Monday September 2nd 2024
A credit union service is now available to Borderers for the first time.
SBC headquarters at Newtown St Boswells last week saw the launch of the Caledonian Credit Union within the region.
The West Lothian-based credit union will now promote its ethical savings and affordable loans to everyone living or working within the Borders.
Councillor Robin Tatler, SBC’s executive member for Public Safety and Resilience, said: “This is a major step forward for the Scottish Borders, what this development means is that any person living in the Borders will be able to become a member of the Caledonian Credit Union and save and borrow affordably from an ethical member owned co-operative.
“As part of the partnership the council is providing a development officer who will help promote the service across the Borders.”
A credit union is a self-help co-operative whose members pool their savings to provide each other with credit at a low interest rate. To be part of a credit union you have to share a common bond with other members such as living or working in the same area, working for the same employer or belonging to the same church, trade union or other association
Caledonian Credit Union operates as a financial co-operative and was established in 1998. Having extended its common bond (geographical area) several times, it now covers most of East, Central and Southern Scotland including the Scottish Borders. Anyone who lives or works in these areas or whose employer’s head office is in the area, are able to benefit from the services they offer.
The Credit Union offers financial services in the form of savings accounts for adults and juniors, affordable loans, free bereavement benefit on savings and loans, and prepaid debit cards.
Anyone wishing to become a member can join for free online at www.caledoniancu.co.uk or download the mobile app.
For more information call 01506 436 666.
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