All about: Scotwest Credit Union

A credit union is a type of cooperative, which is basically an organisation or association made up of members that offer lending and saving services for each other. Members of cooperatives like credit unions always have a common characteristic. In the case of the Scotwest Credit Union, members are all residing in the western region of Scotland.

Types of services offered by Scotwest Credit Uunion

For credit unions to be able to offer help to each other, all its members are required to put in funds, which the credit union would then use to offer low-interest loans and other types of financial services to its members. Credit union members then enjoy dividends from the funds they put in, which are part of the union savings. This local union offers the following services to its members: 1. Savings and current accounts, as well as junior accounts 2. Personal and homeowner loans, as well as other kinds of mortgages 3. Insurance Although such services may be obviously obtained from other financial institutions, these are preferable because they come guaranteed with credit union interest rates, which are typically lower than what is normally charged by banks, lending companies and other financial service providers.

Membership eligibility for Scotwest Credit Union

You are eligible to become one of Scotwest Credit Union’s members if you either reside or work in the western area of Scotland. You may submit an application in person or online. If you know beforehand that you want to apply for either a loan or a savings account with the credit union, then you can simultaneously submit the application form for the financial service you are interested in, together with your membership application form.

Other membership benefits

Besides being able to enjoy low-cost or low-interest financial services from the credit union, members also get to enjoy other non-financial benefits from the union. 1. 25% off on specified treatments from Simply Bliss, which has two salons located in Glasgow. 2. Ten percent discount when parking at either Edinburgh or Glasgow airport. 3. Holiday discounts offered when availing the services or products offered by Barrhead Travel. 4. Health-care treatment grant from Scotland Patients Association. 5. Members in the process of selling or buying a home can enjoy lower costs for surveys and other types of reports from Speirs Gumley Chartered Surveyors. In spite of there being more than 600 credit unions registered in the UK, Scotwest Credit Union is considered one of the biggest credit unions in the country. It has gained more than 25,000 members since its establishment in 1991.