What is a Community Bank?
A community bank (or credit union) is a not-for-profit financial co-operative owned by, and run for the benefit of, its Members.
In a credit union, people with a common connection, (or “Common Bond”), join together and organize their financial affairs as a group. This enables members to gain advantages, and access services, as part of the group, that they would not be able to enjoy as individuals.
Credit unions operate to a very high set of ethical principles which require that all members are treated with respect and dignity, no matter how much, or little they have saved or borrowed.
Can you become a member?
If you live or work in the West of Scotland, you are welcome to apply for membership.
Membership is open under the following postcode arears:
KA, PA, ML & G
Membership Terms & Conditions
View Our Membership Terms & Conditions
- A Share Account may be opened by completing a Membership Application and by
providing appropriate identification documents. - A minimum deposit of £1 is required to join thereafter the minimum balance of £5 is required.
- The minimum share deposit required by members is £2 weekly, £5 fortnightly, £10 monthly.
- Minimum share deposits required while repaying a loan will be discussed at loan application.
- It is your responsibility to inform us of any changes in your personal details.
- Evidence of personal changes such as name or address will be required.
- Members with outstanding loans may only withdraw shares if their value exceeds their loan
balance and any future interest and the amount they withdraw will be limited to the surplus
shares over loan, e.g. a member with an outstanding loan of £100 including interest and a
share balance of £150 may withdraw up to £45. - An Annual Dividend may be paid, gross of tax, on Share account, subject to surplus. Dividend
rates will be decided at the Annual General Meeting. - An annual service charge of £10 applies.
- Loan default will result in transfer of Shares and if required any other balances.
- We have the right to cancel membership if:- a) We believe you have fraudulently acquired membership/services from us b) You have not met the terms and conditions of membership
