What is 1st Class Credit Union?

1st Class Credit Union was originally set up in 1992 for all Royal Mail employees in Glasgow.  Over the years, our company has grown and now all members, employees and retired members of the Communication Workers Union and the Public and Commercial Services Union are eligible to join.

This also extends to any company where the CWU or PCS trade union provides their services.

We are a non-profit financial cooperative which is owned by our members.  Our Credit Union offer an easy way to save for the future while also offering loans to all members at a affordable rates.


How do I Join 1st Class Credit Union?

Please fill out our Membership form online or contact the office for one to be posted out.  Once we receive your membership form we will do identity verification checks to confirm your address and who you are, we may ask for further information if required.

How do I pay 1st Class Credit Union?

Royal Mail and CWU employees will pay straight from their wages. The Communications Industry and Public and Commercial Services Industry as well as Family Members will pay via Direct Debit.


How long does it take for the first payment to start?

Weekly payroll deductions normally take around a week to take effect and within the month for salary deductions.

Direct Debit payments will receive a letter to say when their deduction will start from their bank, we try to make it as close to the next direct debit payment as possible.


How much can I save?

The minimum savings is £3 per week and £15 per month.


How do I withdraw from my shares?

To withdraw from your shares (savings) you must complete a Share Withdrawal Request.  This can be done via; the automated telephone system, our website, the mobile app or if you prefer we can post a form to you.

Once we receive a Share Withdrawal Request into the office, the funds will reach your bank account on the same working day.

Shares are secured against any loans you have with us, therefore you will not be able to withdraw from your shares if you have a loan outstanding which is greater than your share balance.



Members of 1st Class Credit Union are eligible to apply for a loan between £100-£20,000 plus shareholding. Loan Applications can be made via our website, the mobile app or if you would prefer a form can be posted out to you.

Applications received into the office are assessed by the Loans Team for a decision to be made as soon as possible.  If your loan is approved, a Loan Agreement will be posted to you to be signed by yourself and a witness.

Once the Loan Agreement is received back into the office, the funds will be paid into your account on the same working day.


Share to Loan Transfer

You can request a Share to Loan Transfer if you have enough in your Share account to pay off the full amount of your outstanding balance.


Wage Amendment/Direct Debit Amendment

In order to change the amount you pay into you Credit Union, you will be required to complete a Wage/Direct Debit Amendment form.  This can be done through the automated telephone system, online or a form can be posted out.


How do I get a statement?

Statements are available upon request.


How do I close my account?

If you wish to close your account with 1st Class Credit Union, you will be required to complete a Termination form available from the office.


Interest Dividends

Our Annual Dividend is calculated based on the amount of profit made throughout the year.  It is then put to our members for their approval at our A.G.M.



All shares and loans that meet the acceptable guidelines within the national rules qualify for free insurance cover in the event of death.


Who Regulates Credit Unions?

1st Class Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and The Prudential Regulation Authority (FSA No. 213700)

We are also members of the Financial Services Compensation Scheme.

Member of ABCUL

Authorised and regulated by

Regulated by

Your money is protected up to £85,000