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Thursday 28 January 2021
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First Scottish University Credit Union - About Us

"First Scottish University Credit Union"

Our Credit Union

First Scottish University Credit Union Limited is a democratic, member-owned and controlled financial co-operative for employees of Heriot-Watt, Napier, Edinburgh and Queen Margaret Universities.

Your Credit Union is an independent, non-political, not-for-profit organisation, managed by volunteer members. 

The Credit Union is entirely independent of the Universities.  However, the Universities recognise the value we offer to their employees and support us by providing free payroll deduction and other in-kind help.

First Scottish University Credit Union Limited is a mutual association which encourages members to save on a regular basis. These savings are pooled and used to give loans to members. Interest on the loan is charged at a maximum of 1.75% per month on the reducing capital balance (23.1% APR). Lower rates apply to non introductory loans (see our Loans Information for more details).

Established in 1990 to serve the employees of Heriot-Watt University , membership is now open to any employee of Heriot-Watt University , Napier University, Edinburgh University or Queen Margaret University.

Our forms page contains a range of application forms including Membership Application, Loan Application , Standing Order mandate, Share withdrawal and Payroll Deduction forms all in .pdf format.

The Credit Union Story

The modern Credit Union movement traces its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved in to Credit Unions. The purposes of these Credit Unions was to enable people to help themselves in relieving debt and poverty.

A Credit Union is a democratic, financial co-operative owned and controlled by its own members. Each Credit Union is run only to benefit its members, all of whom have something in common - the common bond.

Credit Unions in the UK were in existence for some time before the movement gained momentum in 1979, when the Credit Unions Act was passed.

Since then, the Credit Union philosophy of mutual self-help has proved very popular, and there are now over 400 Credit Unions affiliated to the Association of British of Credit Unions (ABCUL) throughout England, Scotland and Wales.

In the UK over 360 thousand members have recognized the value of credit unions, and have savings approaching 300 million pounds with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.


First Scottish University (firm no 213648) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and also a member of the Financial Services Compensation Scheme and the Financial Ombudsman Scheme.  

Updated: Thursday 28 March 2019