Membership of Stirling Credit Union is open to people living or working in the Stirling, Falkirk, Clackmannan or North Lanarkshire local authority areas: this area is called our 'Common Bond'. Membership is open to your whole family - everyone living at home can benefit from being a member. Charities and Social Enterprises in the 'Common Bond' area may also become members, with one vote per organisation at member meetings.
Being a member
On becoming a member you have immediate access to our Standard Loan, provided you also set up an agreed monthly savings amount. After 3 months of regular savings you have access to all of our savings accounts and all of our loan types. To get the most from your membership you should aim to save regularly, borrow responsibly, and always make loan repayments when due; that way you will build a great borrowing record and you will access our best interest rates.
Income generated from loan interest repayments pays the cost of running the Credit Union. Any surplus at the year end is shared among all members in proportion to individual savings, in the form of a dividend payment. The dividend is announced at the Annual General Meeting (AGM).
At our AGM each year the board shares information with members and we ask members to make decisions. You are joining a community cooperative, you are a member and an owner, and your voice and your vote counts.
Membership at minimal cost
It costs just £2 to join Stirling Credit Union: this small administration fee is normally deducted from your first savings deposit. There may also be an Annual Service Charge of £5 per year (current - 2019). The board is committed to reducing and eventually eliminating this charge.
Set up savings
You must know your member number and always quote it when you pay money into your account. For occasional 'lump sum' savings you can deposit a cheque, or make an online bank transfer into your Credit Union account (ask for our bank details). Most members save regular amounts by Standing Order or through Payroll Deduction.
- A Standing Order tells your bank or building society to pay a fixed amount, at regualr intervals (e.g. on the 3rd day of each month), from an account you hold with them directly to us and into your credit union savings account. You must always quote your member number
- A Payroll Deduction Mandate can be set-up if your employer is a partner in our payroll deduction scheme. We currently have payroll deduction arrangements with Stirling Council, Stirling University and Care Visions. If you are employed by one of these organisations, you can ask them to deduct a fixed sum each month and send it to us, quoting your member number.
Savings are safe with Stirling Credit Union
Your savings are covered by the Financial Services Compensation Scheme (FSCS), which currently protects your savings with us up to £85,000 per person. Click here to download the FSCS Information Sheet. You will be asked to confirm that you have read it as part of your application for membership.