Tail O’ the Bank Credit Union is a financial cooperative, based in Greenock. Anyone who lives or works in Inverclyde can join and become part of the credit union difference. Save, borrow, plan for tomorrow.
In 1984 Greenock East Credit Union was established by pillars of the local community, and in 1999 they became Tail O’ The Bank Credit Union a name that encompasses the heritage of Inverclyde. Named after the anchorage situated in the Firth of Clyde immediately North of Greenock, Tail O’ the Bank is the sandbank marking the entrance to the deep waters of the navigable channel of the River Clyde, where many great journeys have begun, including Tail O’ The Bank Credit Union.
Tail O’ the Bank Credit Union has been serving the community of Inverclyde for over 30 years building up the financial resilience of 9000 members and counting. Inverclyde start your credit union journey today, and become part of the credit union difference.
The Credit Union Difference
Our loan interest is calculated on a reducing balance so you are charged interest on what you owe and not what you borrow, and that’s part of the credit union difference. Tail O' The Bank Credit Union also offer flexible terms so you can reduce the terms with no administration fees, to suit your financial needs.
If you are struggling to make your payments or your circumstances have changed please contact us as soon as possible and we will do everything within our power to readjust your payments to suit your financial needs, it’s all part of our personal service and the credit union difference.
About Credit Unions
Credit unions are financial co-operatives owned and controlled by their members, offering flexible savings and loans as well as a range of other financial services. They differ from banks and other financial institutions in a number of significant ways as they operate as not-for-profit cooperatives run by volunteer board members, which allow credit unions to:
- Provide loans at low rates of interest
- Offer a wide range of quality financial products and services
- Charge fewer service fees
- Offer tailored financial solutions
- Be ethically driven and not profit driven
- Be easier to join
Credit unions offer an ethical way to save and borrow with a range of products to suit your needs and savings invested with a credit union are used to provide affordable finance to members. Saving and borrowing is a great way to support your local community, as not only do Tail O' The Bank offer its members ethical and affordable savings and loans but we also provide financial education to schools and the community.
Credit unions, like other UK financial intuitions, are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), and protected by the Financial Services Compensation Scheme.
The Credit Union Movement
The first credit unions started in Germany in the 1860s, with the first credit union opening its doors in Britain in 1964. Credit Unions provide ethical and affordable financial services across the globe with credit Unions in a 105 countries serving 237 million members worldwide. By providing community-based financial services, credit unions empower people to access high quality and affordable financial services. At the global level, credit unions are represented by the World Council of Credit Unions.