FAQs

• Membership +

  Membership –

  • How do credit unions work?

    Members make regular savings; this can be as little or as much as they wish. These savings then form a common pool of money from which loans are issued to members. Members can apply for a loan from the pool. Interest on the loan is charged at a competitive rate and is calculated on the reducing balance. The interest charged on loans is the credit union's income. Once the operating costs of the credit union have been deducted, money is returned to members in the form of a dividend.

  • How can I become a Scotwest member?

    You will need to complete an application form. This can be done online, over the phone, in person or by post. Once we receive your application, processing will begin and an E-Identity check will be carried out. Following this, you will be forwarded a welcome pack and your deduction facilities will be set up. Please note that if you don't pass the E-Identity check, further forms of identification will be required.

  • Where can I join Scotwest?

    You can apply for membership either online, over the phone, by post or by visiting the Scotwest Office.

  • Who can join a Credit Union?

    All credit unions have a 'Common Bond'. This in very general terms provides a link between all of the members. There are a number of different types of common bond ranging from geographical such as everyone living in a particular town or area or employment based such as everyone working for a particular employer or within the same employment sector. For Scotwest, we have a live or work common bond - anyone who lives or works in the West of Scotland can apply to join. This covers the former Strathclyde Regional Council area spanning from Argyll & Bute down to South Ayrshire.

  • Does it cost to become a Scotwest member?

    No membership of Scotwest Credit Union is free. As a financial co-operative, the success of the credit union lies with its members and their use of the products and services on offer. As a member if you are actively using any of your Scotwest accounts, then there is no annual administration fee. A fee per member may be charged however where there has been no activity on any ot your accounts for a period of at least 12 months (excluding notice accounts).

  • How do I know if I am eligible to join?

    Scotwest is open to anyone who lives or works in the West of Scotland. You can also become a member if you are offered payroll deduction facilities from one of our Select Employer Organisations.

• Savings +

  Savings –

  • How much do I have to save?

    You decide how much you wish to save and when. Getting into the habit of saving regularly is more important than how much you save. You can save directly from your wages if you work for one of our Select Employers or alternatively you can set up a Direct Debit. Once your account has been set up, you can easily amend the amount you are saving as and when you need to.

  • Why do I receive a dividend rather than interest on my savings?

    As a financial co-operative, the credit union is owned by it's members. Any surplus funds are returned to the members in the form of dividends on savings, competitive rates on loans and new and improved services.

  • Are my savings safe?

    As we are a Credit Union we are owned and funded by our members and so we don't raise our funds on the wholesale money markets. We are also well capitalised as through careful money management we have retained profits in a prudent fashion over the years. Savings are also covered by the Financial Services Compensation Scheme.

  • What are the benefits of a saving with Scotwest?

    Scotwest offers a range of savings accounts. We provide an easy and convenient way to save and are committed to providing the highest levels of member service at all times. Our savings accounts are easy to open and manage and attract competitive rates of return. The credit union also provides free life savings insurance for members. The amount of cover is based on age at time of death and level of savings held.

  • What happens if I want to pay more into my savings account?

    You can add to your savings accounts by making a debit card deposit via online banking, over the phone or in person at the Scotwest office. You can also send in a cheque. Cheques should be made payable to <your name> c/o Scotwest Credit Union. Please put a note of your member number and the account(s) you wish the funds to be paid in to on the reverse. If you are making regular payments to your account by payroll deduction or Direct Debit, you can submit and amendment to deduction request within online banking, over the phone or by post.

  • Do I get a statement?

    We issue postal statements annually. With our online banking facilities however members can check balances and transactions and generate account statements whenever the wish and so thousands of members choose to help us to save paper by opting out of receiving paper statements. Members make their statement choice when they register for online banking and can also amend this choice at any time by updating their online profile.

• Loans +

  Loans –

  • How soon can I apply for a Scotwest loan?

    If you are looking to borrow straight away and are not yet a member, please call the Member Enquiry Line and your loan application and membership application can be processed at the same time. Our unsecured loan applications are not linked to the amount you have in your savings and we have no qualification period in place and so applications can be submitted at any time. You will be able to apply for as much or as little as you need. All of our loan decisions are based on your income and expenditure and ability to repay.

  • Can I repay my loan early?

    Yes, you can choose to make extra payments to reduce your loan balance at any time. The interest on your loan is calculated daily on your reducing balance and so as your loan balance reduces, the amount of interest you will pay also decreases.

  • Are there any administration fees in setting up my loan?

    For our range of personal loans, there are no set up fees or early repayment charges. What’s more for the majority of our loans, members are covered by our free loan protection insurance up to their 70th birthday. This would see the balance of their loan (subject to an individual member limit of £15,000) paid off in the event of their death.

• Mortgages +

  Mortgages –

  • What current mortgage options does Scotwest offer?

    Currently we offer a 2 year fixed rate mortgage and a variable rate mortgage.

  • How long is the mortgage period available?

    Mortgages are available over terms of up to 25 years.

• General Information +

  General Information –

  • How secure are my details?

    Credit Unions must be registered with the Financial Services Authority (FSA), and are covered by the Financial Services Compensation Scheme (FSCS). Credit unions are independently audited every year, and they are regularly monitored by the FSA. Your dealings with the credit union are totally private, because all members and officers of the credit union who have access to personal information must act in a confidential manner at all times.