Credit Union FAQs

Everything you need to know about credit unions

A credit union is a financial co-operative. Every member of a credit union must share something in common – this is known as a Common Bond. The bond could, for example, be living or working in the same area or working for the same employer. Credit unions are run democratically and operate in the interest of the people/customers who use their services – their members.

As credit unions are co-operatives, the people who use the credit union also own the credit union. Once you open an account with us, you become a member of Capital Credit Union and a part owner of the organisation. As a member you have the right to attend our Annual General Meeting and influence the running and policies of the organisation.
Members make regular savings, these savings form a common pool of money from which loans are issued to members. The interest charged on loans is the credit union’s main income. Once the operating costs of the credit union have been deducted, money is returned to members in the form of a dividend.

Anyone who lives or works in Scotland’s North East, Central, East and Borders regions can apply to become a member of Capital Credit Union. As well as anyone who is a member of a bona fide organisation – see here for details. Full membership begins at age 16 with junior accounts also available.

Corporate membership is also now available. Please contact the Capital Credit Union office for further information or visit the Corporate section of our website.

There is no fee to join Capital Credit Union.

A fee of £5 may be charged on an account when there have been no credits/deposits into the account for a period of 12 months. Such an account will be deemed to be dormant. We’ll be in contact prior to this to discuss the options available.

At Capital Credit Union we take security very seriously. All employees and members who have access to personal information are required to act in a confidential manner at all times.
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