Savings
Save with Us
We all know the benefits of saving, either for something specific or for that “rainy day”. If you develop the habit of putting some money in the Credit Union on a regular basis, saving will become less difficult, every penny counts!
All saving accounts can be credited and withdrawals made at anytime.
Your eligible deposits are protected up to £85000 by the Financial Services Compensation Scheme.
Benefits of Credit Union savings
- Easy access to your money once it is not used as security against a loan
- No hidden charges or fees on any transactions
- Life savings insurance for eligible members (Terms & Conditions apply)
- Nomination of account proceeds
When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan. If we accrue a surplus, the credit union may declare a dividend following the end of the financial year.
If so, you will get a return on each share you hold. In the meantime, the money you’re saving is being used to provide loans to your fellow members. You can withdraw money whenever you want - provided the money is not pledged as security on a loan and subject to credit union rules.
Here is a table of how a regular Credit Union savings account can help you to build up a substantial savings account before dividend payments are made:
| Years | £1 per week | £5 per week |
|---|---|---|
| 5 | £260 | £1,300 |
| 4 | £208 | £1,040 |
| 3 | £156 | £780 |
| 2 | £104 | £520 |
| 1 | £52 | £260 |
Types of Saving Accounts
Shares
As the Credit Union is owned by its members, your savings with us are known as shares. Each share you hold in your Credit Union account is equal to £1.
It is through the accumulation of members’ shares that the Credit Union has the ability to grant loans. As shares act as a security against loans, members are advised to continue to save whilst repaying a loan.
Members can have up to £15,000 combined shares and easy shares.
Easy Shares
Easy shares are designed to allow members to save for occasions such as Christmas, holidays, annual bills etc.
Easy Shares cannot be used as security on loans.
To open an Easy Share account just visit our office.
Juvenile
A Juvenile account can be opened by the Minor's parent up to the age of 16.
Minors can have up to £6,000 in their account.
Reasons for young people to start saving:
- Developing good financial skills will benefit you in the future
- Build a positive attitude towards money
- Learn to be thrifty when it comes to spending
- You build up a relationship with your credit union that will benefit you when you need to borrow.
Lodgements
Lodgements can be made by
- Cash
- Cheque
- Bank transfer
- Standing order
Arrange a standing order payment from your bank and be sure of regular payments to your Credit Union. Standing order forms can be obtained in our office or posted if requested)
Withdrawals
Withdrawals can be in the form of
- Cash
- Cheque
- Bank transfer
A member who has no loan can withdraw part/all savings in the Credit Union during office hours.
When a member has been issued a loan in excess of their shares, these shares are held as security. Therefore, the only shares that can be withdrawn are those saved after the issue of the loan providing the loan is not in arrears.
