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New credit union will offer loans and savings accounts to NHS staff

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The Scottish Government has created a credit union which all NHS staff in Scotland will be eligible to join.

The union will offer competitive loan rates and savings facilities to more than 150,000 staff. Health Secretary Nicola Sturgeon said it was an example of the benefits provided by ‘a truly mutual NHS’.

Its roots were laid in Glasgow in 1998, when a credit union was created for Greater Glasgow Health Board staff. It was then expanded to Lanarkshire and Ayrshire.

So far the union has given out loans totalling more than £24m, and has been given permission by the Financial Services Authority to operate Scotland-wide.

Ms Sturgeon said: “It’s a really concrete example of how a truly mutual NHS can lead to tangible benefits for the 150,000-strong NHS staff community.

“It’s particularly welcome at a time when many people will be wanting to ensure the maximum security for their money and know more about how their money is being used for investments and loans.”

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