Save With Us
Everyone benefits from regular saving, it allows us to work towards our financial goals and gives us peace of mind should an emergency arise. Committing yourself to a regular saving pattern can be difficult so at the Credit Union all we ask is for members to save on a regular basis from as little as £2 each week or £8 each month. Small regular amounts soon add up and remember at the Credit Union you are not just another customer, but a co-owning member of an organisation which provides security and protection.
Savings made Easy
To make it as easy as possible for you to save, deposits can be made:-
- In cash / cheque at our office or either of our collection points
- Direct from your bank account via standing order or direct debit
- Using a PayPoint card at any retailer that accepts this card
- Direct transfer if you use online banking
- Using your bank debit card
The tables below give examples of how regular savings can soon add up!
| Amount Saved: |
£2 |
£5 |
£10 |
£20 |
£25 |
| Year 1 |
£ 104 |
£ 260 |
£ 520 |
£1,040 |
£1,300 |
| Year 2 |
£ 208 |
£ 520 |
£1,040 |
£2,080 |
£2,600 |
| Year 3 |
£ 312 |
£ 780 |
£1,560 |
£3,120 |
£3,900 |
| Year 4 |
£ 416 |
£1,040 |
£2,080 |
£1,460 |
£5,200 |
| Year 5 |
£ 520 |
£1,300 |
£2,600 |
£5,200 |
£6,500 |
| Amount Saved: |
£10 |
£15 |
£30 |
£40 |
£50 |
| Year 1 |
£ 120 |
£ 180 |
£ 260 |
£ 480 |
£ 600 |
| Year 2 |
£ 240 |
£ 360 |
£ 720 |
£ 960 |
£ 1200 |
| Year 3 |
£ 360 |
£ 540 |
£ 1080 |
£ 1400 |
£ 1800 |
| Year 4 |
£ 480 |
£ 720 |
£ 1440 |
£ 1920 |
£ 2400 |
| Year 5 |
£ 600 |
£ 900 |
£ 1800 |
£ 2400 |
£ 3000 |
Benefits of Saving with the Credit Union
- Save as little (Min £2pw or £8pm) or as much as you can afford;
- You will automatically receive free life insurance on your savings;
- Confidentiality is respected at all times;
- No hidden charges or fees on any transactions
- Credit Unions are mutual organisations-members savings are pooled to provide the resources for lending to other members; and
- Depending on reserves, shares are eligible for an annual dividend.
Choose the Account that suits You
We offer 3 different accounts to suit your needs, savings in a credit union are referred to as Shares because as a member you are a shareholder in the business.
Share 1 Account - this is your main savings account and as we offer loans that are equal to double the level of savings in this account, this would be the one for anyone proposing to borrow at a later date.
Share 2 Account - this account would be for savings that you may wish to access at short notice, maybe for bills, car tax etc. It can only be operated alongside a share 1 account and the balance is not used in the calculation of any future loans.
Christmas Savings Account - savings in here are locked in and are available for withdrawal between the end of November and Christmas each year. A great way to make Christmas stress free. This account can be opened on its own. Does not qualify members to any future loans.
We also offer a Junior Savings Account - Why not start building a nest egg for your childs future, help them get into the savings habit. There is no joining fee or minimum deposits for these accounts. Maybe their grandparents might want to help as well, educate them today so that they develop this habit so that it becomes second nature.
Your Savings are Safe with the Credit Union.
All credit unions are regulated by the Financial Services Authority and members savings are protected by the Financial Services Compensaton Scheme (FSCS) and if you have a complaint you can contact the Financial Services Ombudsman Service.
In addition to this protection we provide free insurance on all our members savings and loans which, in the event of your death would clear any outstanding loan and provide an additional amount over and above what you have in your savings which, subject to terms and conditions, could be as much as 100% of what you had saved. Please contact our office for futher details. |
20 May 2013
