Leeds City Credit Union

[9] This has given the credit union new powers including the ability to extend its common bond to employers and organisations outside Leeds, to offer business accounts and interest on savings.

[11] In 2014, Lloyds Bank piloted a project in conjunction with Leeds City to encourage its staff to direct customers towards credit unions.

[12] It was awarded a grant of £50,000 by the Lloyds Banking Group Credit Union Development Fund to help support its reserves and enable it to bring forward plans for growth more quickly.

On 11 September 2015, a Your Loan Shop information point at the Compton Centre, Leeds was officially opened by LCC Executive Member for Communities, Cllr.

[16] Registered under the Industrial and Provident Societies Acts, Leeds City Credit Union is governed by a volunteer board of directors who are elected at the Annual General Meeting.

Instead, they distribute any trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid.

Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.