 What is Grampian Credit Union?
Grampian Credit Union is a financial co-operative owned and run by its members. We offer the people of the Grampian area an easy way to save and access to borrowing at reasonable and affordable rates of interest.
Each member of Grampian Credit Union makes regular payments into their savings accounts - this fund then provides the basis for preferential rate loans.
The income generated by lending helps us meet our operating expenses, build our reserves and pay our savers dividends.
GCU was first set up in 1993, by a group of employees of the then Grampian Regional Council who wanted access to a convenient way to save and low-cost borrowing.
We are now open to anyone living or working in the Grampian area providing financial services to over 2400 members.
What can Grampian Credit Union Offer me?
Savings
Build up savings the easy way via payroll deduction or Direct Debit.
Each member also receives a PayPoint card to add additional funds to their account wherever they see the yellow PayPoint sign.
All savings earn a dividend and can be accessed quickly and easily.
Loans
At low rates of interest. All amounts, big or small, for every purpose.
Insurance Products
Including FREE life insurance on savings and loans (terms and conditions apply, contact the office for more information).
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint
accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.
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09 February 2010
