St Machar Credit Union

Today is ICU day 2019ICU day

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

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 % HMRC

(Benefits e.g. Child Benefit, Tax Credits, Universal Credit, 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 surplus of St Machar Credit Union

(e.g. Previous years 1% paid on all adult accounts year ended Sept 2015 or 4% paid on all junior account year ended Sept 2015)

Low Cost Loans

Loans are available at low rates of interest of 1 – 3 % on the monthly reducing balance.

1% Loans (APR 12.7%) 2% Loans (APR 26.4%) 3% Loans (APR 42.6%)

We look for deposit into your savings first by the payment method you choose

All loan quotes given will also include a savings element, so over the loan term your savings will increase. You borrow other members savings and you pay back so others can use your savings

e.g. First time loans could be up to £250 and should be repaid within 6 months


Please contact the office for terms and conditions (01224) 276994 Open Monday to Friday 9.30 am to 4.30 pm (apart from Wednesdays 9.30 am to 12. 30 lunchtime)

FREE Life Assurance for Members Beneficiaries based on your savings and loans balance

St Machar Credit Union each year pays an annual policy for all adult members savings and loans. This is FREE. You do not pay for the policy individually. The cost of the policy is paid 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