What is a credit union? Why credit unions are worth celebrating

Every year, credit unions around the world come together to celebrate International Credit Union Day.

Taking place on Thursday 15 October this year, International Credit Union Day is an opportunity to recognise the difference credit unions make to their members, communities and the wider financial landscape.

The theme for 2026 is “Cooperative Finance: A Steady Signal in a Noisy World.”

It feels particularly relevant at a time when managing money can often feel complicated, overwhelming or uncertain.

But what exactly makes a credit union different, and why are they worth celebrating?

Credit unions are built around their members

One of the biggest differences between a credit union and many other financial organisations is its structure.

Credit unions are financial cooperatives owned by their members.

That means the people who save and borrow with a credit union aren't simply customers. They are members of the organisation.

This cooperative approach means credit unions are built around serving their membership and their communities.

At Cardiff & Vale Credit Union, our members are at the heart of the decisions we make and the services we provide.

More than just borrowing

People may first come across a credit union when looking for a loan, but credit unions can play a much wider role in people's financial lives.

That can include helping people build regular saving habits, preparing for future costs, accessing affordable borrowing and getting support when circumstances change.

Even small, regular savings can help people feel more prepared for unexpected expenses or future plans.

For some of our members, that relationship with the credit union lasts for many years.

Relationships that can last for generations

One of our long-standing members recently told us:

“I joined the Credit Union many years ago. Without doubt the staff have provided me with the most helpful, patient and professional service.”

Over the years, they have borrowed with us, contacted our team for help and information, encouraged their daughter to become a member and saved regular amounts for their grandchildren.

For us, that story sums up an important part of the credit union difference.

It's about building trust over time, being there when members need support and helping people with their finances at different stages of life.

That relationship can extend beyond one individual too, with members recommending the credit union to their family and helping the next generation build positive saving habits of their own.

Understanding that circumstances can change

Life doesn't always go according to plan.

Changes to income, unexpected costs, family circumstances or other pressures can quickly affect someone's finances.

A big part of being a responsible financial organisation is recognising that there is a person behind every account.

One member recently thanked our team for taking the time to understand their circumstances when they needed additional flexibility.

They were supporting vulnerable family members who had fled conflict, which had placed additional pressure on their finances. After speaking to our team, their agreed monthly deductions were temporarily reduced to give them more flexibility while supporting their family.

The member told us:

“I want to thank you for your professionalism and understanding of my personal situation.”

For us, this is an important part of what being a credit union means: listening, understanding and treating people as individuals.

Real people and real conversations

Financial services can sometimes feel complicated or impersonal.

Credit unions have traditionally offered something different: a relationship with an organisation rooted in the community it serves.

Technology has changed the way many of our members manage their money, and members can now access many of our services online.

But we also know that digital services aren't right for everyone.

One of our members told us that, because they aren't confident using computers, they regularly telephone our team for information and support.

They said they feel:

“Totally confident with [our] helpful service.”

Whether someone chooses to speak to us, visit us or use our digital services, we want our members to feel comfortable asking questions and getting the information they need.

Supporting financial wellbeing

Credit unions also have an important role to play in supporting people's wider financial wellbeing.

That can mean encouraging regular saving, helping members understand borrowing, providing financial education or working with people when their circumstances change.

For some members, being part of the credit union can form part of a much bigger financial journey.

One member told us:

“Using the credit union got me out of bad debt and got my credit score back up to a high score. I would highly recommend them.”

Everyone's circumstances and outcomes are different, but hearing how members have used their credit union as part of improving their financial situation is something we're incredibly proud of.

Why credit unions are worth celebrating

Credit unions are ultimately about people.

They are about helping people save, offering access to responsible borrowing, supporting financial wellbeing and being there when circumstances change.

They're also about trust, relationships and being part of something owned by the people it serves.

That's why International Credit Union Day is worth celebrating.

Thank you to our members

International Credit Union Day gives us a chance to celebrate what credit unions do, but most importantly, it gives us an opportunity to thank the people who make them possible.

Our members.

Thank you to everyone who saves with us, borrows with us, speaks to our team, recommends us to family and friends, works with us in our communities or simply chooses to be part of Cardiff & Vale Credit Union.

Your stories are the reason we're proud to celebrate the credit union difference.

Happy International Credit Union Day from everyone at Cardiff & Vale Credit Union.