How do I save?
There are three ways you can save:
- In person at our office or a collecting point
- By standing order (See bank standing order form)
- By payroll deduction – this requires the employer to set up a savings scheme at the workplace.
How much do I have to save?
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.
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. An annual dividend is paid. 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 they may save is also limited by law to £5,000. There is no membership fee for young savers. To find out more go Junior Savers where you can also download an application form.
Contact the office or ask at a collection point for further information.