Scottish Transport Credit Union

Scottish Transport Credit Union Overview
Since the last 25 years, the Scottish Transport Credit Union has been one of the prominent credit unions of the United Kingdom. Since its incorporation, the Scottish Transport Credit Union has continued to provide a wide variety of financial services to its members.

Scottish Transport Credit Union Savings Accounts
The Scottish Transport Credit Union provides a number of convenient and economically rewarding savings accounts for its members.

Following are the savings accounts, offered by the Scottish Transport Credit Union:

“Nest Egg” Account
Standard Shares Account
Platinum Saver Account
Gold Saver Shares Account
Scottish Transport Credit Union Loans
The Scottish Transport Credit Union provides both secured and unsecured loans. The secured loans are provided for bigger sums. The flat rate of the secured loans, offered by the Scottish Transport Credit Union, is 4.2%. The Annual Percentage Rate of the secured loans is 7.9%.
The following table gives an idea of the rates of the unsecured loans, provided by the Scottish Transport Credit Union:

Loan Amount Flat Rate Annual Percentage Rate
8000 and more 4.7% 8.9%
25 – 2999 6.5% 12.5%
5000 – 7999 5.5% 9.9%
3000 – 4999 6.2% 11.9%
The Scottish Transport Credit Union also provides loans for buying computers. Following are some of the features of the loans of the Scottish Transport Credit Union:

If the loans are not wanted then the borrower can send it back within 14 days without paying any charge
No surcharges if the loan is settled early
Interest is calculated on the reducing balance
No set up fees
Loans are fixed rate
Free Life Insurance

Scottish Transport Credit Union Insurance
The Scottish Transport Credit Union provides insurance policies. The salient features of the insurance programs can be enumerated as below:

For up to two years in any one illness in the event of sickness/ accident absence from work continuing, payment is calculated on a daily basis-and also paid back for the whole 30 days previous
Typical Loan; 1,250
Cover limit would be up to 1,500
Loan being repaid at 15 per week
After the first 30 days of sickness or accident the insurance can cover your full credit union weekly / monthly payment
Cost of insurance would be just 85p per week on a pay-as-you-go basis

Scottish Transport Credit Union Mortgage Services
The Scottish Transport Credit Union also provides consultation services on the following types of mortgages:

Council House “Right to Buy”
Mortgage & Re-Mortgages
Debt Consolidation
Buy to Let Mortgages
Adverse Credit, Defaults, Arrears
First Time Buyers


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Last Updated on : 27th June 2013

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