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Saving with Credit Unions

A credit union offers you the opportunity to put your savings into your own community.

By being a saving credit union member, you are supporting your local community. After all, the pool of money created allows for members from your community to obtain an affordable loan, while your savings give you a competitive investment return at the end of each financial year! As a shareholder in your credit union, you have control over your own savings. You can also have a say in the decision about how the credit union’s money is invested, for example local enterprises or in ethical funds. As a member, you have a tangible measure of responsibility for the economic development of your own community. Credit unions encourage their members to become regular savers and they offer competitive returns on savings. All the profit a credit union makes, for example from the interest on loans and investments, is returned to its saving members as dividend of up to 8%. The amount will differ from year to year, but can certainly beat high street interest rates. All money saved is covered by the Financial Services Compensation scheme, just like money saved by banks and building societies. Credit unions also provide life insurance for savings and loans at no extra cost (subject to certain age restrictions). This means that if were to die, your savings would be doubled and paid out. Budgeting to save a little in your credit union account each month will help you reach your goals for the year and in the long term. Even a small amount each week or month adds up! You can even join a savings club in which all the members save for a special goal, for example Christmas, summer holidays, their children and/or grandchildren, or a special household purchase.

 

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