St Machar Credit Union

...saving and borrowing

Together

coin2Any profits a credit union makes is invested back into the organisation or shared out amongst members as a dividend. Credit Unions are financial co-operatives owned and controlled by their members, that offer savings accounts, low cost loans and other services.

They are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (St Machar Credit Union PRA 213576).

Any profits a credit union makes is invested back into the organisation or shared out amongst members as a dividend. Each credit union has a ‘common bond’ which determines who can join it (St Machar Credit Union savings and loans accounts are available to anyone who lives or works within the credit unions designated area.

St Machar Credit Union area covers Seaton, Linksfield, Tillydrone, Powis, Froghall, Sunnybank, George Street, Old Aberdeen, Woodside, Middlefield, Heathryfold and Hilton)


Credit Union savings and loans accounts are available to anyone who lives or works within the credit unions designated area.

St Machar Credit Union area covers Seaton, Linksfield, Tillydrone, Powis, Froghall, Sunnybank, George Street, Old Aberdeen, Woodside, Middlefield, Cummings Park, Northfield, Heathryfold and Hilton.

Adult and Junior Savings Accounts

Adult credit union accounts are available from age 16 and over – these are personal accounts

Junior savings accounts are available to 0-16 year olds

Pay into your credit union or junior credit union account/s by

  • cash or cheque at your local collection point in your area or main office
  • by debit card at the main office
  • by standing order through your bank account (lump sums can be deposited by this method)
  • by payroll deduction from your wages/salary if you are an employee of Aberdeen City Council, Langstane Housing Association, Station House Media Unit,
  • Pay in directly from your benefits through the Department of Work and Pensions

(Benefits include Child Benefit, Tax Credits, Income Support, Job Seekers Allowance, Disability benefit, Incapacity Benefit, Pension Credit etc)

Annual Dividends on Adult and Junior Savings Accounts

Annual dividends may be payable on savings dependant on the profits of St Machar Credit Union

(e.g. 1% paid on all adult accounts year ended Sept 2015 – for the 12th year running, and 4% paid on all junior account year ended Sept 2015 – for the 6th year running)

Low Cost Loans

Loans are available at low rates of interest.STANDARD LOANS are available at 1% on the reducing balance per month 12.7% APR – Annual Percentage Rate – so for example borrow £500 over 52 weeks and pay approx £31 in loan interest – you have to have regular savings first

LOW INCOME / BENEFITS LOANS – pay in through your benefits – these loans are available at 2% on the reducing balance per month 26.4% APR – Annual Percentage Rate – so for example borrow £250 over 26 weeks and pay approx £16 in loan interest – by completing the loan within the exact loan period repayment terms you will receive a 1% interest rebate at the end of the loan term

All loans quotes given will also include a savings element – for exact terms and conditions please contact the main office (01224) 276994

e.g. Standard deal borrow £500 over 52 weeks, pay in £12.50 per week = £650,

The £12.50 is split into two — £10.25 towards loan & interest and £2.25 to your savings each week

Loan = £500 Interest Cost = £33 Your savings increase = £117

You borrow other members savings and you pay back in so others can use your savings

Life Assurance for Members Beneficiaries

St Machar Credit Union each year pays an annual policy for all adult members savings and loans. You do not pay for the policy individually, it is paid for by the loan interest generated by the credit union

The Policy is available as follows

  • Available to adult members aged 16 to 80 (there is no coverage available for those aged 80 and over)
  • The credit union will make claim to its insurers on the beneficiaries behalf
  • In the event of your death your credit union loan would be repaid in full (excluding any arrears)
  • A 100% savings addition to your savings balance – capped at £5,000 – would be paid to you nominated named beneficiary
  • Share / savings loading will not be eligible within the calculations 3 months prior to death
  • The credit union will not provide loans or accept large deposits from members who are suffering terminal illness as part of the policy