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 our payroll partners scheme, 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 you are automatically given one on joining the credit union and making your first payment. This account is also used for a loan should you choose to have one, and, in the case of loans requiring full or partial matched savings, this account provides them.
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 another account by printing out and filling in another Membership Application form 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.
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. In fact, you must maintain a minimum of £1 (1 share) 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.
Nominate a Proxy
Sometimes it may be necessary to get someone else to look after your account, either through ill health or because you can’t telephone or attend a Service Point for some reason. You can do this by filling in a Proxy Nomination form. This will allow the person you appoint to carry out things like getting account balances or withdrawing savings. Don’t forget, however, that your proxy CANNOT sign a Loan Application or Loan Agreement, or collect a Loan Advance on your behalf for fairly obvious security reasons! Just click the button below, print out the form and fill it in. Or you can get a blank form from a Service Point.
Adult Saving Account Terms and Conditions
- All Adult Members will automatically have an Adult Member Saving Account opened when they join the City of Plymouth Credit Union.
- An Additional Adult Saving Account is only available to existing City of Plymouth Credit Union Members and may be opened by completing an Additional Account Application Form.
- If the total of all savings accounts falls below £25 and no transaction is performed for 12 months or more, we reserve the right to charge an administration fee of £5 and declare the account dormant.
- If the total of all of a member’s savings accounts falls below £5 and no transaction is performed for 12 months or more, we reserve the right to charge an administration fee of up to £5 and close the account.
- Savings can be paid into an adult saving account at any time.
- Adult saving accounts withdrawals can be made at any time providing they are not being used to partially or fully guarantee a loan.
- Notice of withdrawal must be made by phoning the credit union office, via CPCU web site or by completing the appropriate withdrawal form.
- Lump sum deposits may be made at any time into an adult saving account.
- The maximum saving balance a member can have with City of Plymouth Credit Union is £15,000 over all accounts.
- An annual dividend will be paid, gross of tax, on all sums deposited in adult saving accounts, subject to surplus. The dividend rate will be determined by the Board of Directors and ratified by the members in the Annual General Meeting (AGM). Any dividend due will be paid directly after AGM.
- Any request to close the account must be made in writing.
- Loans are only available against the Adult Saving Account opened on joining the City of Plymouth Credit Credit Union. A loan cannot be taken out against an Additional Saving Account or Christmas Saving Account.
- Money can be paid into your accounts in the following ways
- By Standing Order (it is your responsibility to ensure that the bank details provided are correct). Please ensure your Membership Number is used as the transaction reference.
- By Payroll Partners scheme (from participating partner employers)
- By Benefit payments
- By Cheque payable to City of Plymouth Credit Union only
- By Cash at a Service Point or Main Office
- Should an adult savings account be closed over the course of the year, no dividend will be payable.
- Statements are available on request. We will provide statements either by post, in an office or at a service point. You must inform us immediately of any incorrect item on your statement.