Began in 1989 from a small office in the city chambers as Glasgow District Council Employees Credit Union reaching membership of a 1000 by April 1990. In that same year paid its first dividend of 2%.
The credit union moved to its own premises at Bell Street in 1996 and this was when the credit union dropped the district from the name and with local government reorganisation expanded membership to Education and Social Services.
The following year they achieved to be the first credit union to obtain the then 11c certificate allowing the credit union to use the deregulation legislation to grant larger loans for longer periods.
One year before the tenth anniversary they reached a record 1million surplus. Whilst celebrating the 10th year of trading the credit union members raised a fantastic £12,500 for charity.
By 2001 the credit union had reached 15,000 members. 95 Morrison St in 2002 became the new premises of the credit union and all credit unions in the UK enjoyed the security of savings of the financial services compensation scheme.
Mortgages became available in 2004 when the Financial Services Authority granted the permission. Greater Glasgow became the expanding common bond in 2006 with the approval of the FSA to serve anyone living or working within the post code G.
The extended common bond caused the credit union to rebrand itself as Glasgow Credit Union in February 2007. Nicola Sturgeon Deputy first Minister of Scotland joins the credit union the year before the credit union celebrates 20 years of successful service to the members in 2009.
2010 we see a new logo as membership reaches 25,000 and by 2012 assets reaches over £100M. Social Media in 2017 became the focus of the credit union, membership reaches 40,000 and the marketing department wins Excellence in Communication at the Glasgow Business Awards.
Glasgow Credit Union in 2018 with over 46,000 members, introduced a new market leading mobile app and internet banking platform that would transform the way members interact with the credit union. The credit union will continually invest in new technology to remain relevant and be able to compete with the rest of the financial services market in 2019 for the benefit of the membership.
In order to be able to continue to serve members during lock-down in 2020 due to the Covid 19 pandemic, the credit union utilised the technology to allow as many of their staff as possible to work from home. With members being encouraged with non-urgent queries, and access to the internet to contact by email.
Smart Money People is a mission to increase trust and transparency in financial services, and the Consumer Credit Awards help to achieve this. The credit union in 2020 received the Award of the BEST CREDIT UNION (NORTH) in 2020.
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Want to find out more?
Visit the Glasgow Credit Union website, or get in touch with their team:
Telephone – 01412749933
Email – email@example.com
Copyright British Credit Union Historical Society 2018 – All rights reserved