Benarty and Lochgelly Credit Union is a not-for-profit financial institution dedicated to serving the needs of its members.
All credit unions are governed by a Board of Directors, elected by and from its membership. Credit unions are made up of people with a common bond, something that draws them together – where they live, where they work, etc. Benarty and Lochgelly Credit Union serves everyone who lives or works in Fife.
When you join a credit union, you open a share account (savings). It is called a share account because you become a part owner of the credit union upon joining.
Since credit unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend.
What’s so different about Credit Unions?
Everyone seems to be after your money these days. Newspapers are full of adverts offering savings schemes or loans, so what makes a credit union different?
- An easy way to save.
- An affordable way to borrow.
- Death benefit on loans and savings at no extra cost.
- Profits returned to members in the form of an annual dividend.
- Money stays in the community – no fat cat bonuses.
- Regulated and insured so you know that your money is safe – Benarty and Lochgelly Credit Union is covered by the Financial Services Compensation Scheme (see below). We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Firm Reference Number 231896).
- Part of a worldwide movement promoting thrift, financial independence and co-operation.
- Savings schemes for young people too with Benarty and Lochgelly Credit Union aiming to pay a healthy dividend on junior accounts.
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. 
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £150,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.
