About Tay Valley Credit Union...

In the early 1990's a group of Tayside Regional Council employees formed a steering group to look at establishing a work-based credit union. After three years of negotiations with the Regional Council and Registry of Friendly Society officials, Tayside Local Authority Credit Union was officially registered on the 19 December 1994.

The first payroll deductions were received from 47 members in January 1995 and the first loan was issued in April 1995, a £500 holiday loan.

Following Local Government re-organisation in 1996 the credit union changed its name to Tayside Credit Union and amended its Common Bond so that it could offer membership to the employees of the former District Councils in Tayside as well as the employees of the former Regional Council.

In 2003 the credit union extended its common bond to include Fife Council workers and they became eligible to join the credit union. The name was also changed at this time to Tay Valley Credit Union.

During the last few years the credit union has steadily grown in terms of number of members, shares held and loans issued.   The dividend paid to members has also grown and for the FY 2005/06 a dividend rate of 2.75% was paid to all of our members.