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Angus Credit Union

A Credit Union for Angus - What a Great Idea!

Credit unions are regulated by the Financial Services Authority, just like banks and building societies. They all have insurance to cover against theft or fraud, and have checks and controls over their day-to-day running.

A credit union is a money co-op, owned and run by its members to help people save money and offer affordable loans with no hidden charges.

You can save as often as you like and as little or as much as you like (up to certain legal limits). Even a small weekly amount soon adds up! The money that a credit union makes from the interest on loans covers its costs and the rest is returned to the members each year as a dividend on savings. The amount varies from one credit union to another, but can beat high street rates.

Loans are made to members at an interest rate of 1% per month - an APR of 12.68%. Plus there's free life insurance and no arrangement fees or charges for early repayment. If you borrow £1000 over a year, for example, you'll pay back no more than £70 in interest. And when you borrow, you can carry on saving and by the time you pay back the loan, your savings will have grown. Compare that to your usual store card or credit card.

All credit unions are based on a common bond. That means members have a link - they might live in the same area or work in the same industry. The common bond is what makes a credit union so different from a big corporation like a bank. At present there isn't a credit union that is open to everyone in Angus to join.

If you think a credit union is a great idea for Angus, please contact Linda McDonald on 01241 876 727. By calling and registering your support you can help make an Angus credit union a reality

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Angus Credit Union