about us

TransaveUK is a credit union available to transport employees and operates independently within passenger transport organisations including FirstGroup.

A Credit Union is a cooperative financial institution that is privately owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union. All credit unions have to abide by a common bond.

Credit union policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself. Only a member of the credit union may deposit money with the credit union, or borrow money from it. TransaveUK is a non- profit organization. Members receive any profits earned by the cooperative in the form of a dividend paid on their savings.

TransaveUK started in 1996 as Mainline Employees Credit Union Ltd and was only available to Mainline employees in South Yorkshire. In 1999 the name was changed to Transave and started to expand within the FirstGroup organisation, this enabled TransaveUK to expand into other areas outside the South Yorkshire region. The credit union was made available to employees in West Yorkshire and over the next few years grew to cover every bus depot within the First Bus UK division and is now expanding into the train division.

TransaveUK is mainly computer based and offers it members the chance to either just save financially with them or to use the funds saved to secure a loan against their savings amount at a ratio of 2.5/1 up to £5000. It currently has over 8000 active members. Some of the other beneifts available to members include various insurance schemes and a bill paying system in Yorkshire where by members can request their Council Tax be paid direct from their savings balance.

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