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About the NHS Credit Union

We care for the financial health and well being of the NHS workforce across Scotland and North England and our membership is growing at record rates. 24000 members are currently enjoying the benefits.

The History of the NHS Credit Union

The NHS Credit Union (NHSCU) was started in November 1998 by founder member Robert Rae in his role as UNISON Branch Secretary at the Southern General Hospital, with the support of Greater Glasgow and Clyde Health Board. NHSCU was designed to operate through partnership working. Its ambition was to grow opportunities for staff financial well being. Its overarching aim has been to develop a savings culture, promote financial literacy and challenge unethical lenders, (legal & illegal) preventing the exploitation of staff. Over 25 years, it has went from strength to strength in its mission to build the financial resilience of NHS staff and their families.

Over its life time, it has expanded significantly, in 2023, proudly accomplishing £48million in assets and a lending track record of £154million. Its community wealth was grown by the NHS family, through lending and saving with each other. NHSCU offer a range of services to more than 24,000 NHS staff and their family members. Services are also open to contracted services by the NHS, and membership is across Scotland and North England.

The Credit Union Board of Directors are the governing body and democratically elected by the members. They represent a broad section of senior health board staff, and oversee a workforce of 18 people. NHSCU are owned by NHS staff and their families and dual regulated by the Prudential Regulation Authority and the Financial Conduct Authority.

What is a Credit Union?

The NHS Credit Union is a financial co-operative, owned by its members, by choosing to save or borrow from your credit union you are saving and lending with your colleagues, family and friends:

  • The mission of NHSCU is to provide ethical financial services that empower the well being of their members.
  • NHSCU operate a co-operative business model with members, who democratically elect their directors.
  • NHSCU directors give their time, skills and experience freely as part of their commitment to serve.
  • Any operating surplus generated from NHSCU activities is either re-invested or distributed among members by way of dividends.
  • NHSCU offers a range of savings accounts, with members choosing how much they want to save monthly.
  • NHSCU offer a range of loan products suited to members’ needs, with the focus always on best value and affordability.
  • NHSCU offer regular opportunities to invest in their vaults savings, giving members a fixed return on their money.
  • NHSCU has year on year shown a high member satisfaction rate through the quality of services being provided.
  • NHSCU operates for the well being of People Not Profit.
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