Step into the
future with your
Credit Union

NewCred and London Community Credit Union have come together to build a stronger community based financial institution.

We now offer a wider range of financial products and services including:

✱   Banking products and services
✱   Flexi Credit Facility
✱   Current account with VISA debit
✱   Current account with cash card
✱   Internet banking
✱   Jam Jar budgeting account
✱   Online loan applications
✱   Telephone banking

We are a stronger and more competitive banking alternative to the High Street banks.

We now have 5 branches for greater convenience to meet your banking needs

If you have any questions about this merger and how it may affect you please contact us on 020 7729 9218.

As we make this transition, be assured you will be kept informed through public announcements and direct customer communications. Come with us to a new era of credit union membership.



Important Information for NewCred Credit Union Members

Why have NewCred merged with London Community Credit Union?

London Community Credit Union’s (LCCU) merger with NewCred Community Credit Union is part of an ongoing effort to build a stronger more sustainable, community based financial institution to support the financial resilience of East London and the economic growth and development of the area.

Will NewCred change its name?

Yes. On completion of the merger, and full integration of operations, the name of the new entity will change to London Community Credit Union.

What do I need to do if my benefits, wages are paid to my Newcred Account?

You will not need to do anything. All payments which are made to you at present will be processed as usual and will be credited to your account exactly as it did prior to the merger. There is no need to inform your bank or change your bank details.

The same applies if you pay by standing order or via payroll deduction.

How does the merger affect my account(s)?

We are working to ensure the transition is seamless with minimum impact on your day-to-day transactions; however there may be a few changes in the way you operate your account.

  • Your Share 1 (Saver Plus) account will be your main saving account and withdrawals from this account are strongly discouraged. When applying for a loan, and until the loan is either fully repaid or your savings is less that your loan, you will not be able to withdraw from this account. The minimum balance on this account must be £10.00 and we recommend you save at least £5.00 to this account per month. In the event you need to withdraw from this account, and providing your shares are not secured against your loan, you will not need to give us any notice. We will not levy any charges for withdrawals except the standard fee if you wish to have this paid into an external bank account via same day payment. (see tariff listing)
  • Your Share 2 account (Christmas Saver) is an account specially designed for those who wish to put money away for the festive season. Withdrawals are allowed free of charge from October 1st to December 31st each year. Any withdrawals outside this period will incur a fee for early redemption (see tariff listing)
  • Your Share 3 account (Holiday Saver) is designed for members who wish to save for holiday expenses. You are allowed 2 free withdrawals from this account per calendar year (Jan- Dec). Additional withdrawals will incur a redemption fee (see tariff listing).
  • If you wish a more flexible savings account we have 2 accounts which have no withdrawal restrictions and which are available to all members
  1. Instant Access or Jam Jar Account (Budget Account)
  2. Events Savings Account

Please feel free to ask a member of our team for details or visit our website or alternatively you can pick up a leaflet at any branch of LCCU.

How can I apply for a loan?

You can now apply for a loan online or alternatively you could collect an application for at any office of LCCU. Although these will be the most convenient and quickest way to get your loan considered, you could still request to see a Loan Officer at the branch.

Will my membership number(s) change?

Yes, but the last set of numbers will remain the same. Your account number will now be an 8 digit number. You will simply need to add the number 6 followed by a series of 0’s then your old membership number to make up the 8 digits which will be your new number.

Will I still be able to do business at the NewCred branch as well as any other LCCU branch office?

Yes, you will be able to conduct business at any of LCCU’s five (5) branches:

  • 570 Roman Road, E3 5ES
  • 473 Bethnal Green Road, E2 9QH
  • 16 Vesey Path, E14 6BT
  • 225 Mare Street, E8 3QE
  • 1 Water Lane, E15 4LU

Will there be any changes to customer service numbers, email addresses and the website address?

Although you will still be able to reach us on 020 8555 5388, we suggest you begin using the main LCCU number 020 7729 9218

  • All emails you send to a NewCred email address will be diverted and we will respond to your enquiry, however you should also begin using the following email addresses:
  1. For general enquiries
  2. For loan enquiries
  3. For Current Account/ Visa debit Card enquiries

What about business hours?

Please note we will now be open on Saturdays. Our new business hours are

Mondays, Tuesdays, Wednesdays and Fridays – 10:00 am – 6:00 pm

Thursdays and Saturdays – 10:00 am – 2:00 pm

Is my passbook still valid?

If you have a NewCred passbook you will receive a new LCCU passbook free of charge. The standard charge will apply for new members or for a replacement passbook (see tariff listing).

Will there be any changes/increases to my loan interest or repayment(s)

There will be no change to your existing loan terms and conditions. New loans (loans taken after January 31st 2015) will be based on LCCU’s terms and conditions. (See our website for details and to apply for a loan)

Will there be any changes/increases to transaction fees?

There will be several changes to fees; the most fundamental change is the removal of the monthly fee which applied to some accounts. The fee for giving notice of intention to withdraw from your savings has also been removed.

This means that you can operate your account with no fee or charges if you use some of our other online features for statement enquiry or for managing your account.

A full tariff listing will be displayed at all offices and we will publish the full listing on the LCCU website or you can request a copy at any branch of LCCU.

Will there be any interruption to my automatic deposits, debits and/or payments?

No. All payments received will be automatically credited to your account(s) and any standing order instruction will continue to be paid as usual.

What if I have accounts with both credit unions?

Due to the Financial Services Compensation Scheme rules, and standard credit union policy, a member can only have one account so we will be contacting you to arrange to merge your accounts. If you have loans at both credit unions this will be merged. If your combined loan exceeds £5,000 you will benefit from our preferential rate of 0.75% on the reducing balance of the loan per month (see for details and to apply).

Are my savings still safe?

Yes. Your savings are still protected by the Financial Services Compensation Scheme so all savings up to £85,000 are protected.

LCCU also pays for Life savings and Loan protection insurance on your savings and loans and this could result in your next of kin receiving double your savings up to £5,000, and any loan up to £10,000 being written off (see terms and conditions).

What are the new benefits and services available to me?

As a member of a stronger, community based institution you can now enjoy a wider range of banking products and services, greater convenience with more branches to serve you, world class customer service and personalised attention to help you meet your future goals and financial needs. As a member of one of London’s largest credit unions you also enjoy access to:

  • Flexi Credit
  • Jam Jar Budget Accounts
  • Current Account with Visa Debit card
  • Current account with a cash card
  • Internet banking
  • Online membership application
  • Online loan application
  • Telephone banking
  • A range of flexible savings accounts
  • Low cost and ethical loans
  • Access to financial management and debt reduction advice
  • Saturday banking
  • Pre-paid visa debit card
  • Loans of up to £7,500 without security or £15,000 with security based on capacity to repay and checks

To learn more about these and other products and services visit our website

Where can I learn more about LCCU and the merger?
For more information on LCCU’s range of products and services visit our website or email us at

Need to talk to a person?

Our customer service professionals are available during normal business hours on 020 7729 9218.