SAVINGS

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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 Nottingham Credit Union gives you:

  • Flexible and easy access to your savings
  • Safe and ethical way to save
  • Competitive return (annual dividend on your savings shares)

Basic Share Account

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.

Holiday & Christmas Savings

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.

Young Savers Account

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.

Flexible Ways to Save

There are a number of options to save:-

  • Deposit cash or cheques at our Nottingham or Mansfield offices
  • Set up a regular standing order to your savings (share) account.
  • Set up payment via payroll membership.
  • Pay benefit payments directly to your account.

FAQs

How much can I save?

Well we like to leave that up to you! There is a one off membership fee of £5. 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.

Do I get a return on my savings?

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.

Our ISA offer a  fixed rate of interest – 1.5% AER

How do I withdraw money from my account?

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.

Are my savings safe?

Important information about compensation arrangements

Nottingham 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

Savings calculator

How much do I need to save each week/month to reach my goal?

When do you need your savings by?