It's never too early to get the saving habit

Financial Services And The Under 25's By Scottish Police Credit Union Ltd

Have you started saving yet?

Recent research undertaken by NS&I has shown that the average age at which people in Britain start to save seriously is 25 with more than a fifth of the population failing to do anything about saving until well over their 30th birthday. However, the under 25's are the largest group not saving at all.

During analysis of our current membership base we discovered that the findings from the NS&I research were remarkably similar to our own.

We have therefore made a commitment to change this and are appealing to all police officers and police staff throughout Scotland who are under 25 to come and join Scottish Police Credit Union and start saving with us today. Don't worry if you are reading this and you are over 25, we would be delighted if you joined too.

What is a Credit Union?

There are many misconceptions as to what a credit union is; many believe it is something for poor people or the financially excluded. While many credit unions do fantastic work in this area, other credit unions, like ourselves offer products and services that would rival any high street financial organisation.

But that is where the similarity with the high street ends. Credit Unions are mutual financial organisations whose members share a common bond. This means their ownership structure is completely different to that of a bank.

Banks are owned not by their customers but by their shareholders who seek to maximise the return on their investment by way of high dividends and higher share price. Banks do this by charging high loan rates while delivering poor interest rates to their savers, with the resultant profits going to shareholders and Directors bonuses.

Credit Unions are different because they are owned by their members. This means any profits made or are returned to the member in the form of a dividend on savings. And because our Directors are volunteers and come from our membership we don't have to pay them large bonuses either. In fact, other than travel expenses we don't pay them anything at all.

Why should I save?

Your reason for saving will be personal but may include one or all of the following; a deposit for a house, a holiday, a new car, a new television, your children's education, retirement or simply for emergencies, whatever your reason for saving it is vital that you start sooner rather than later.

With only one form to complete and salary deduction for all but a few, opening a savings account with Scottish Police Credit Union could not be simpler. Encouraging as many police officers and staff to save will always be our main aim however we do offer a number of other products and services for our members.

Unsecured Personal Loan

It is not always possible to save for the things you need or want and there are times when you require to borrow and you can do so with your Credit Union. We are able to keep our loan rates low because we are not driven by profit, we are driven by providing a service that you need. We offer all borrowers the same rate based on the amount they are borrowing therefore the rate you see is the rate you get. We think this is only fair.

We do not charge you any fees for setting up your loan or for settling your loan early.

For more information on the different loan products and when they are available see our website,


As a member of your Credit Union we can provide you with Insurance cover for your
car and home as well as that all important travel insurance giving you peace of mind
when you go away on holiday. Provided exclusively to Credit Unions by our
insurance partner Cuna Mutual we are confident of meeting your insurance needs.

Money Advice

In such uncertain economic times many people are finding it increasingly difficult to cope financially. As a member of your Credit Union we are able to provide you with first class money advice through our qualified debt counsellor. This service is free of
charge and completely confidential.

Family Membership

Membership of Scottish Police Credit Union is available to your family too, as long as they reside with you at the same address when they join.

We have recently launched our new children's savings account. Called Kidzplus and available to children under the age of 16 we are now not only serving the police family but your whole family too. Come and join nearly 8000 colleagues and own a little bit of your own business at Scottish Police Credit Union Ltd.

If you would like us to send you an information pack email or telephone 0141 771 1314 and quote police life.

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