Forres Area Credit Union Savings

SavingsSavings 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

Sub Accounts

Some members have more than one savings account. Members may want a separate account for Christmas or holidays or for car repairs etc. Sub account savings are not used as collateral for loans.

Junior Savings

You can open an account for any junior member of your family. There is no charge to open a junior savings account.



Paying in to your accounts

There are several ways to pay money into your account

  • By cash in the office
  • By Standing Order via the bank (you need to get a reference number from the office)
  • By Workplace Saving Scheme (download or enquire at the office for a form to take to your employer)
  • By cheque (Cheques need to be payable to Forres Area Credit Union)

Withdrawing money

Withdrawing your money is a simple process and there is no hidden charge. You can withdraw your money with no notice required.  Payment is made to you either in cash, by cheque or by BACS into your nominated bank account

What happens to my money?

Your savings will always belong to you.  When you join the Credit Union, you are given an account number and a pass book. Each time you pay into your account, by whichever means, your deposit is noted in your pass book.  You will always be able to keep track of your savings.

The collective amount of money saved by members is ‘pooled’ together in a fund from which members can be granted low cost loans. However you will always be able to access your savings.

How safe is my money?

FSCS_Leader-web-banner_499x121px_FNLThe 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



Workplace Savings Scheme

It can be so hard to save money for a rainy day, or even for your holidays, or new furniture or whatever.  There is always something else that needs to be paid for or bought.  If you are working you might want to consider saving through your wages; i.e. arranging for your money to be paid directly into your Credit Union account from your pay.  It really is the easiest way to save.  Ask your employer if they can do this for you. Many companies use a payroll firm and payroll deduction is a straightforward process for them to administer. We already work with a couple of employers.  Happy members see their savings mount up with little effort.  More details from 676735, or email

School Savings

Almost every school in our Common Bond area participates in the School Savings Scheme. Volunteers, under the direction of the School Savings Coordinator, collect children’s savings on a weekly basis. Some schools even have their own junior tellers, who record savings deposits and arrange for the Adult Volunteer to undertake the banking of the collections. The young people who participate in the Schools Savings scheme are therefore learning the value of regular saving at an early age.