What Is A Credit Union?
A credit union is a ‘mutual’ organisation, or financial cooperative meaning that it is owned by its members and all the benefits are for members. This ethos, along with the understanding that each member is a vital part of the community, assists credit unions to provide members with the most personalised form of financial support.
All credit unions operate differently, so they will offer different products from each other, but most offer Christmas savings accounts or funeral bonds. There are junior accounts too so you can get all the family saving together.
You join a credit union and save with them before you can take out a loan and some of our credit unions have linked with employers to allow you to save and repay loans directly from your wages.
Structure Of A Credit Union?
Credit unions have a board of directors that is made up of members. This means that any decisions made by the credit union have the members at the centre of the decision. Because credit unions are run by their members, if you join and don’t like something, you have the power to change it.
For more information, check out our short video on credit unions in Renfrewshire:
