Yet, if some disaster did happen, the compensation scheme would ensure that our members would get their savings back.
The scheme covers savings up to £85,000 per person or per qualifying organisation. So with our current savings limit being £53,365, all members’ savings are potentially covered.
Children’s savings are covered as well as adults’.
All of our current Corporate Members - unincorporated community organisations, charities, co-operatives, community benefit societies, social enterprises, school parent associations, community interest companies, commercial businesses, and sole traders - are covered; though some larger businesses who could join us might not be.
Should the worst happen, the Credit Union would send Financial Services Compensation Scheme a list of all members’ savings balances. When called upon, the Scheme is currently committed to paying out most savers within 7 days, and all within 15 days.