Saving with Rugby Credit Union
Savings with a credit union are known as shares. Any member with shares is entitled to vote at a General Meeting of the credit union. It makes no difference how many shares you have, because credit unions are a cooperative, the principle is one member - one vote
How do I save?
There are four ways you can save:
In person at our office
By standing order (See bank standing order form)
By payroll deduction - simply asking your employer to make a regular deduction from your salary.
By having a benefit payment directed to your Credit Union Account.
How much do I have to
As much or as little as you wish.
The maximum value of shares (savings) a member may hold is currently limited by law to £15,000.
Your savings are fully covered by the Financial Services Compensation Scheme
The Credit Union encourages young savers. Credit Unions in the UK have many young savers - encouraging them from a young age to get into the saving habit. Children, grandchildren, nieces, nephews or any child under 16 can join as junior members. As Junior Members they may save any amount each week or month and enjoy instant access to their savings. We endeavour to pay an annual dividend to our junior savers. Once they reach 16 Junior Members qualify for full membership, becoming eligible for loans at 18. By being members of the credit union, they have the opportunity to borrow money when they most need it - such as when they go to university, or buy their first car. The maximum Junior members may save is limited by law to £5,000. There is no membership fee for young savers.
To find out more visit our Junior Savers page where you can also download an application form.
Contact the office for further information.