Are my savings secure?

Yes. As of 1st July 2002, the Financial Services Authority has taken over responsibility for regulating credit unions. All credit unions will have to operate under the same rules as the banks and building societies and will be part of the Financial Services Compensation and Complaints Scheme. This should give you even more confidence in the knowledge that your credit union is regulated just like your own bank or building society.

Can I withdraw my shares if I have a current loan?

You can only withdraw your shares if the balance of your shares is larger than the balance of your loan. Therefore you would be able to withdraw the difference.

Can I withdraw my shares at any time?

No, you can withdraw £300 of your shares at any time you like after any outstanding loan has been repaid, just remember to bring some form of identification with you to prove your name and address. Amounts greater than £300 require 24 hours notice.

How do my shares affect my borrowing power?

The more shares you have the more power you have when it comes to borrowing from the credit union. This is based on regular saving deposits and not on share loading

How much can I save and how often?

You can save as much as you want whenever you want, from £10 a month to £200 a month. There is no set limit and what you pay in is your own choice.

What is a shares 2 account?

You can have a second savings account called shares 2. It is not possible to take a loan out against this account. It is simply for saving and means that you have access to savings when your shares 1 is held as collateral for any current loan you may have.

I am not a member of the credit union can I borrow money?

No. You would need to be a member before you could apply for a loan. If you live or work in Glasgow why not complete the membership form Download Membership Form (533kb) and join today.

How do I repay the loan?

The same way that you make deposits to your shares. You can pay at either of our three registered offices or through your bank.

How much interest do I pay?

We calculate our interest on the reducing balance of your loan. Pay your loan off quickly and you pay less interest. There are no hidden charges and no hidden fees. The interest vary depending on the type of loan you are applying for. For more information regarding the interest rate please visit our loan calculator.