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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Thu 24-Aug-2017
Savings 4. Savings Accounts

Secure Ethical Savings

We want to make money work for our members. You can make a lump sum deposit or start a regular savings plan and know that your money is being used to provide a real and meaningful alternative to the very high interest rates charged by most lenders, particularly to the poorest in our communities. Find out how to put your money safe with us in the knowledge that it is benefiting thousands more people escape from debt.

You can deposit money into your Credit Union account directly from your bank account. CLICK HERE for details.

Saving Money Made Easy

We encourage people to save money in order to reduce the need to borrow, and avoid problem debts. You can save as little or as much as you like as there is no minimum savings unless you are using the ‘Saver Loan’. We want to make it as easy as possible for people to save. Members can save by standing order directly from their bank, or cash using PayPoint at any of the thousands of points across the UK. Also, employees of organisations that participate in our payroll deduction scheme can have savings or loan payments deducted directly from their salary.

Budgeting

We also offer multiple ‘budgeting accounts’ so a single payment to the credit union can be allocated to different savings accounts for things such as Christmas, holidays, children's accounts or a new car.

Young Savers Accounts

We offer savings accounts for your children or grandchildren below the age of 18. We also run a number of school savings schemes to encourage children to learn the value of money, the importance of saving & record keeping, and to help them practice their numeracy. To open a Young Savers Account please see the forms page.

Dividend (Interest)

Every £1 of a member’s savings is a £1 share in the co-operative so we often use the terms shares and savings interchangeably. We do not pay interest on savings accounts as such, but distribute any trading surplus to our members as a dividend on savings calculated on average savings. We also distribute any surplus as a rebate of loan interest paid.

Recent dividend was 0.75% on savings in early 2017 with 1% paid as loan interest rebate to borrowing members and 1% interest on Young Savers accounts.

Access to Savings

You can withdraw your savings upon demand, unless you have a loan with us. Please allow up to 3 working days for a withdrawal, but it is usually quicker. You can check your balances online, by phone or by texting the word ‘MyBalance’ to 60060. To transfer savings directly to your bank account by BACS simply complete the online form, call us, or by complete a share withdrawal form available on the forms page. We must have valid proof of your ID and address on record, and you must complete the BACS form to set up the security password before we can allow withdrawals. In order to check account balances and activity online you must first register for online access.

Financial Security

The credit union is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Ref. No. 214094. This requires robust financial systems, training of staff, and internal/external audit systems. Insurance policies protect member’s savings from fraud, theft and dishonesty. Although volunteer led, the credit union has a compliment of staff that are highly qualified and experienced in the field. Ultimately the members’ savings are protected against business failure by the Financial Services Compensation Scheme. For further information please click here: https://protected.fscs.org.uk/


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  • London Capital Credit Union
  • Tel: 020 7561 1786 (Multilingual advisors available)  • 
  • Fax: 020 7272 8192  • 
  • Email: info@credit-union.coop
  • Web: http://www.credit-union.coop
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Firm Ref. No. 214094