Scotland's first credit union was the Drumchapel Community Credit Union, which was established in 1989 in the Drumchapel area of Glasgow. The credit union was set up by a group of local residents who wanted to provide affordable financial services to their community. Since then, credit unions have grown in popularity throughout Scotland and are now a common way for people to save and borrow money.
The Drumchapel Community Credit Union, which is now known as the Drumchapel Credit Union, is a not-for-profit financial cooperative that provides savings accounts, loans, and other financial services to its members. It was established in 1989 by a group of local residents who wanted to provide affordable financial services to the people of Drumchapel and the surrounding areas.
Today, the Drumchapel Credit Union has over 3,000 members and is run by a board of volunteers who are elected by the members. The credit union is regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the Association of British Credit Unions (ABCUL).
One of the key aims of the Drumchapel Credit Union is to encourage its members to save money regularly. Members can open savings accounts and save money through payroll deduction, direct debit, or in person at the credit union's office. The credit union also offers loans to its members at competitive rates, with repayments tailored to suit individual circumstances.
The Drumchapel Credit Union is committed to promoting financial inclusion and works closely with local schools, community groups, and other organizations to help people learn about money management and improve their financial well-being.