in the bank it’s gone, so you don’t even miss it. Would highly recommend to anyone.

Lee— Royal Navy

How it works

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Become a Member

To start saving, you need to become a member. It takes around five minutes, and costs just £2, which will be taken from your first deposit.

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Get Set up

After we do some standard ID checks, You’ll get a membership pack by post in 7-10 days.

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On Pay Day

Your specified savings amount will be deducted automatically, and appear on your payslip with other deductions such as tax.

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Decide How Much To Save

When you join, you’ll be able to choose how much to save each month. You can adjust this later by contacting us.

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We'll Do the Rest

We’ll pass on your details to MOD payroll, letting them know how much to deduct each month.

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Accessing your Money

You can check your savings balance and withdraw it at any time using our mobile or web app.

Salary deduction makes saving a breeze.

With salary deduction, saving is easy. Your savings get deducted from your pay each month automatically by the MOD. They’re paid straight into your credit union savings account, with the rest of your salary going into your current account as normal.

There’s no hassle, no temptation or risk of accidentally spending it first, and by deducting savings before it hits your account, you may not even notice it’s gone.

Each month before you receive pay in the bank it’s gone, so you don’t even miss it. Would highly recommend to anyone.

Lee— Royal Navy

Access your money 24/7 via our Mobile & Web Apps

All London Mutual Credit Union members get access to our web and mobile apps. With all the time-saving features you’d expect, like face & touch ID, balances and payments, it’s never been easier to manage your money. 

Savings that suit you

As a member, you can have one or several savings accounts for different purposes. These accounts don’t come with a debit card,

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Membership Account

This is your main credit union account, for everyday savings. Deposit directly from your salary, and manage your money at any time via our mobile banking app.

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Christmas Savings

Get ahead with Christmas planning. Save from January to December. The money is locked up until Christmas and we will not encourage you to withdraw until then.

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Holiday Account

Get holiday planning underway with our Holiday Savings Account. Save as much as you want and as and when you want. 

Got a Question?

Learn more about how savings work.

How do I know my money is safe?

London Mutual Credit Union, like all UK financial institutions, is regulated by the Financial Conduct Authority (FCA) and authorised by the Prudential Regulation Authority (PRA).

Savers’ deposits are protected by the same Financial Services Compensation Scheme that covers banks and building societies. In the event that the credit union encounters financial difficulties, eligible deposits up to £85,000 per member are guaranteed by the government.

Do you offer online banking or a mobile app?

As soon as you join the credit union, you’ll receive  membership number. You can use this to register for our Mobile and Web apps, which should take no more than five minutes.

Once registered, you can use your phone or devices’ face or touch ID to make it quick to log in and check your loan and savings balances, transfer your savings into your own bank or building society account, or make payments to others.

How can I change the amount I save each month?

Unless you tell us otherwise, your monthly savings contribution will continue after your loan is paid off. Because it comes out of your salary, there is a good chance that by then you will be used to not having it, so it’s a great way to get into the habit of saving regularly. You’ll be surprised how quickly it adds up. Of course, you can sto

What does a Membership Account include?

All members receive a basic Membership Account when they join. This is a basic savings account which is designed for regular or one-off deposits from your salary or via direct debit, and which you can access using our Mobile or Web Apps.

Your Membership Account is designed to be used for savings, not as a current account. Because of this, it does not come with a debit card or its own account number or sort code. Many of our members already have a current account elsewhere, but if you would like to set up a current account with us, you’ll have the option to do this when you join. 

Are there any restrictions on withdrawing my savings?

We encourage you to hold onto your savings for the long-term, but there are no specific restrictions on accessing or withdrawing money you have saved. 

The only exception to this is if you have a loan with us. If you have a loan, the money in your main Membership Account is held against the loan, and you will be unable to withdraw it until your loan is paid off.

How can I borrow and save at the same time?

When you apply for a loan, you’ll have the option of also setting up an amount to save each month, in addition to your loan repayments. This is optional, but even if you can only afford £5 or £10 a month extra, it means that when your loan is fully paid off, you’ll also have built up a nice pot of savings which should mean you need to borrow less in future.