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Credit unions - saving and loans

Last reviewed on 29 June 2018

If you’re a Co-op colleague, you can apply to join one of the 2 credit unions associated with Co-op:

How do credit unions work?

Credit unions work in a similar way to banks but can sometimes give you a better deal on saving and borrowing money.

They’re free to join. Once you’re a member, you can start saving or apply for a loan.

Joining a credit union does not mean that you will definitely be able to take out a loan. You will need to meet the eligibility criteria set out by the credit union to qualify for a loan.

Regular payments into your savings and loan repayments come straight out of your pay.

If you leave Co-op

You can keep your credit union account but you will need to make arrangements with the credit union to keep repaying your loan or paying into your savings.

If you need more information about credit unions

You can contact:

Value Credit Union on 0141 222 2259 or email

The Co-op Credit Union on 0345 602 3554 or email