Regular Savings Account
Our basic savings account available to all members
Our standard membership account available to all members
When you join the credit union, a Regular Savings Account will be opened automatically for you. Deposits to your account can be made easily through payroll deduction, standing order, online banking or in cash at a collection point. You can save as much or as little you like, up to a maximum of £60,000. You must retain at least £1 in your account to continue as a member.
As a member, we encourage you save each month, as little or as much as you can, in order to build up some resilience in your finances. These savings can then be used as security for future loans, which means that you do not have to lose your hard-earned savings when money is needed.
The easiest way to save is to make a regular payment from your main bank account into your credit union account in the day you receive your monthly income. You will be surprised how quickly your savings will mount up.
- Your money helps others in your community with fair and affordable loans
- Save as much or as little as you like
- You can withdraw money, if you need
- All transactions with your savings account are online
- Savings protected under the FSCS scheme
- Minimum £1 balance
- Maximum £60,000 balance
- The Regular Savings Account is set up automatically upon joining the credit union
- Account balance qualifies for dividend
- No penalty for withdrawals
The Regular Savings Account is set up automatically for all members joining the credit union. There is a one-off initial joining fee of £2. Funds in the Regular Savings Account can be pledged as security against borrowing with the Credit Union.
When you open a regular savings account, you will be asked to nominate a Beneficiary (normally your next of kin) who can claim the money in your account easily in the event of your death
Financial services compensation scheme
All accounts benefit from our participation in the Financial Services Compensation Scheme (FSCS).
The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. All depositors with the credit union are covered by the scheme.
