Savings

Members Account

A Members Account (also sometimes called a ‘Shares Account’) is opened automatically when you join PCU. The balance held in the Members Account will influence the amount you can borrow. Depending on the performance of the Credit Union, a dividend will be paid on the balance of the Members Account annually.

The limit any one member can have in their Members Account is £15,000. Members can deposit a maximum cash/cheque amount of £500 per month and any lump sum payments are restricted to a maximum of £5,000 in any one year.

 

Savings Account

PCU’s Savings Account offers an interest rate of 0.5% per annum on balances over £1,000. Members can take out secured loans back by their savings or alternatively withdraw savings at any time.

The limit any one member can have in their Savings Account is £15,000. Members can deposit a maximum cash/cheque amount of £500 per month and any lump sum payments are restricted to a maximum of £5,000 in any one year.

 

Christmas Savings Club

Christmas can stretch the finances of any family, so PCU offers a specific Christmas Saving option to ease the burden and avoid cash-flow issues during the festive period. This account pays out £10 to those Christmas Savings Club members who do not make withdrawals on their account before 15th November.

 

Junior Savers Account

Children up to the age of 16 can have a Junior Savers Account in their name which will pay 2% interest per annum on balances up to £3,000 (subject to Board of Directors’ approval). An identified adult will be responsible for the account and any child under 14 will require that adult to be present when making withdrawals. When the Junior Saver turns 16, they will automatically be registered as an adult member.

 

School Bank Savings Club

Working with seven local primary schools across the ‘G’ postcode area, the School Bank Savings Club introduces children to savings and financial skills from an early age. Children enrolled through the School Bank Savings Club can only make withdrawals from accounts at one of PCU’s branches when accompanied by a parent or guardian.

 

Benefits of saving with us

  • Access your money quickly at one of the branches, by faster payment (into your bank account), or by transfer of funds onto your pre-paid card.
  • FREE Savings Insurance . Terms and conditions apply
  • Manage your account on-line or via telephone
  • Save either by Direct Debit, Standing Order, Benefit direct or direct from your salary (check to see if your employer offers this service)
  • You choose how much you want to save and how often
  • Your savings are covered by the Financial Services Compensation Scheme