As soon as you become a credit union member we open a Standard Savings account for you – we want to help you get better off by getting into the savings habit.
And by saving with us- your savings are also helping others in our community- without your savings we could not lend to others!
You can save by standing order, payroll deduction (for selected employees) and we are able to accept some DWP benefits as savings. Low value (£20 max) cash savings can be made at our Local Service Points
And because you’re a Credit Union member: your savings are covered by the Financial Services Compensation Scheme, up to a total of £85,000, as they would be with a bank. Visit www.fscs.org.uk for more information.
Building up your savings helps you:
- Plan for big purchases
- Have money available for unexpected emergencies
- Provide security for a loan if you need one
We encourage you to keep building your savings, but you can apply to withdraw savings, subject to not being attached to loans for security. Our account is easy access, you can contact us in person, via the Contact Us page on the website, by email or over the phone to arrange withdrawals to your nominated bank account.
You have to keep at least £5 in the account to keep it open. The maximum amount you can save is £30,000 or any such limit as declared by the credit union in line with regulations.
Did you know? your Credit Union savings account is eligible for an Annual Dividend, dependent on performance. As a not for profit co-operative Salford Credit Union shares any profits with members, once we have paid our bills and built the reserves.