Savings

Savings account

Credit Union Savings Accounts for adult and junior members mean that you can save a regular
amount every week, fortnight or month that you can afford

  • Some members use their accounts to save for Christmas or Summer Holidays
  • Parents / Guardians / Grandparents of those aged under 16 encourage junior credit union savings accounts. A passbook is issued and children can pay into their credit union accounts by cash and can see their savings build up
  • Annual dividend may be payable depending on the profits of the credit union (e.g. Year 2012 adult members received 1% annual dividend (for the 9th year running) / junior members received 4% annual dividend)
  • Savings withdrawals are applied for on share withdrawal form and normally take one week to process.
  • No more than £10,000 can be saved in each individual credit union account

Members feedback indicates that instead of having savings within a bank where you could use your cash card or keeping money within their homes where they can easily dip into – the one week waiting period helps keep a savings balance longer. Your credit union savings are protected by the Financial Services Compensation Scheme up to £85,000 per individual credit union account. This coverage has been in place since October 2010

Check out you tube financial services compensation scheme
For more infomation on savings limits within the credit union check out the link to Money Advice Service

For further information on how the Financial Services Compensation Scheme protects credit union savings check out the link Financial Services Compensation Scheme and if the credit union was declared insolvent how you would receive your savings check out the link Financial Services Compensation Scheme Credit Unions