Save With Us

"The Credit Union offer a range of services to our members"

Save With Us

Everyone benefits from regular saving, it allows us to work towards our financial goals and gives us peace of mind should an emergency arise. Committing yourself to a regular saving pattern can be difficult but at the Credit Union it’s easy by either standing order or payroll deduction. Credit Union members can save at an affordable level be it £1 or £100.

Members can also use their Member Cards to pay in to their accounts at any Post Office or Paypoint outlet, making saving even easier. Small regular amounts soon add up and remember at the Credit Union you are not just another customer, but a co-owning member of an organisation which provides security and protection.

Withdrawing your savings is also simple.  A maximum of £200 cash can be withdrawn at our Stornoway office or for amounts up to £500 we can issue a cheque which can be cashed at selected Post Offices.  For larger withdrawals we can transfer funds directly to your nominated bank account. 

Like any standard bank transfer this normally takes 2-3 working days. If necessary, we can also issue a cheque payable to whoever you want. You must leave at least £1 in your savings account or the loan security amount if you have a loyalty loan.

Saving Criteria

• Limit for Share Accounts is £10,000
• Joining fee is £2 and you must have a minimum of £1 in in shares
• There is no joining fee for under 16’s

Saving Examples

The tables below give examples of how regular savings can soon add up!

Benefits of Saving with the Credit Union

• Save as little or as much as you can afford;
• You will automatically receive free life insurance on your savings;
• Confidentiality is respected at all times;
• No hidden charges or fees on any transactions
• Credit Unions are mutual organisations-members savings are pooled to provide the resources for lending to other members; and
• Depending on reserves, shares are eligible for an annual dividend.

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint
accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.