Savings are the bedrock of the credit union. They are the means by which members can achieve a degree of financial security, and how the credit union as an organization can ensure that it is in a position to meet members’ borrowing needs.

In cash or by cheque.

By setting up a standing order instructing your bank to pay values into your credit union account

By having your wages paid into your credit union account

By asking for a deduction from your wages to be paid to your account

By having your benefits and/or tax credits paid to your account

1.  A main savings account for long term savings and for building the security you may need in order to borrow.

2.  An ‘easy access’ account that you can dip in and out of for weekly or short term needs.

3.  A housing account into which you can save cash and/or housing benefit payments towards your monthly rent and council tax.

4.  A bill-payment/budgeting account to meet weekly, monthly or quarterly bills. (See Other Services.)

5.  A Christmas Savings account to be set up early in the year and drawn on from late November.

6.  A School Uniform account to help offset those costs in August and September.

7.  Young Savers accounts – available for parents to open on behalf of their children, or for older children to open in their own right.

With a few exceptions, members are free to withdraw their savings at any time. Small withdrawals may be issued in cash at each of the offices and satellite points.

Cheque withdrawals, cashable at your own bank, the Co-operative Bank or in local post offices, may be made at Ladywood, Newtown and St Lukes.

BACS transfers into your bank can be requested by telephone and at the main offices, subject to providing confirmatory ID.

1.  The member has a loan outstanding, secured by savings, and the loan balance is higher than the savings necessary to secure the loan.

2.  A cheque paid into a member’s account may not be drawn on unless there are sufficient savings to cover it. A clearing time of at least 4 days is required. However, if the cheque has been issued by a government or local government organization, major insurance company or major utility it may be drawn on immediately.

There is no minimum deposit but a minimum balance of £1.00 must remain in an adult account to keep it open.

An entrance fee of £2.00 is taken on joining and a £2.00 administration fee is deducted annually.

All savings up to £85,000 (due to change to £75,000) are protected by the Financial Services Compensation Scheme.

As the maximum savings level for our credit union is at present £17,000, all savings would be safe.