A credit union and a bank both look after savings and lend money. The difference is who owns them and who they are run for.
Who Owns It
A bank is owned by shareholders, who expect a return on their investment. A credit union is owned by its members, the people who save and borrow with it. At Thistle Credit Union, every member is a part-owner with a vote at our general meetings.
Who Can Join
Anyone can open a bank account. A credit union serves a defined group of people, called its common bond. Ours is people who reside or are employed in the G, PA, FK, KA, ML and DG postcodes.
Where the Money Goes
Members’ savings fund loans to other members in the same communities. Any surplus is used to run and grow the credit union, and to pay a dividend on savings when one is declared.
How They Compare
| Thistle Credit Union | Typical high street bank | |
|---|---|---|
| Owned by | Its members | Shareholders |
| Who can join | People who live or work in our postcode areas | Anyone |
| Say in how it is run | One member, one vote | Shareholders vote |
| Savings protection | FSCS, up to £120,000 | FSCS, up to £120,000 |
| Profits | Can be paid to members as a dividend on savings | Paid to shareholders |
What You Get With Thistle Credit Union
- Loans from £250 to £15,000, with no early repayment penalties and no set-up or admin fees
- Free loan protection and life protection cover
- Savings protected by the FSCS up to £120,000
- A free mobile app, plus six local branches and real people on the phone
- A monthly community lottery that supports local charities
Use our loan calculator to see what a loan would cost you.
Want to know more? Read how to join.
Call us on 01698 711112, email staff@thistlecu.co.uk or visit one of our six branches.