Craigmillar Credit Union

[Bob Jefferson]

Now expanded to include Portobello.

Community bank in eastern expansion


More than 50,000 people in the east of Edinburgh are being offered the chance to get involved in a fast-growing and fully ethical financial service with the expansion of a community-based credit union.

Craigmillar Credit Union is seeking to double its membership over the next three years and has enlarged the area it covers to include Duddingston, Portobello, Craigentinny, Willowbrae and Restalrig.

The not-for-profit organisation, which has grown rapidly since it was established in 1995, has opened a new collection point in Portobello for a trial period of two months.

Anyone who lives or works in the area is eligible to join and employers can offer a payroll deduction scheme to help staff put away a little each week.

The credit union offers a range of simple savings and loan products which are fully protected by the Financial Services Compensation Scheme.

The CCU also provides free life insurance to members so that, in the event of death, their loans would be cleared and their family could be eligible to receive a payment of up to twice the value of the savings.

CCU Development Officer Margaret Evans said: "Some of the key benefits of joining a Credit Union are that you get a personal service. We aim to help people manage their money more carefully and we hope, by our activities, to benefit the local community.

"We always seek to lend responsibly. Our interest rates are very competitive, even on relatively small loans. The maximum you can borrow is linked to your savings and we never want people to borrow too much and be unable to pay it off."

Welcoming the move, Edinburgh City Councillor Maureen Child said: "Joining and supporting our own credit union is a powerful way for individuals to invest in our community and neighbourhoods, working together for the common good.

"We help ourselves and our families to save in the good times. Then each of us have the security of knowing we have a buffer of an affordable loan, when and if we need it."

Anyone wishing to find out more about becoming a member can drop by Portobello Library on a Monday between 1.30 and 3.30 pm.

More information is available online at: http://www.craigmillarcreditunion.co.uk/

E-mail: craigmillarcu@googlemail.com

Tel: 0131 661 9942

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More About Craigmillar Credit Union
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Craigmillar Credit Union is owned and run by its members with two part-time and one full-time member of staff. Other staff are volunteers.

Membership is governed by a "community bond" which means that you must live or work in the community and be 16 years or older to join.

Employers can help staff save for Christmas or holidays by signing up for a payroll deductions facility with the CCU.

You do not need a bank account be a member and you can save as little as £1 per week.

You need to establish a savings track record over 10 weeks before you can apply for a loan.

Loans are linked to the amount you have saved. For instance, your first loan can only be twice what you've saved and up to a maximum of £500.


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General Info on credit unions
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The recent financial turmoil has seen credit unions continue to grow rapidly because they aim to offer non-exploitative, competitive financial services to individuals from all walks of life, regardless of their social status and economic background. UK membership of credit unions has more than doubled since 2000.

Credit unions are regulated by the Financial Services Authority

Credit unions are said to have evolved after a group of weavers in Rochdale established the Rochdale Society of Equitable Pioneers in 1844. They sold shares to members to raise the capital necessary to buy goods at lower than retail prices, and then sold the goods at a saving to members. In doing so, they became the first credit union. The movement then spread to Germany in 1850, Canada in 1901 and the United States in 1908.

Edinburgh boasts one of the largest credit unions in the UK - Capital Credit Union - with 15,000 members and £16m in assets

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Websites
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Craigmillar Credit Union - http://www.craigmillarcreditunion.co.uk/
Association of British Credit Unions - http://www.abcul.coop
Capital Credit Union - http://www.capitalcreditunion.com

E-mail: craigmillarcu@googlemail.com

Tel: 0131 661 9942