Time to think about Christmas savings
Credit unions are member-run organisations where members pool their savings so they can lend to one another.
There are several ways you can save with a credit union – via local collection points, by direct debit or by having money deducted directly from your wages.
And as our thoughts turn to saving for Christmas, the Credit Union is an excellent way of saving for December 25.
Savings
Saving, it’s what Credit Unions are all about and the credit union will have an account to suit you, whatever your needs.
Saving allows you to work towards your goals, a new car, some home improvements or just a cushion for any unexpected expenses.
Dream big and save bigger, and when you save with a Credit Union you also attract dividends.
Christmas Saver Account
This is a great place to put away money each year on the build up to Christmas.
Your money is locked away to November 1, after which time you are free to withdraw your balance.
It’s also secure as the Credit Union is covered by the Financial Services Compensation Scheme so that in the unlikely event that anything should happen to the Credit Union, your eligible deposits are covered up to a maximum of £85,000.
Savings Account
This is your main account, from this you can build up regular savings and if the need arises you can apply for a loan based on your savings.
Your savings are yours to do with as you wish, you can withdraw them at any time (as long as they aren’t secured against a loan). If you are looking to borrow however this may affect your eligibility. We also provide savings accounts for Juniors (0-16 years old).
Instant Access Account
This account is a suitable place to keep your money if you need access to it at short notice and don’t want to affect your ability to borrow.
Life Savings Protection
Life Savings Protection provides your family with a single lump sum payment to cover end of life expense in the event of your death. The value of this payment is directly linked to your savings.
So why not take time to sort out your finances this year and sign up to join a credit union.