Financial Wellbeing
University staff are able to access First Scottish Credit Union (FSCU) and Salary Finance, which offer employees more options to manage their financial wellbeing.
First Scottish University Credit Union
The First Scottish University Credit Union (FSUCU) is a not-for-profit, member-owned, savings and loans cooperative created for university staff, by staff.
First Scottish provides their members with an easy way to save money every month through Payroll Deduction. A simple way to build up your savings bit by bit, you can save as little or as much as you like and access your funds at any time through your online account. Every member is also FSCS protected up to £85,000 meaning your money is safe and secure.
First Scottish also offers loans for when you need that little bit extra. Why not take advantage of their New Member Loan, which guarantees new members a loan of up to £1,500? Pay the loan back in affordable repayments over 12 months and every month a portion of your payment goes back into your savings account - meaning you save even as you borrow. Interest rates are based on how much you borrow, not your credit score meaning every member gets a fair deal.
Full details of how the credit union works, how to join and how to apply for a loan - including application forms - can be found on the FSUCU website at:
https://www.universitycu.org.uk/
Salary Finance
Salary Finance is third-party benefit provider that offers loans at affordable rates, savings accounts and gives access to budgeting and saving tips and tools.
Salary Finance provides access to:
- Employee loans: affordable loans repaid from your salary. A lower-rate loan could help to pay off any debts or cover an unexpected expense
- Simple saving: savings accounts with Yorkshire Building Society with savings transferred directly from your salary
- Financial education: a range of tips and videos to help you better understand your personal finances, as well as tools for budgeting and saving
For more information about interest rates and details of how to apply, please visit the Salary Finance website.
Important: This is an option, not a recommendation. University of Edinburgh does not benefit from offering this service and all your communications will be with Salary Finance. This content is for guidance and educational purposes only and is generic in nature. Salary Finance does not offer regulated financial advice. Please seek independent financial advice. Applications will be assessed to ensure the loan is appropriate and affordable for you.
Capital Credit Union
Capital Credit Union is one of the largest credit unions in the UK, providing ethical, competitive, and fair financial services to anyone that lives or works in the East of Scotland area.
Capital Credit Union offers loans, mortgages, and various savings accounts, such as a Christmas saving accounts and Term Deposits, to members. The products are similar to those of banks; however, Capital Credit Union is a financial cooperative which is owned by its members. The money and profits from the company stay within the membership to keep interest rates competitive.
Find out more about how you can save and borrow with Capital Credit Union through your University of Edinburgh payroll.
Further information can be found here.
Related links
Financial Well being Online Courses - via People & Money Linkedin learning