Unlike other investment accounts where you receive interest, you will rewarded for saving with us by payment of a yearly dividend should we make a surplus. This allows you to share in the success of the credit union. We appreciate putting money away can be difficult and so we offer many easy ways to save with us. For example, you could pay into your savings account via standing order, via payroll deduction, direct from your benefit payment, at your local post office, or at one of our many service points.
All members must have a main Adult Savings account and are automatically given one on joining the credit union and making their first payment. This is also used to store details of a loan should you choose to have one, and, in the case of loans which need them in some way, provides that matching savings.
Some of our members like to have more than one savings account. For instance, you may want to put away cash for a holiday and want to keep this money separate from your main account. No problem, just open an Additional Adult Saving account by printing out the application form below or get one from a Service Point.
You can withdraw your savings at any time provided they are not guaranteeing a loan either fully or partially. Just complete a Savings Withdrawal Form (print it out or obtain one from a Service Point) . We will pay your withdrawal as soon as possible, usually instantly if you call personally at the offices in Devonport or Frankfort Gate. Of course, postal applications are dependent on the postal system, so may take a couple of days. Service points will discuss with you when and how payments will be made.
One of the many advantages of having savings accounts with the City of Plymouth Credit Union is the free Life Insurance cover. So if the worst happens, your covered! As you might expect, there are Terms and Conditions, so please click here to see a Summary of Cover.
If you're worried about how safe your money is, that's not a problem. The government has a scheme to ensure that savings with regulated companies like Banks, Building Societies and, of course, credit unions are covered by a guarantee that any deposits will be repaid should the company fail. More details are available on the Financial Services Compensation Scheme (FSCS for short) web site.
It is important to us and only fair to all the other members of the credit union that our members actively use our services to keep our costs as low as possible. You must maintain a minimum of £1 in your Adult Saving Account to remain a member of the credit union. If the total of all your savings accounts falls below £25 and you do not perform any transactions for 12 months or more, we reserve the right to charge your account with an administration fee of up to £5 and put your account into suspense. Should you wish to re-activate your account, contact us and we'll see what we can do for you. If the total of all your savings accounts falls below £5 for 12 months or more, we reserve the right to charge your account an administration fee of up to £5 and to close your account.