Savings

savings-growthEveryone benefits from regular savings. It allows us to work towards our financial goals and gives us peace of mind should an emergency arise.

To start saving you must become a member and pay the joining fee.

How you can save

Deposits can be made:

  • in cash or by cheque at any of our collection points or shops. Cheques can also be paid in at any of our access points
  • direct from your bank account using a standing order
  • direct transfer if you use online banking
  • by Payroll deduction if you work for any of our sponsors (see payroll deduction information)
  • by telephone using your bank debit card. We are not allowed by law to accept credit cards
  • you can ask your employer to pay your wages in by BACS (Bank Automated Clearing System)
  • all benefits can be paid in

We ask you to maintain a minimum deposit of £5 in your account. If the balance in an account falls below £5 and there is no activity, we will start the process to make the account dormant.

Credit Unions do not pay interest on savings. All of our savers are entitled, when the credit union makes a profit, to benefit from an annual dividend, or bonus, paid on their savings. The amount of the dividend will vary from year to year and there are no guarantees given, as sometimes we will not make a profit. The amount of the dividend to be paid will be announced at the Annual General Meeting each year.

How you can get a balance

You can get a current balance by: