page top

Credit Unions vs Banks

Attention: open in a new window. Print

What is the difference between a Credit Union and a Bank?

Credit Union Bank

People before profit

Are for profit

Are owned by their members
Account holders are members and each member holds an equal share regardless of their balance.

Are owned by their shareholders

Profits are returned to our members and community.

Profits are paid in dividends to shareholders

Focus on personalised customer service and providing the appropriate savings and loan products for our members needs and have ethical and responsible lending practices.

Focus on making profits not service or customer needs.
Have an obligation to maximise profits, not service

Give you a say in how they’re run

Are governed by their shareholders

Competitive interest rates and fair or no fees

Price their products and interest rates to maximise profits.

Both Credit Unions and banks have the exact same regulations and governing body and are covered by the $250,000 deposit guarantee.

 

If you would like to become an LCU member please Apply Online or fill out an LCU membership application form and send it back to us with the required ID.
  Additional information

Questions?

If you have any questions, please contact us.