What is a credit union?

A credit union is a responsible alternative source of saving and borrowing, generally set up to serve people within a community or organisation. It’s regulated similarly to banks and building societies, with savings protected by the Financial Services Compensation Scheme up to £85,000 per individual.

What are the benefits of a credit union?

A credit union is a not-for-profit financial cooperative. Unlike other financial providers, a credit union is run for the benefits of its members (employees and volunteers), with no profits going to external shareholders.

With members’ interests at its heart, the credit union is better placed to offer more competitive rates and lower fees.

How does a credit union work

Since its inception in 1999, SCVO Credit Union has operated as a financial cooperative, pooling members' savings to create a shared financial resource that allows members to borrow when needed.

With over 3,200 individuals using our services, many of whom work for voluntary organisations across Scotland, the Credit Union has developed a strong financial resource that benefits the Scottish charity sector and its members.

How does a credit union work?

Members’ money is pooled together through member savings, which then enables member borrowings.

In the case of the SCVO Credit Union, there are over 1,500 members who work within the many voluntary organisations across Scotland. This has created a considerable financial resource for its members to utilize.

Why SCVO Credit Union?

As Scotland’s leading voluntary sector Credit Union, we empathise and fully understand the needs of our members and those employed in the charity sector. The sector is full of employees and volunteers, like yourself, who go beyond what is required in the care for others. It is a privilege for the SCVO Credit Union to provide a service that helps improve your financial well-being and enables you to do what you do best.

It also means you means you don’t have to approach the big corporate high street banks – or even worse, use payday lenders and buy now, pay later schemes – for any financial help. We offer a flexible service and take into account your personal circumstances.

SCVO Credit Union follows sound, safe business practices, lending responsibly and working within our financial means. We work with our members: decisions taken at the AGM help shape our policies, which in turn, enables us to provide a better service for members.

Find out how other people like yourself have benefited from being a member of the SCVO Credit Union.

Who can join?

Anyone who works for an organisation that is a Scottish Registered Charity can join the SCVO Credit Union workplace savings and borrowings scheme.