East Renfrewshire Council has approved a proposal to re-establish a credit union presence in the area, providing initial seed funding to support its implementation.
This move follows the recent closure of the last remaining bank branch in Barrhead, which also served the broader communities of Neilston and Uplawmoor, near Glasgow.
The proposal gives the council the green light to work in partnership with Pollok Credit Union and other community planning partners to re-establish a credit union presence in East Renfrewshire. The authority will provide up to £200,000 of resources as seed funding to support the branch until it can cover its costs.
Under the plan, the credit union would provide a local shop-front branch in Barrhead, open at least three days a week, as well as online and telephone provision and future development of outreach provision across wider areas of East Renfrewshire
East Renfrewshire has been without a local credit union service since the demise of the Barrhead-based Pioneer Mutual Credit Union in 2021, which had 3,500 members at the time of closure.
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Natalie McQuade, head of advocacy and regulatory affairs at the Association of British Credit Unions (Abcul), welcomed the move.
“We’re thrilled to see East Renfrewshire Council’s proactive steps to reintroduce a credit union in the area,” she said. “Credit unions play a vital role in providing ethical financial services to communities, and it’s encouraging to witness the council’s dedication and commitment to ensuring its community has access to these services.
“This development underscores the critical role credit unions play in offering ethical financial services, particularly in areas affected by the withdrawal of traditional banking institutions. Abcul remains committed to supporting such initiatives that empower communities through co-operative finance.”
