Whitehaven, Egremont and District Credit Union Savings
Whitehaven, Egremont & District Credit Union encourages members to develop a regular pattern of saving, to build a reserve which they may use for holidays, school uniforms, Christmas or just a rainy day. You can save as much as or as little as you wish! Developing a regular savings pattern also makes members eligible for a loan. The more you save, the more we will allow you to borrow!
There a number of ways to save, including paying cash at one of the collection points, setting up a standing order, or payroll deductions.
Think about it this way…
| Save £2 a Week… | Save £5 a Week… | |
| After 1 year… | £104 | £260 |
| After 2 years… | £208 | £520 |
| After 3 years | £312 | £780 |
Members can withdraw money from their Credit Union account, provided they are not pledged as security for a loan. However, each transaction can take up to 2 days to process, so members will need to remember this, and apply for a share withdrawal in advance of the date which it is needed. All share withdrawals are paid out in the form of a bank transfer or cheque (cheques can only be paid into the members own bank – we no longer have a cheque cashing facility).
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- Dividend is paid on savings
- Members are protected by free life insurance
- Easy to access your savings should you need to make a withdrawal
- No hidden fees or charges on any transaction
- Easy way to save through payroll deduction or Standing Order
- Covered by the Financial Services Compensation Scheme – meaning all savings are fully protected
The Credit Union is covered by the Financial Services Compensation Scheme so if anything was to happen to the Credit Union then all members’ money is protected up to a value of £85,000