Benefits of Membership

"Open an account with the credit union today!"

Opening An Account?

All employees of Heriot-Watt, Napier, Edinburgh and Queen Margaret Universities are eligible to join.
In addition, family members over the age of 18 who live at the same address as an employee member can also join.

Employees who are members on date of retirement or on leaving university employment can maintain their membership.

Membership Application

» Download Application for Membership (87.8kb) 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.

Benefits of Membership

Good reasons to join FSUCUL

Saving the painless way…
The Credit Union is an easy way to save money on a regular basis. Payments are made by payroll deduction – the easy way to save! You decide how much to save.

Retired members or members who have transferred to another employer can continue to save using standing orders.

A safe home for your savings....
The Credit Union is a mutual organisation – annual surpluses are returned to members as a dividend.

Generous Dividends...
At the Annual General Meeting in April 2010, a dividend of 1% was agreed.

Low-Cost Borrowing
Members can borrow up to 3 times their savings (known as shares) balance.

Free Life Insurance and Loan Insurance
In the event of a member’s death, any outstanding loan is repaid.  Additionally, members enjoy free life insurance.  The rules vary depending on age and share balance, but the beneficaries of many members would receive a life assurance payment equal to their savings. *

Repayment...
The Credit Union offers a unique repayment system. Members make their monthly repayment via payroll deduction. Retired members or members who have transferred to another employer can continue to save and pay using a standing order.  95% is applied to the loan, 5% to your savings balance. So, while your loan reduces, your savings continue to grow.

No hidden costs...
The Credit Union is owned and managed by its members. There are no hidden costs. That means-

• No administration charges
• No charges for early repayment
• Instant access

It’s professional.....

• The Credit Union is run by volunteer members – but it’s a professional organisation.
• We employ an experienced book-keeper and administrator.
• All volunteers undertake training
• All volunteers are approved by the Financial Services Authority

The Credit Union is regulated by the Financial Services Authority, just like a High Street bank or building society. It is a member of the Financial Ombudsman Service and the Financial Compensation Scheme.

* Life Savings and Loan Protection Insurance may be subject to pre-existing condition limitations and certain age and coverage restrictions.  Please ask your CU for further details.