If you’re looking into joining a credit union, you’ve probably come across the term ‘common bond’ before. What exactly is it?
A common bond is defined by the credit union when deciding on who is eligible to join.
Every credit union has a common bond, and it is basically a means by which each member has something in common with one another. Because of the way credit unions are run – democratically, and are owned by their members, it’s important to make sure members fall within that common bond.
Having a common bond helps to reflect the fact that credit unions are organisations owned and run for the benefit of their members – with that connection – that common bond.
At Smart Money Cymru, our common bond is defined as anyone resident in Wales. If you live in Wales, you are eligible to join us as a member.