Credit unions are businesses that may combine to assist you to handle your cash. They aren't banks in the standard sense of the term.
They aren't profit-making businesses. They exist for the sake of their own members.
Joining A Credit Union
You can usually join if you have a common bond with other people. This could be a bond established by living in a certain area. By belonging to a trade union that is to do with your work or by belonging to a housing association. You can also open credit bank account online.
Saving With A Credit Union
Credit unions usually offer the facility to open a savings account. In fact, you must usually save with them for a defined period before you will be allowed to take out a loan with them.
This might be for three months for example. After this time you will be allowed to apply for a loan. You can save as much as you can afford to. It might just be a small amount but whatever it is you must save regularly. At the end of the year they will declare a dividend. You will be paid interest from this dividend on your savings.
Because the credit union does not make a profit and has no shareholders to pay except for the members, the interest rate can be quite good compared to commercial financial institutions.