After the Farepak fiasco and now the global financial meltdown there has never been a better time to join your local credit union. It’s good to know that Angus Credit Union keeps your money safe and secure. We are regulated by the Financial Services Authority for all circumstances, so you can feel peace of mind that your money is secure with Angus Credit Union.

• The Financial Services Authority registers and regulates every financial institution in the UK, including credit unions. Our staff and directors have to abide by detailed rules about how to do business and keep records, and we have to send regular reports of our activity to the Financial Services Authority.

• We have a Supervisory Committee that is entirely separate from the staff and board of directors. Their job is to make periodic checks of the transactions and accounting procedures, as well as the day-to-day running of the credit union, and to report on their findings.

• We have a Money Laundering Officer whose job it is to ensure that the credit union isn’t being used to cover up illegal financial activity.

One benefit of being part of a Credit Union is the peace of mind you can have that your money is safe and secure:

• If the worst were to happen and the credit union ran into problems, the Financial Services Compensation Scheme (FSCS) would pay back every penny of each member’s savings. Each member can save a maximum of £10,000 which is well below the FSCS threshold of £50,000.

• This is the same scheme that covers all the banks and building societies, and after the run on Northern Rock it was improved even further.

Doorstep Seller: 254.5% APR (correct at 11th March 2010)**

Sum borrowed    £1,000 over 50 weeks

Repayment       £35 per week

Total repaid      £1,750

Total Interest       £750

Angus Credit Union:     12.7% APR

Sum borrowed    £1000 over 50 weeks

Repayment         £21.30 per week

Total repaid      £1065.00

Total Interest       £65.00

This means £685.00 in YOUR pocket

**Figures are taken from http://www.lenderscompared.org.uk , an independant site comparing Loans and loan companies in the UK. The “Doorstep Seller” figures are actual figures from Provident Personal Credit, but there are a number of other similar loan companies who offer rates of interest 230.2% APR – 281.5% APR.

Be informed when you are looking for a loan. Find out the total amount you will actually be paying back to the loan company, not just “£25 per week”. Angus Credit Union offers low cost loans to our members. If you want to find out more, or would like to discuss loan options available to you then call 01307 463388, or contact us by email.

Autumn 2009 saw Angus Credit Union on the TV, with a pre-Christmas commercial.

Smiley Savers is Angus Credit Union’s Junior saving scheme.

Angus Credit Union believes that most young people in Scotland have lost the habit of “saving their pennies for a rainy day”.  The Smiley Savers encourages children to save a little money each week, and has a programme which can be used in local primary schools as part of the financial education part of the school curriculum.

If you are under 16 and wish to become a member (or if you would like to open an account for a young person you know) then please print off the form below and send it to Angus Credit Union.

Smiley Savers Application Form