Your savings in the Credit Union, known as shares, create the working capital which is used to make low interest loans to yourself and other members of the Credit Union This account is a flexible and easily accessed savings account. The Credit Union provides free Life Savings insurance on savings (subject to status). In the event of the death of a member, the lawful beneficiary will be provided with this benefit.
Paying InPayments can be made anytime during normal opening hours or by Standing Order from your bank.
WithdrawalsA member may apply to withdrawal some of their savings by completing a share withdrawal form. Shares can only be withdrawn when loan balance falls below share value or by approval of the Board of Directors
Christmas Savings AccountThis account is to help members save for Christmas. This account is identified separately from the normal savings account. A member will be advised of conditions of this account when joining.
Junior Saving Account – for under 16s
- Children under the age of 16 who fulfil the common bond qualification can open a junior Savings Account with the Credit Union
- This is purely a savings account. A loan shall not be made to anyone under the age of 18 years
- When opening the Junior Savings Account, a guardian shall be identified as the person responsible for the child’s account
- Withdrawals savings on the account are as follows:-
Age 0-7 Trustees Signature Only Age 8-13 Junior Member and Trustee Signature Age 14-16 Junior Member signature only
Important information about compensation arrangements
We are covered by the Financial Services Compensation (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small business - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositor's, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositors accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme(including the amounts covered and eligibility to claim) please call us on 0141 551 8387 or ask at your local branch, refer to th FSCS website http://www.fscs.org.uk or call 0800 678 1100.
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