Saving with your credit union

To open a savings account, you have to be a member.

The maximum amount that you can save is currently £500 per calendar month, with an overall savings cap of £10,000. At all times, your savings are held as security against any loan that you may have.

While your loan balance is higher than your savings you cannot withdrawal savings.

Savings in your credit union are also known as shares. Every £1 saved = 1 share in your credit union.

Adult accounts start at age16 and over. You can open your account with a £1 joining fee and a minimum of £5 deposit. Your savings account may be closed if the balance falls below £5.

Once you join and have an adult savings account, you can also open an Easy-Share account. Maximum amount in this account is £5,000. Savings in an Easy-Share account may be accessed at all times and are not held as security against your loan (unless your loan is in arrears).

Your savings are secure and covered by the Financial Services Compensation Scheme (FSCS). This provides compensation (currently up to £85,000) should a financial institution cease trading. More information can be found at

Any child under the age of 16 can open a Minor savings account. (Parent or guardian must open the account on behalf of the child). You can open a minor savings account in office. We require proof of address and photographic ID for the parent or guardian and photographic ID or birth certificate for the minor.

These funds are held in trust for the minor. Withdrawals are only permitted for the minor’s use and benefit. At age 16, the account holder will have sole access to funds.

2 months before reaching the age of 16 we will contact the minor and the signing parent or guardian to arrange upgrade of the account to an adult account where eligibility for an adult account is met.

There is a savings cap of £5000 for minor accounts and a £500 per month lodgement limit.