Savings

Saving money with the credit union is a good idea!


To begin saving with the Credit Union, you must first become a member and deposit some money in your long term share account. Once this account is established a member can utilise all other services offered by the Credit Union. Each share is valued at £1 and by becoming a member you also become a part owner of the Credit Union, with right to:

  • A share in dividends
  • A vote in meetings
  • An opportunity to serve
In order to qualify for loans; regular and consistent payments must be made into the long term share account. Shares are held as security against your loan and no withdrawal can be made until loan is repaid. To withdraw from this account you are required to give TWO MONTHS NOTICE. Members can save according to their particular circumstances.
Payments can be made by:

  • Standing Order (Download form)
  • Post using a Cheque
  • Cash/cheque in person at any of the Credit Union branches or collection points (please note that cheque clearance takes 8 days)
  • Payroll deduction (participating employers) (Download form)
  • Paypoint Card
Weekly Savings
Year 1
Year 2
Year 3
Year 4
Year 5
£5
260
520
780
1,040
1,300
£20
1,040
2,080
3,120
4,160
5,200

The table does not include any dividends, as rates tend to vary from year to year. It is important to note that adding dividends would increase the accumulated balanced in the account.

Adult members can currently save up to a maximum of £10,000 on their long term share account.

Your savings are used to make loans to members and the interest received is used to pay operational expenses, build up reserves and returned to members in the form of a dividend payment annually. The rate varies and is decided by the members, up to the statutory ceiling of 8%.