Savings

Why save with a credit union?

Apart from the usual benefits of saving it gives you the opportunity to take out a loan if an unexpected expense occurs. You are also helping your community as all the cash stays in the community. The savers in the community are helping the borrowers in the community. The borrowers are helping to provide dividend income for the savers. Any profits are ploughed back to the members in the community.

The credit union is run by people in the community for the community. There are no remote shareholders taking a cut in the profits or dictating how the business is run.

Savings in the credit union are in the form of shares. The shares are not transferable and a share certificate is not issued denoting ownership of shares. A member must retain £1 in shares to continue as a member. No member may have more than £10,000 in shares.

Savings may be made by regular weekly or monthly payments by standing order, BACS or by cheque via our head office or by cash payments at the head office or some community group offices when they are open. Periodic one off payments can also be made if desired.

We prefer cash payment to be made using the PayPoint card issued to each member, rather than paying it into a local ofice. The PayPoint card may be used at any Post Office or any shop with PayPoint facilities. The swipe card contains a member's personal account details to enable cash to be directed to their account. PayPoint cards cannot be used to withdraw cash and will not be taken as evidence of identity. If a card is lost it cannot be used to access the member's account. However, it is important to look after the card as a cost of £10 will be incurred to replace it.

The savings may be withdrawn by giving due notice to the credit union using a withdrawal form.

The period to receive payment may be up to a maximum of 60 days but would normally be within one week. In genuine emergencies payment within a few days may be possible but cannot be guaranteed.