about us

TransaveUK is a credit union available to all FirstGroup employees and operates independently within the FirstGroup organisation.

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.

FirstGroup plc is one of the world's leading transport companies with revenues of over £5 billion a year. They employ over 135,000 staff throughout the UK and North America and transport more that 2.5 billion passengers a year. They are Britain's largest bus operator running more than one in five of all local bus services. A fleet of nearly 9,000 buses carries 3 million passengers a day in more than 40 major towns and cities. They also operate passenger and freight services within the train network including First Great Western, First ScotRail, First Capital Connect, First Transpennine Express and Hull Trains. They provide freight services through FirstGBRf and operate the Croydon Tramlink network.

With the FirstGroup organisation now the parent company, this enabled TransaveUK to expand into other areas outside the South Yorkshire region. In 1999 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 9500 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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