Savings Overview

We believe that borrowing can help with immediate needs, but savings give long-term financial security. So we encourage all members to build up whatever savings they can afford.

That helps other people in our community too, as it is members' savings which we use to grant loans to members who want or need them.

At present any member may keep up to £ 61,185 of savings with us.

Savings may be paid in by cash or cheque at our office counters and outreach service points; or by Standing Order from your bank account to ours; or by asking DWP, HMRC or your employer to pay your welfare benefits or wages in to the Credit Union's bank account.

Savings may be paid out by BACS transfer to a bank or e-money account, by cheque, or - for small amounts - in cash from our office counters. We do not hold any cash overnight, so can only pay out what has been paid in by other members. However if you need a larger amount of cash, you can take one of our cheques to the Co-operative Bank, who will cash it for you.

Members' savings are fully covered by the Financial Services Compensation Scheme. More details here.

We have given every member a Dividend each year for the last 30 years. As we are a not-for-profit co-operative, any surplus income at the end of each financial year is given back to members.

We have a Life Savings Insurance Policy which covers every adult member, and provides their families with benefits linked to the member's savings. More details here.