Saving
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 with payroll deduction. Credit Union members can save at an affordable level be it £1 or £100. 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 that provides security and protection.
The tables below give examples of how regular savings can soon add up!
| Amount Saved: |
£2 |
£5 |
£10 |
£20 |
£25 |
| Year 1 |
£ 104 |
£ 260 |
£ 520 |
£1,040 |
£1,300 |
| Year 2 |
£ 208 |
£ 520 |
£1,040 |
£2,080 |
£2,600 |
| Year 3 |
£ 312 |
£ 780 |
£1,560 |
£3,120 |
£3,900 |
| Year 4 |
£ 416 |
£1,040 |
£2,080 |
£1,460 |
£5,200 |
| Year 5 |
£ 520 |
£1,300 |
£2,600 |
£5,200 |
£6,500 |
| Amount Saved: |
£10 |
£15 |
£30 |
£40 |
£50 |
| Year 1 |
£ 120 |
£ 180 |
£ 260 |
£ 480 |
£ 600 |
| Year 2 |
£ 240 |
£ 360 |
£ 720 |
£ 960 |
£ 1200 |
| Year 3 |
£ 360 |
£ 540 |
£ 1080 |
£ 1400 |
£ 1800 |
| Year 4 |
£ 480 |
£ 720 |
£ 1440 |
£ 1920 |
£ 2400 |
| Year 5 |
£ 600 |
£ 900 |
£ 1800 |
£ 2400 |
£ 3000 |
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.
Savings FAQ
How Can I Save?
You can make deposits at the town centre office at 9 Albion Street, Town Centre, Oldham or through local community collection points set up near you. If you wish you can set up either Direct Debit or Standing Order. Some employers, including Oldham MBC, First Choice Homes, Oldham PCT and other smaller employers encourage direct payroll deduction.
How Much Can I Save?
You can save as little or as much as you like, up to a total saving of £10,000.
Will I Recieve Interest?
A dividend may be paid once expenses have been paid and reserves built up. The amount paid (if any) will depend on the amount of money that has been loaned out during the course of the year.
Can I Withdraw My Savings When I Want?
Yes, but it is wise to do so only as a last resort. Keep your savings in the credit union and use a loan for necessary expenses.
How About Young Savers?
You are never too young to start; you can open a junior account for your children or grandchildren. Also our younger members can open an account at the age of 16 and qualify for a loan at 18 years of age. |
09 September 2010
