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From small beginnings…
You may know what a credit union is, but there is probably a lot you don’t know about us. Originally situated in a small office within Glasgow City Chambers with two members of staff, Glasgow Credit Union has grown substantially during the past four decades to become the most financially successful credit union in the UK.
Although there have been many changes over the years including a change of name, logo, premises, our main aim has always remained the same: to help our members and ensure they have access to friendly, professional financial services that meets their needs. Below we have listed some important dates in our history:
June 1989
Glasgow District Council Employees’ Credit Union formed, operating from a small office in Glasgow City Chambers.
April 1990
Membership reaches 1,000.
December 1990
Members vote at the AGM to pay the first ever dividend on savings, 2%.
January 1991
Approved loans reach £1 million.
December 1994
The first lottery draw with a car as the top prize (Vauxhall Corsa).
April 1996
Scottish local government re-organisation takes place. Employees from former regional council services such as Education and Social Work now eligible to join. The credit union changes its name to Glasgow Council Credit Union (GCCU).
July 1996
The credit union moves from City Chambers to its own premises at 105 Bell Street.
July 1997
GCCU becomes the first credit union in Great Britain to obtain Certificate 11C, enabling it to utilise legislative deregulation to grant larger loans over longer periods.
September 1998
First British credit union to record a £1 million surplus.
July 1999
GCCU celebrates 10th Birthday with a balloon launch at George Square with £12,500 raised by members for charity!
Into the 21st Century
September 2001
15,000th member joins.
July 2002
Glasgow Council Credit Union becomes part of the Financial Service Compensation Service and the Financial Ombudsman Service.
August 2002
The credit union moves to larger premises at 95 Morrison Street.
October 2004
GCCU receives mortgage permission from the Financial Services Authority. Now permitted to offer mortgages over a 25-year term.
August 2006
Membership vote in favour of expanding the common bond to everyone living or working in the Greater Glasgow ‘G’ postcode area.
September 2006
FSA approves expanded common bond. GCCU now open to serve anyone who lives or works within a G postcode.
February 2007
Rebranded to Glasgow Credit Union to reflect the expanded common bond.
February 2008
Deputy First Minister & Health Secretary, Nicola Sturgeon, joins as 20,000th member.
June 2009
Glasgow Credit Union Celebrate 20 years of success.
July 2010
25,000th member joins. A new logo is introduced as part of a brand refresh.
October 2012
Asset size reaches over £100M – the first credit union in the UK to ever reach this size.
October 2013
Glasgow Credit Union voted Glasgow’s favourite business by readers of the Evening Times.
May 2017
Glasgow Credit Union launches on three social media channels: Facebook, Twitter and LinkedIn.
July 2017
40,000th member joins.
October 2017
Marketing department wins ‘Excellence in Communications’ award at the Glasgow Business Awards.
October 2017
97th Employer Partner comes on board to offer services to staff through payroll.
June 2019
Glasgow Credit Union Celebrate 30 years of success.
September 2019
50,000th member joins – a significant landmark for the UK credit union movement.
October 2019
The credit union partners with its 100th employer in Glasgow, offering payroll deduction services.
30 years and counting
As highlighted above, we have come along way since starting out in 1989. To this day, we strive to be the best credit union we can be for our members, but also for the community of Glasgow. With our bespoke products and strong sense of service, we hope to continue this as well as keeping our community strong with financial education, Giving Glasgow and the Big G Lottery.
© Glasgow Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our FRN is 213558
