Secure Ethical Savings
We promote financial wellbeing by making money work for people rather than short term profit. You can start a regular ethical savings plan from your salary, your bank account, or by using your child benefit. Your savings enable us to provide a real ethical credit alternative to the very high interest rates charged by most lenders, particularly to those with impaired credit or on low incomes.
OUR SAVINGS PRODUCTS
Check out our great savings products below
The PrizeSaver account is a credit union savings account with monthly prizes. Every pound you save to your PrizeSaver account enters you into a monthly prize draw (up to £200pcm).
Employees of a growing list of employers can have savings or loan payments deducted directly from their salary. See if your employer is on the list and how easy it is for your employer to join our scheme.
We offer savings accounts for your children or grandchildren below the age of 18 to encourage them to learn the value of money, the importance of saving & record keeping, and to help them practice their numeracy.
A Community Investment is an ethical one-off deposit of £500+, allowing us to help others escape from debt and poverty. We promote mutual self-help rather than charity, & saving rather than borrowing, with the savings being pooled and “reinvested” into the community in the form of low-cost ‘Saver Loans’ as an alternative to loan sharks.
Corporate Membership is for organisations rather than individuals. Businesses, charities, sole traders and voluntary groups in Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey, Islington or Waltham Forest can join.
Save a regular amount in your credit union account. You can save as little or as much as you like, though we recommend at least £20pcm or £5pw.
To access our great savings plans you must be a member
Join NOW and start saving with us:
Dividends are calculated on your average savings the previous financial year between 1st of October and the 30th of September. So, if your average savings was £1,000 and the dividend is 1% then you would receive £10 dividend to your savings account as share of our profits.
Loan interest rebates are paid based on any interest you have paid to us during the previous financial year. So, if you had paid £500 in loan interest to us over the year and we offer a 3% rebate then you would receive £15 paid to your savings account as a share of our profits.
The value of dividends and loan interest rebates is dependent on the levels of surplus so no payment is guaranteed. All dividends and loan rebates are paid gross of tax.
Making deposits into your Credit Union account.
Standing Order & Bank Transfer
These payment methods are suitable for one-off deposits and/or recurring payments into savings from your bank account.
The easiest way to set up a Standing Order is to use online banking or to contact your bank.
You must use your membership number (or NI Number) as the reference for every payment.
London Capital Credit Union
NB Some banks may say account does not match the name because our full name, London Capital Credit Union Ltd., is too long. You can ignore the error message and use these details.
Your credit union membership number or your NI number in order that we can credit the payment to the correct account.
Salary Savings Schemes
Many people can make regular savings deposits or loan repayments directly from salary. CLICK HERE to access the Online Salary Savings Schemes Form.
We only accept cash for initial deposits. If you make your first deposit by cash the maximum we can accept is £50.
Cheques should be made payable to ‘London Capital Credit Union’ or payable to yourself. We can also accept cheques payable to yourself. You should note that it will take at least 12 working days before you are able to draw on funds paid in by cheque.
Save with your Child Benefit
Once you have your credit union membership number you can save by having your Child Benefit paid directly to your savings account. complete the form below. You will need your membership number and your child benefit reference number to complete the form.