Here are some of the most frequently asked questions (FAQ) about our savings products:
How do I withdraw my savings?
Taking savings out of the credit union is called a share withdrawal because a member is taking out their share of the credit union.
You can take out your money by:
- Cheque payable to yourself or someone else if you want to pay a bill. Our bank now charges for cheques so we have to pass this charge on.
- BACS transfer to yourself or someone else. BACS transfers cannot be made into Post Office accounts.
- load onto a Credit Union PrePaid card.
- Complete a paper request for share withdrawal and hand it in at any of our access points.
Can I set up bank payments myself?
Yes, you just need our account details and your membership number or National Insurance number. It is ESSENTIAL that your membership number or National Insurance number is entered into the reference number section.
Is my money safe?
All Credit Unions in the UK are authorised by the Prudential Regulation Authority (our Registration No. is 213617), regulated by the Financial Conduct Authority and the Prudential Regulation Authority and we have to report to them each quarter. All elected volunteers and key members of staff must be authorised by the regulators in order to hold office and carry out their duties.
We are a member of the Financial Services Compensation Scheme (FSCS) which means that deposits are protected. For further details, see the Financial Services Compensation Scheme (FSCS) website on our links page. Additionally, we are a member of the Financial Ombudsman Service (FOS), the independent body responsible for settling disputes in the financial services sector.
Do you pay interest on Savings?
No we do not pay interest. However, the regulations allow us to pay dividends to adult members if we make a profit. All savings accounts held are eligible for a dividend. The dividend payable is agreed and declared at the AGM each year. We will not always make a profit so a dividend is not guaranteed.