Whether you save a little or a lot, putting money aside on a regular basis means you will be working towards managing your money better, giving yourself something to look forward to and providing you with a nest egg to fall back on should the need arise.
Saving money with Notts and Lincs Credit Union gives you:
When you join we open you a basic member account. This is suitable for everyone and provides you a flexible and easy option to saving with instant access.
These accounts are for you if you’d like to save for a specific purpose and keep your savings separate. Christmas savings are accessible in November and December only. Dividend is paid at the same rate as Basic Share Account.
Our Prize Saver account helps you to start saving from just £1 – and you get the chance to win up to £5,000 a month. For every £1 you save with us in your Prize Saver account you have one entry into the prize draw up to a maximum of 200 entries per account.
Full details on our Prize Saver page! You can apply for Prize Saver when logged into your NLCU account or request a paper form from us directly.
For those under 18 we offer a savings account that gives young savers the opportunity to learn to manage their own money. We encourage our young savers to set their own savings targets and friends and family can contribute to their savings as well.
There are a number of options to save:-
How much do I need to save each week/month to reach my goal?
We like to leave that up to you! We have a range of savings accounts and you can request your deduction be split for different purposes. You can also pay in by standing order or send in one-off payments by bill payments from you bank or pay in at our offices.
Usually yes! As a cooperative we share our profits with our shareholders – and all our customers are our shareholders. Once we have paid for running costs and paid into our legally required reserves we share the rest amongst members based on the amount in their savings. For the last year we paid 0.1% interest to all members.
You have a number of options. You can visit our offices in Nottingham for a withdrawal in cash of up to £50 without notice. You can also ring us and arrange a same day bank transfer to a pre-arranged bank account. Or maybe the simplest is to register on our website and arrange same day bank transfers to an account of your choice.
Notts and Lincs Credit Union savings are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £150,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.