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Tel: 01224 576990 Fax: 01224 210132 Email:

21 August 2017
Help / FAQ

Useful Information

Frequently Asked Questions

Credit Unions

  • What is a Credit Union?
    A credit union is essentially a local community co-operative offering savings and loans to its members. Any profits made are returned to members as a dividend on their savings.
  • What does Grampian Credit Union offer?
    We offer savings accounts, including Christmas Savings and Junior Accounts (for children
    ages 0 -16 years). Members can apply for loans ranging from £200 to £15,000.
    Member accounts are covered by free life insurance which their beneficiaries can claim in the event of the member's death.
  • How is the Credit Union different from a Bank?
    The Credit Union is owned and run by its members, meaning no fat cat payouts!
    Everyone who joins the credit union owns a share, and instead of paying interest, profits are distributed amongst all members at the end of each financial year, as a dividend.


  • Who can join Grampian Credit Union?
    Anyone who lives or works in the Grampian area can join Grampian Credit Union.
  • How do I join the Credit Union?
    Complete a simple Membership Application Form . You pay a one off £5 membership fee on joining. There is also a £5 yearly administration fee to cover the cost of managing your account. To open an account, 2 forms of identification are required, one of which must contain your photograph and the other your home address. Once accepted, we will open your credit union account and send you a Membership number along with your welcome information.


  • How do I save with Grampian Credit Union?
    You can save weekly or monthly by payroll deduction, direct debit, standing order, Paypoint or card payment.
  • How much do I need to save?
    You can save as little or as much as you like and you can change the amount you save at any time by contacting us.
  • How do I take my savings out?
    Savings can be transferred into your bank account, or you can be issued with a cheque.
  • Do I receive interest on my savings?
    We do not pay interest. Savings are held in members’ accounts as shares and if there is a surplus at the end of the financial year, members vote at the AGM to receive a dividend or put the money back into the credit union's reserves.
  • Loans

  • How much can I borrow from the Credit Union and what are the interest rates?
    Loans offered range from £200 to £15,000. Current interest rates range from 3.9%APR to 42.6%APR, depending on the amount borrowed.
  • Where do you get the money to lend to your members?
    Loans are funded from the pool of money that members save in the credit union, so essentially members are borrowing each other’s savings.
  • How can I apply for a loan?
    Loans are only given to members. You need to complete a Loan Application Form and submit it with any other information requested, usually recent payslips and bank statements.  Decisions are based on the information we receive and affordability.
  • Why are Credit Union loans better than other loans?
    Grampian Credit Union loans are customised to suit the requirements of each member.
    Interest rates are fair and affordable, with an upper limit fixed by law at 42.6%%. Interest is calculated on the reducing loan balance, so interest payments reduce as the loan is paid back. There is no penalty for repaying a loan early, or any hidden fees or transaction charges.

Financial Security

  • Is my money safe? How is the Credit Union regulated?
    Grampian Credit Union is regulated by the authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Financial Regulatory Authority. It is also covered by the Financial Services Compensation Scheme, in the same way as banks and building societies, so members’ savings are guaranteed. For more information click here. 
  • Who manages Grampian Credit Union?
    A voluntary Board of Directors, elected by the members from the membership at the AGM.  Day to day operations are carried out by the paid Chief Executive and staff, who are qualified and experienced in credit union work.

Other Benefits

  • What other benefits are there to becoming a member of Grampian Credit Union?
    Your savings and loans are covered by free life insurance.
    You can check your account online and receive newsletters.
    We give you a reward when you introduce a new member. 
  • Where can I find Grampian Credit Union office and what are the opening hours?
    Grampian Credit Union has its office at 224 Holburn Street, Aberdeen AB10 6DB.
    Opening hours are Monday to Friday 09:30am to 4:30pm (4.00pm on Friday).
  • Where can I go for more information and membership?
    Come into the office and complete your membership form; phone us on 01224 576990 for information to be posted out directly; or visit our website and download a Membership Form, which can be returned to our FREEPOST address as shown.

If you have any other question regarding any of the contents of this website or our business, please do not hesitate to give us a call on 01224 576990 or drop us an email and we will do our best to help you.

Membership Application Forms

Download membership application forms here:

Membership Application

» Click Membership Form

» Click Direct Debit Instruction

» Click Share Account Terms and Conditions

» Click Junior Account Application Form

» ClickJunior Savings Terms and Conditions

Note: If your employer does not provide payroll deduction to Grampian Credit Union, or you are joining as a family member, you will also need to complete a Direct Debit instruction.

The membership application form is a PDF document and Adobe Acrobat Reader is required to the view it. Adobe Acrobat Reader can be downloaded for free by clicking on the Get Acrobat Reader icon.

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Grampian Credit Union Tel: 01224 576990 Fax: 01224 210132 Email: Web:
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Firm Reference no. 213701