Saving is easy with your Credit Union
MEMBERS ARE ENCOURAGED TO SAVE REGULARLY
We all benefit from regular saving. It enables us to work towards our financial goals and gives us a cushion in a financial emergency. With regular saving it is surprising how quickly even a small amount can build up. If you sign up to save electronically e.g by payroll deduction or standing order, then you only make one decision to start saving and it happens automatically from then on. If it is not in your current account then you cannot spend it using your cash or debit card - out of sight, out of mind.
Provided you do not have a loan, withdrawals can be made at any time. Just ring us or call into the office on Mawdsley St.
You can save on a weekly or monthly basis using the following methods:
Payroll Deduction
If your employer is part of our payroll deduction scheme then a portion of your wage can be electronically transferred to your credit union account each pay run.
See Employers page for details
Electronic Payment of Wages
You can have your wages/salary paid into your credit union account. Very useful if you cannot open a bank account as most employers now pay electronically. If you do not have a bank account and receive your wages by cheque you may have to use an expensive cheque encashment facility. By opening a credit union account, you can have direct access to your wages without paying commission!
Electronic Payment of Benefits
You can have your benefits paid into your Credit Union account. The government would like all benefits to be paid electronically but not everyone can open a bank account.
Even if you have a bank account you may choose to have particular benefits paid into the Credit Union e.g. child benefit, tax credits, as a means of helping you save.
The choice is yours!
Standing Order
You can set up a standing order from your bank account to make regular savings towards your nest egg.
Use your membership card to pay locally
You can use your Credit Union membership card to make payments at your local post office or convenience store, provided your card has a barcode. This is just like paying your electric or gas on card. Call us if your membership card does not have a barcode.
Town Centre Office
You can pay money into your account over the counter at our Town Centre Office at 24 Mawdsley Street.
KidsQuids
We have established collection points in five schools in the East Bolton Area - St. Andrew's, St. Osmund's, St. Columba's, Top of the Brow and Red Lane. We offer a savings facility for children to develop their savings and budgeting skills. Over 10% of our members are under the age of 16.
If you are interested in setting up a collection point in a school in your area, please contact us on 365024 to discuss the options.
Contact Details and Opening Hours can be downloaded here. To find out if there is a joining point near you, please call us on 365024.
Have a look at our Savings Ready Reckoner
to see how much you could be saving.
Advantages of saving regularly
Accessing your savings
Withdrawing your savings could not be easier.
Cash
You do not have to give notice of a withdrawal for cash for amounts less than £500.
For cash amounts greater than £500 we can give you a cheque cash at a local bank free of charge, but for this we require one working days notice
Other Withdrawals
No notice is required for the following:
You can request a cheque to lodge in your own bank account or we can also BACS money to your bank account. Alternatively you can have a cheque payable to a third party, if you prefer.
You can call into our office at 24 Mawdsely St during opening hours to withdraw your money or you can write to us and request a withdrawal, but make sure you tell us how you would like to be paid.
Give us a call on 01204 365024 if you want to find out more!
We all benefit from regular saving. It enables us to work towards our financial goals and gives us a cushion in a financial emergency. With regular saving it is surprising how quickly even a small amount can build up. If you sign up to save electronically e.g by payroll deduction or standing order, then you only make one decision to start saving and it happens automatically from then on. If it is not in your current account then you cannot spend it using your cash or debit card - out of sight, out of mind.
Provided you do not have a loan, withdrawals can be made at any time. Just ring us or call into the office on Mawdsley St.
You can save on a weekly or monthly basis using the following methods:
Payroll Deduction
If your employer is part of our payroll deduction scheme then a portion of your wage can be electronically transferred to your credit union account each pay run.
See Employers page for details
Electronic Payment of Wages
You can have your wages/salary paid into your credit union account. Very useful if you cannot open a bank account as most employers now pay electronically. If you do not have a bank account and receive your wages by cheque you may have to use an expensive cheque encashment facility. By opening a credit union account, you can have direct access to your wages without paying commission!
Electronic Payment of Benefits
You can have your benefits paid into your Credit Union account. The government would like all benefits to be paid electronically but not everyone can open a bank account.
Even if you have a bank account you may choose to have particular benefits paid into the Credit Union e.g. child benefit, tax credits, as a means of helping you save.
The choice is yours!
Standing Order
You can set up a standing order from your bank account to make regular savings towards your nest egg.
Use your membership card to pay locally
You can use your Credit Union membership card to make payments at your local post office or convenience store, provided your card has a barcode. This is just like paying your electric or gas on card. Call us if your membership card does not have a barcode.
Town Centre Office
You can pay money into your account over the counter at our Town Centre Office at 24 Mawdsley Street.
KidsQuids
We have established collection points in five schools in the East Bolton Area - St. Andrew's, St. Osmund's, St. Columba's, Top of the Brow and Red Lane. We offer a savings facility for children to develop their savings and budgeting skills. Over 10% of our members are under the age of 16.
If you are interested in setting up a collection point in a school in your area, please contact us on 365024 to discuss the options.
Contact Details and Opening Hours can be downloaded here. To find out if there is a joining point near you, please call us on 365024.
Have a look at our Savings Ready Reckoner
to see how much you could be saving.
Advantages of saving regularly
- Saving regularly will reduce the chances of having to borrow from costly sources of credit.
- Saving for Christmas, Birthdays and Holidays means you are not forced into debt for many months of the year.
- You can withdraw your savings at anytime. (this may be restricted if there is an outstanding loan balance)
- Savings are used for the mutual benefit of all the members.
- Members are shareholders and receive an annual dividend rather than interest as a reward for saving regularly.
- Legally the maximum dividend payable is 8%.
- Dividends come from the interest paid on loans at the end of the financial year once administration costs have been deducted.
Accessing your savings
Withdrawing your savings could not be easier.
Cash
You do not have to give notice of a withdrawal for cash for amounts less than £500.
For cash amounts greater than £500 we can give you a cheque cash at a local bank free of charge, but for this we require one working days notice
Other Withdrawals
No notice is required for the following:
You can request a cheque to lodge in your own bank account or we can also BACS money to your bank account. Alternatively you can have a cheque payable to a third party, if you prefer.
You can call into our office at 24 Mawdsely St during opening hours to withdraw your money or you can write to us and request a withdrawal, but make sure you tell us how you would like to be paid.
Give us a call on 01204 365024 if you want to find out more!