Savings as shares in a Credit Union are a better way to save. You are not just another customer with the Credit Union but an active member of a highly successful financial cooperative. And once you become a member by paying a £1 membership fee, you have a share in the ownership of the Credit Union.
Benefits of a Credit Union membership
By saving on a regular basis, you build up a pot of money. You can save from as little as £1 per week to whatever maximum you choose. The maximum savings that any member can hold in the Credit Union is £15,000.
Remember the secret is to save regularly – members are often surprised by how much and quickly it mounts up!
Main Savings Account
The savings in this account may be used as collateral for a loan if the member wants to borrow
It is possible to have more than one savings account. You may want an account for Christmas or holidays or for car repairs etc. Sub account savings are not used as collateral for loans
You can open an account for any junior member of your family
Withdrawing your money is a simple process and there is no hidden charge. Payment is made to you either in cash, by cheque or by BACS into your nominated bank account
What happens to my money?
All money saved by Credit Union members is pooled together. This pool of money is then used to give members low cost loans should they wish to borrow.
How safe is my money?
The Credit Union is covered by the Financial Services Compensation Scheme so if anything was to happen to the Credit Union then all members’ money is protected up to a value of £85,000