When people think of a credit union they often think of the traditional savings and loan associations of yesteryear. Credit unions have grown out of this community to become professional not-for-profit companies with the community – and saving – at their heart.
Today we have thousands of members who save with us, putting money aside for everything from holidays to Christmas or the inevitable rainy day. Some people save directly from their wages as one of our Payroll Partners while other people set up a direct debit. Some save as part of their loan repayments, while others deposit by bank transfer or their benefits whenever they have a sum to spare.
However you do it, a credit union savings account is one of the simplest methods of saving money and, as a member of CLEVR Money, it also gives savers access to our fair and responsible loans. We try to make it as easy as possible for our members to build up their savings because we know how important having a safety net put to one side can be.
In some cases, a member might open a credit union savings account in order to build the funds needed for a specific long term aim; perhaps spending a year or two gradually saving for the holiday of a lifetime, or a parent wanting to help fund a child with the wedding day they’ve always dreamed of.
Alternatively, many members set up a credit union savings account in order to put some cash to one side in case of emergencies. Something such as a car repair, vet bill or having to replace a larger kitchen appliance can be extremely difficult to manage, and all too often leads to individuals having to go into debt. Having a pot of money to dip into in the form of a credit union savings account can make all the difference and stop a temporary emergency spiralling into a long term financial problem.
And every year we help hundreds of members plan for the huge expense that is Christmas, enjoying stress-free shopping thanks to having paid into their credit union savings account throughout the year.
No matter why you want to open a credit union savings account it really couldn’t be more simple. It’s free to join if you live in the areas covered by the postcodes FY1 – FY8, PR1 – PR5 and LA1 – LA2 or work for any of the Payroll Partners listed on our website here. You only need to deposit £5 to open an account and once the account is up and running you can top it up via direct debit, payroll deduction, standing order, or directly from benefits. In this way, a small regular payment can soon build into a useful savings pot.
Although our main credit union savings account is open to anyone over the age of 16, we also offer a junior savings account for the under 16s to start managing their money from an early age. Or if you’re interested in our specific Christmas saver accounts, you can put money away all year and only access it for withdrawals between 1st November and 24th December. No matter what kind of credit union savings account you want to open, the online application process is quick and simple, and once the account is up and running you’ll enjoy the benefit of not only your own personal savings pot but also the knowledge that you’re working with an organisation dedicated to improving everyday lives in your local community.