8 Reasons Credit Unions are Better Than Banks; In Our Humble Opinion
At Thistle Credit Union, our members are at the heart of everything we do. We are passionate about helping our members take control of their finances and empower them to make sensible and sustainable financial decisions in order to improve their financial security and overall quality of life.
Although we have skin in this game, we’re convinced credit unions are better than traditional banks; especially when accessing loans or building your savings for a rainy day or a big celebration. So much so that we are breaking down the top eight reasons why you should choose your local credit union.
Credit Unions Aren't in it for Profit
As a credit union we’re here to make a difference, not just a profit. We pride ourselves on our community and individual approach when providing affordable loans, ensuring that no one borrows more than they can afford to pay back. We are confident that the services of credit unions have helped people to improve their life through sensible financial management. All profits made by credit unions are shared with their members in the form of dividends (T&Cs apply).
We Don't Answer to Faceless Shareholders
Unlike traditional banks, credit unions are owned by their members, who have a say in the direction of their credit union at the AGM. This means that every decision is made with the members’ best interests in mind.
No Hidden Fees to Protect Profit Margins
Not to throw shade at traditional banks; but at Thistle Credit Union we don’t have any administration fees or charges. Traditional banks normally introduce these charges in order to make money and increase their profit margins. However, at Thistle Credit Union we believe that you should be able to manage your money without additional charges. We only charge £4 every two years to be a part of the credit union.
We Offer Low Interest Loans
Depending on how much you are planning to borrow, a loan from a credit union can often have a lot lower interest rates. As we don’t aim to make a profit, we simply charge an interest rate that allows us to continue to function and provide our service to others. At Thistle Credit Union, our current interest rate for a secured loan can be just 4.9% APR (T&Cs apply and is subject to change). Lower interest rates can make paying the loan back a lot easier, prevent falling behind in payments and spiralling debts.
Click here to access our free online loan calculator that doesn’t affect your credit score.
We Aren't Subject to Bank of England Interest Rates
We understand that increasing interest rates are a major cause of stress and can even lead to people falling behind in their repayments. At credit unions, the terms of the loan do not change from when the loan agreement was signed. This means the repayments will remain the same throughout the repayment period.
We're Committed to Keeping Our Branches Open
We know how important physical branches are and unlike traditional banks, who are closing branches across the country, we’re committed to keeping our branches open and are even planning on opening new ones. Click here to find your nearest branch.
Your Hard Earned Savings are Protected
Although we are not like other banks, we do follow the same rules as them. Meaning we’re members of The Financial Services Compensation Scheme (FSCS), automatically giving you savings protection up to the value of £85,000. The FSCS is funded by the financial services industry and is free to consumers. If your credit union goes out of business you will receive your money within 7 days.
Additionally, at Thistle Credit Union, loan protection insurance is built into your loan when you borrow from us. It offers you the security of knowing that your loan could be cleared in the event of your death.
We Support Our Local Community
Credit unions have always been at the heart of local communities, we pride ourselves in supporting local people to improve their financial security. Credit unions are also known for donating to and supporting local causes. At Thistle Credit Union, we run a monthly charity lottery that helps to provide vital funds to amazing charities supporting people across Lanarkshire, Ayrshire and the West of Scotland.
Why Choose Thistle Credit Union?
Thistle Credit Union was founded under the name Blantyre Credit Union in November 1991 and has been proudly providing affordable loans and ethical savings ever since. We’ve grown rapidly over the last 30 years and now trusted by over 14,000 members across the West of Scotland.
Contact a member of our team or follow us on our socials for more information about how Thistle Credit Union can help you thrive.
New to Thistle Credit Union?
Join the growing movement revolutonising how we bank by opening your free Thistle Credit Union account today.