Introduction
Savings are what makes the credit union work. Without savings we would have no money to lend out. Some members save in order to be able to borrow while others may just want to have a secure place for their savings which they can spend whenever they wish. Often people find that they have an unexpected need for a loan - for example to pay for car repairs or a new washing machine which their savings alone would not cover.

Security
Your savings are covered by the Financial Services Authority compensation scheme just the same as any other bank or building society.

Regular savings
You must save a minimum of £2.50 per week or £10 per month. If you are repaying a loan you can reduce the amount of your regular savings but you cannot go below the minimum. This enables us to keep giving loans to other members and means that when you have repaid your loan you will be better off than when you started. You can open additional accounts for Christmas and holidays if you wish.

Minimum and maximum savings
You must retain at least £1 in your account to keep it open.

The maximum amount of savings you can have in your account is £15,000.

Earnings on savings
We pay an annual dividend to members based on the amount of profit we have left at the end of each year after all our costs have been paid. We can never guarantee what we will be able to pay but In recent years we have paid a 1% dividend. This is considerably more than most current accounts pay, but we do hope to increase this as we expand.

Withdrawing your savings
You can withdraw your savings at any time providing you don’t have an outstanding loan balance which is greater than the amount of your savings. For example, it you still owed £200 on a loan and you had £500 savings, you would be able to withdraw £300.

• You can apply for up to £200 cash on demand at our office in Thomas St.
• If you want to withdraw more than £200 in cash you must apply in writing and give us 3 days notice.
• If you want to withdraw savings for payment by cheque you must apply in writing and allow up to 3 days for your cheque to be issued.

Changing the amount you save
If you are paying by payroll deduction, direct benefit payment or cash, please complete a change of savings deduction form and post it or drop it off at the office. We will make all the necessary arrangements. Please do not contact your payroll section directly.

If you are saving through a standing order arrangement with your bank you must complete a new Standing Order Mandate form and return it to us. We will contact your bank to make the changes.

Changing the way you save
Please let us know in writing well in advance if you want to change the way you save. For example if you have payroll deductions and leave your employment, you will need to switch to a standing order arrangement.

Free life insurance
In the event of your death, your named beneficiary will receive all your savings plus an additional amount dependent on your age:

• if aged 16 to 64, 100% of your savings
• if aged 65 to 79, 25% of your savings.

We regret that we are unable to provide insurance cover for members aged 80 or over but existing savings will be transferred to the named beneficiary.

The maximum amount of savings covered by insurance is £4,000.

We also provide free accidental loss insurance for members aged 16 to 64 which covers accidental death and certain injuries. The amount of insurance varies according to the type of loss but can be up to 100% of savings. This is paid in addition to the life insurance in the case of death.

Closing your account
You may close your account at any time provided you don’t have an outstanding loan. Your membership will cease as soon as your loan is paid off. There are no penalties for repaying your loan early - in fact it works out cheaper. Any outstanding dividend will paid to you when it is due.