Your local credit union aims to help you save
IF you are looking to manage your money better, Sovereign Credit Union could be the perfect place to start.
Providing services for people living or employed in Ayrshire, Arran, Dumfries & Galloway, Sovereign Credit Union opened in 2002 under the name Cumnock & Doon Valley Credit Union.
In 2012 it changed its name to Sovereign Credit Union and extended the area that it serves. The services provided by SCU are: ordinary savings accounts, loans linked to the ordinary savings account, junior savings accounts and The Engage Account – a great alternative to high street banks.
Credit unions are not-for-profit financial co-operatives owned and controlled by the members, managed by local people for local people, with a strong volunteer involvement.
Sovereign Credit Union aims to help you take control of your money by enabling you to save what you can and borrow what you can afford. Their accounts are straightforward and the rates are clear - they don’t change after application and the interest rate on credit union loans is capped by law.
Becoming a member means becoming part of a community-based mutual organisation which exists for the benefit of its members. Credit unions encourage members to save regularly. Withdrawals can be made from your savings, but the benefit of having savings is that they form the basis of eligibility for the loans. Your accounts are straightforward and easy to understand.
Director at Sovereign, John Marshall, said: “We are here to help promote financial inclusion and access to affordable credit for the local community – and keep people away from loan sharks and high-interest lenders.”
Sovereign Credit Union is based at 11 The Square, Cumnock and can be contacted on 012904 20044.