With all the uncertainty around at the moment, it’s good to know that the Credit Union provides a safe place to keep your hard-earned savings.
Our Credit Union has provided a secure home for members’ savings for almost sixty years and we’re proud to serve our community, especially in these difficult times.
We offer a range of flexible savings accounts to meet your needs. You can make a lump sum deposit, or you can start a regular savings plan for as much or as little as you like, although we usually recommend at least £20 a month. We offer multiple ‘budgeting accounts’ to help you save for special occasions, important life events or major expenses. This includes things such as Christmas, a new car, ‘pets and vets’ bills or even funerals. We also offer children’s accounts.
The Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, which requires us to have robust financial systems, thorough training of staff, and internal and external audit systems. Our members’ savings are protected by the Financial Services Compensation Scheme.
You can save by standing order or direct debit directly from your bank account and employees of the many organisations that participate in our Salary Savings Scheme can have savings deducted directly from their salary.
You can withdraw your savings on demand (unless you have a loan with us), allowing three working days’ notice (although it is usually quicker). You can check your balances online or by texting the word ‘MyBalance’ to 60060.
We do not pay interest on savings accounts as such, but we distribute any trading surplus to our members as a dividend calculated on average savings. (In a credit union like ours, every £1 of a member’s savings is a £1 share in our financial co-operative, and we often use the terms ‘shares’ and ‘savings’ interchangeably.)
Credit Union Director Helen Baron said: “In these uncertain times, it’s nice to know that our Credit Union provides a secure and ethical home for your savings. With our Credit Union, you can be assured that your money is being put to good use for those who need it most, providing a low cost alternative to high interest loans and helping thousands of people escape from debt.”