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Tel: 020 7561 1786    |    Fax: 020 7272 8192    |    Email: info@credit-union.coop

Secure Ethical Savings

We want to make money work for our members and the wider community. You can start a regular savings plan from your salary or your bank (or make a lump sum deposit) 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 those our communities on low incomes.

Secure Ethical Savings

We want to make money work for our members and the wider community. You can start a regular savings plan from your salary or your bank (or make a lump sum deposit) 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 those our communities on low incomes.

OUR SAVINGS PRODUCTS

Check out our great savings products below

PrizeSaver

The PrizeSaver account is a credit union savings account with monthly prizes. Every pound you save to your PrizeSaver account enters you into a monthly prize draw (up to £200pcm). 

Salary Saver

Employees of a growing list of employers can have savings or loan payments deducted directly from their salary. See if your employer is on the list and how easy it is for your employer to join our scheme

Young Saver

We offer savings accounts for your children or grandchildren below the age of 16 to encourage them to learn the value of money, the importance of saving & record keeping, and to help them practice their numeracy.

Ethical Saver

Community Investment is a way of using some of your savings to benefit the community with the Credit Union. We promote mutual self help rather than charity, & saving rather than borrowing, with the savings being pooled and “reinvested” into the community in the form of low cost ‘Saver Loans’.

Corporate Saver

Corporate Membership is for organisations rather than individuals. Businesses, charities, sole traders and voluntary groups in Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey, Islington or Waltham Forest can join

Regular Saver

Save a regular amount in your credit union account. You can save as little or as much as you like, though we recommend at least £20pcm or £5pw.

To access our great savings plans you must be a member

Join NOW and start saving with us:

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Access to Savings

You can withdraw your savings upon demand, unless you have a loan with us, but you must allow up to 3 working days for a withdrawal. It is usually quicker but depends on your bank. The minimum share/savings withdrawal is £10. 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.

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, funeral plans, pets& vets, dental costs, children’s accounts or a new car.

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.

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/

Making deposits into your Credit Union account.

Standing Order & Bank Transfer

These payment methods are suitable for one-off deposits and/or recurring payments into savings from your bank account.
The easiest way to set up a Standing Order is to use online banking or to contact your bank.

You must use your membership number (or NI Number) as the reference for every payment.

Bank Name:
Co-operative Bank

Sort Code:
08-92-50

Account Name:
London Capital Credit Union
NB Some banks may say account does not match the name because our full name, London Capital Credit Union Ltd., is too long. You can ignore the error message and use these details.

Account Number:
67003299

Reference:
Your credit union membership number or your NI number in order that we can credit the payment to the correct account.


Salary Savings Schemes

Many people can make regular savings deposits or loan repayments directly from salary. CLICK HERE to access the Online Salary Savings Schemes Form.


Child Benefit Payment

Did you know that you can save with your Child Benefit paid directly to your credit union account?


Cash

We only accept cash for initial deposits. If you make your first deposit by cash the maximum we can accept is £50.


Cheques

Cheques should be made payable to ‘London Capital Credit Union’ or payable to yourself. We can also accept cheques payable to yourself. You should note that it will take at least 12 working days before you are able to draw on funds paid in by cheque.

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