Credit Union Q&A

What is a credit union?

A Credit Union is a financial co-operative, owned by members and run by volunteers, to provide savings accounts and affordable loans to members. All credit unions are non-profit organisations.

Who can join a credit union?

Credit Union members must be part of the "common bond" - have something in common, for example living or working in the same area. Everyone who lives or works in West Lothian is eligible to join at least one credit union.

Is there any age limit?

No. Members must be 16 or older (minimum age 18 for loans), but all the local credit unions offer junior savings accounts from birth upwards, and there is no upper age limit.

Are my savings secure?

Your savings are protected by the Financial Services Compensation Scheme. If anything happened to the credit union, you would receive 100% of your savings back up to £50,000.

How do I join?

For more information or to join a credit union contact Janet Mundy of West Lothian Credit Union Forum or any of the three credit unions operating in West Lothian - Blackburn, Seafield & District; Livingston and Capital (see credit unions for contact details).