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What is a Credit Union?
A Credit Union is a financial co-operative owned by its members. It has a volunteer Board
of Directors, democratically elected by the membership. A Credit Union is a “not for
profit” organization, run by the members for the benefit of all members.
Members of a Credit Union are united by a Common Bond; in our case, members live or work on Islay
or Jura.
Credit Unions encourage members to save regularly, and make it easy to do so. Once a Credit
Union has built up financial reserves, it may offer a reward on savings in the form of a dividend.
After saving for a short period, members become eligible to take out loans, based on the
amount they have saved. As a “not for profit” organization, the Credit Union is
able to provide low interest rates on these loans.
Credit Unions are regulated by the Financial Services Authority, in the same way as banks and
building societies. All business is conducted in the strictest confidence and each elected
officer and volunteer must sign a pledge of secrecy that is binding for life.
Islay & Jura Credit Union
Islay & Jura Credit Union is run entirely by volunteers. They staff three
Collection Points
where members can pay in or transact other business. Two of these are in Bowmore and
the other in Port Ellen. More Collection Points could become available if members in other parts
of the islands want to start their own.
Membership is open to anyone over the age of 16 who lives or works on Islay or Jura, although
members under 18 are not eligible for loans. Those under 16 can join our Junior Savers, so nobody is left out.
Our Credit Union is still quite young and as yet we have not paid a dividend to members, but if
we continue to grow we will reach this goal.
