Savings

Savings in a Credit Union are known as “shares”. Each share represents £1.00 in savings and is used as security against a loan. Regular savings will build up a substantial share capital for you and security for the future. One of the main aims of a Credit Union is to encourage members to develop the habit of regular savings. For the individual the advantages of building up savings are obvious. These savings may be planned for something in the future or just for the rainy day. With the Credit Union, the extra benefit is that your savings will be used to make loans available to other members and to yourself.

CCU Limited permits £40,000 as the maximum amount of savings that each member may have. If a member holds an Instant Access Account then the maximum they can hold is £40,000 in their Main Share Account and a maximum of £10,000 in their Instant Access Account a total limit of £50,000.

• Regular savings will build up a substantial share capital for you and security for the future
• Your savings earn dividends which are paid annually.
• The amount of your dividend will depend on:
  
  • The amount of shares you have saved (one share is equal to £1.00)
  • The surplus income available for distribution by your credit union to members
• Free life savings insurance is provided for all members who join before their 70th birthday, are in good health and hold a minimum share balance of £100.
• Your savings are guaranteed under the Financial Services Compensation Scheme (FSCS). The FSCS protect and guarantee your savings up to a maximum value of £85,000. Further information can be obtained from the credit union or visit www.fscs.org.uk.

There are a number of ways you can put money into your Credit Union account:

• Direct debit
• Set up a standing order
• In any of our branches using cash, cheque or debit card.
• By telephone using a debit card
• Online via our website or log on directly to our member area (registration is required)
• Visit www.ccuni.org

*This service is not available for credit cards

• Instant Access Accounts may be opened by anyone holding a full CCU Share Account. (You should note that if a member closes their main Savings Account they must also close their Instant Access Account).
• Members have immediate access to funds held in the Instant Access Account with no penalties incurred.
• The maximum amount that can be saved in an Instant Access Account is £10,000.
• Instant Access Accounts attract the same benefits as the Adult Savings Account including: Any declared Dividends which are paid annually
• Instant Access Accounts are not taken into consideration when assessing a loan application

Ask a member of staff for details on how to open an Instant Access Account

All members have a member number which identifies your name & address. Each member also has a unique CU account number for their loan, share and current accounts.

There are a number of ways you can lodge funds into your CU account as follows:

• By direct debit
• Set up a standing order from your bank account to sort code: 95-91-18 and your credit union account number* (not member number).
• At any of the credit union branches using cash, cheque or a debit card
• By telephone using a debit card
• Pay online via our website: www.ccuni.org sort code: 95-91-18 and your credit union account number* (not member number).
• Log onto the member area of the website to pay directly - A unique PIN is required
• To request a PIN simply go online, or telephone 02890 322507 or contact our Member Service Manager Dionne by email: customerservicemanager@ccuni.org.

*These details are available by contacting any of our branches

This account is available to children from birth to age 15. Can only be opened by a parent or legal guardian on behalf of the minor.

The parent or guardian can make withdrawals from the minor account if the child is less than 7 years old, after that age both minor and parent signatures are required.

The minor and their parent or guardian must bring either of the following identification should they wish to make a withdrawal or close the account:

• Parent/Legal Guardian - Photographic ID
• Minor - Passport

Annual interest is payable on the account.

Savings limited to a maximum of £5,000.

At the age of 16, the minor account will be reclassified to an adult account but will remain frozen until you provide proof of address and photographic identification.

You cannot apply for a loan until you reach the age of 18.

The minor and their parent or guardian must bring the following identification should they wish to make a withdrawal or close the account:

• Parent/Legal Guardian - Photographic ID
• Minor - The minor must be present to sign if aged 7 years or above