Thursday, 15 August 2019


Please note that there is a merger proposed between ourselves and RenfrewshireWide Credit Union.

Merger with RenfrewshireWide Credit Union

At the AGM held on 27th. February 2019 the members gave the Board permission to progress the work which would lead to a merger (known as a Transfer of Engagements) with RenfrewshireWide Credit Union. You will be pleased to know that this work is almost complete.

The Board now needs the members’ approval to finalise the merger. This has to be done at two Special General Meetings (SGMs):

Wednesday 21st August 2.00pm Green Tree Café (Moat Centre) Rothesay

Wednesday 4 September 2.00pm Green Tree Café (Moat Centre) Rothesay

At each meeting the following special resolution will be put to the members for approval:

“This meeting of the members of Bute and Cowal Credit Union Ltd. hereby resolves to transfer the whole of the stock, property and other assets and all engagements of the credit union to the RenfrewshireWide Credit Union in consideration of the RenfrewshireWide Credit Union issuing to each member of Bute and Cowal Credit Union paid up shares equal to the amount standing to the credit of each member in the share
ledgers of Bute and Cowal Credit Union Ltd. on the date when transfer of engagements becomes effective”

(regarding shares this means that each member will receive RenfrewshireWide CU shares equal in number and value to what they hold in BCUL)

At the August meeting the special resolution must be passed by a majority of not less than two-thirds of members present and entitled to vote.

At the September meeting the special resolution must be confirmed by a majority of members present and entitled to vote.

As detailed at the February AGM the merger will ensure the sustainability and quality of our services and increase their range. Services will be available which make full use of all the components of modern communications and internet banking; we will be able to
engage more actively with our local communities. There will be much greater assurance of maintaining Board and staff members at viable levels. A point made strongly at the AGM was that RenfrewshireWide Credit Union has a fundamental belief in the importance
of local offices and being able to offer their members face to face contact with staff.

If you have any questions please do not hesitate to contact the staff at your local office.

For full details of RenfrewshireWide CU their website is:

Janet O’Sullivan

Click here to access the pdf document from a link on the BCCU website

Tuesday, 12 February 2019

AGM 2019


25th Annual General Meeting

Trinity Church Hall Castle Street Rothesay Wednesday 27 February 2019

2.00p.m. Doors open 1.30p.m.

Click here to find Agenda and Directors' Report

Tuesday, 4 December 2018

Bute & Cowal Credit Union | Opening Hours

Please note our Festive Season hours:

Saturday 22 December 2018  closed
Tuesday 25 December 2018   closed
Saturday 29 December 2018  closed
Tuesday 1 January 2019         closed

Tuesday, 24 July 2018

News | Bute & Cowal Credit Union

The Board of the Credit Union wish Dean Andrew Swift and his family all best wishes for the future as they move to Dundee as Andrew has been appointed the Episcopal Bishop of Brechin. Andrew has been an invaluable member of the Credit Union team serving as Supervisor for some years. He will be greatly missed.

On a much sadder note the Board also wish to announce the death of Mick Common. He had been with the Board for a shorter time serving as Treasurer. He had brought many skills from his academic career that served us well , in addition to a lively sense of humour. He will also be greatly missed.

Your Credit Union continues to grow and develop but without such members as Andrew and Mick being part of the Board or staff that isn't possible. Please think if you have the time to join us - training is given. If you would like to know more , please contact either of the offices or email:

Tuesday, 26 June 2018

Interest Rates For Loans | June 2018

Interest Rates for loans will be increasing on 01.06.18 for new loans. See details below.

The Directors of your credit union have recently conducted a review of its operations with a view to ensuring its future financial viability. As a result of this review the monthly interest rate on loans of £1000 or less will be increased to 2% with effect from June 1st 2018. This will only affect loans agreed on or after that date the interest rate on existing loans will be unchanged. The interest rate on loans of more than £1000 will remain at its current level.

The reasons for this decision are as follows. Your credit union has to cover its costs from the interest income on its loans. The cost to your credit union of making and administering a loan is the same whatever the size of the loan. On small loans the interest income that your credit union currently gets is less than the cost of the loan to the credit union. At the current monthly interest rate your credit union is making a loss on every loan of £1000 or less that it makes. Given the number of such loans, this is a considerable drain on your credit union’s resources. Raising the monthly interest rate to 2% will greatly reduce, though not entirely eliminate, the losses on small loans.

Doubling the monthly interest rate does NOT mean doubling the monthly repayments. The increases in monthly repayments will be relatively small. The table here shows what the monthly repayments will be at the new interest rate on loans of £1000 or less on larger loans the monthly repayments will be unchanged. The new monthly rate of 2% is equivalent to an APR of 26.82%.

Initial Loan
Months for Repayment
Monthly Payment

The Directors of your credit union consider that members taking out small loans with it after 1st June 2018 will still be getting a loan at a very competitive rate. Banks generally do not make loans of £1000 or less. Commercial money lenders charge much higher interest rates. Using a credit card to get cash typically involves a fee of 3% of the loan (£30 on £1000) and interest is typically charged at an APR of 28%.

If you have any comments or questions please contact your local office.

Saturday, 5 May 2018

Interest Rate Changes | 2% increase

From 1 June 2018, interest rate changes on loans of under £1,001 will be 2% (24% per year).  This is a very small increase in the actual repayment figure. Want to know more? Ask in your local Credit Union office.

We have a 1-page pdf that provides you with all the information that you will need - including how much your new payment will be under the new interest rate.  To visit our website and download the document, click here

Data Protection Legislation Changes | IMPORTANT

General Data Protection Regulations

The law on data protection is changing on 25 May 2018

Have you told us how we can keep in touch with you?

Have you updated your details with us?

Contact your local office straight away.