What your credit union can do for you
Mutual and ethical savings
Credit unions offer a range of saving accounts for everyone. You can choose to save
as little or as much as you can afford.
Distribution of profits
Unlike banks, credit unions distribute a share of their profits to members – the people
who use their services - in dividends, which means the money stays in the
community rather than going to external shareholders.
Affordable loans
Credit unions offer loan products suited to your individual needs and at rates you can
genuinely afford.
Putting you first
A credit union’s customers are its members, because credit unions are co-operatives
– self-help organisations owned and democratically controlled by their members. The
board of the credit union is made up of members and elected by members.
Credit unions make it easy for you to save
Even a small amount saved each week will soon mount up.
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Credit unions serve the community. So when you use your local credit union,
you know it’s your neighbours or fellow students who are benefiting, not
outside shareholders.
You can save as much or as little as you like, weekly, monthly or as often as
you wish.
Deposit savings at local branches, collection points (within your college or
university), by direct debit or directly from your wages.
Credit unions aim to pay a dividend on savings once a year to all members.
In many credit unions, life insurance is included at no extra cost.
Savings in a credit union are protected by the Financial Services
Compensation Scheme up to the value of £85,000 per person.
Finding your local credit Union
Everyone in Scotland is eligible to join at least one credit union.
To find your local credit union visit
http://www.ScotlandsFinancialHealthService.gov.uk
Key Features of a Credit Union
Meeting the common bond criteria
To be a member, you must meet the common bond criteria set by the credit union.
This might simply be that you live, work or study in a certain area, or might be based
on the college or university you attend or employer you work for.
Credit union services
Although different credit unions offer a different range of services, all credit unions
offer:
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Savings accounts – members are encouraged to build up savings.
Affordable loans – taking into account the member’s personal circumstances,
payment history and ability to repay the loan.
Many credit unions offer insurance products, and some offer a wider range of
products including prepaid debit cards, budgeting accounts, foreign exchange,
current accounts and even mortgages.