When you become a member of PCU, you are automatically allocated a Shares Account. This gives you access to our services, meaning you can save and borrow. Saving in your shares account also gives you a good history with the credit union, which could positively influence your ability to borrow. You can’t withdraw money from your shares if your loan balance exceeds your shares balance while you have a PCU loan, so it’s different from a Savings Account.
Our Savings Account operates just like any other Savings Account. You can withdraw your savings at any time even if you have a loan out. Saving with your credit union is a big step towards positive financial decision making in your future.
Christmas Savings Account:
It’s never too early to start planning for next Christmas! Our Christmas Savings Account works like our regular savings accounts, but helps you keep the money separate so your savings stay saved. You can use it as a savings pot throughout the year to help you spread the cost of Christmas. For example, if you save just £5 a week over the year, you’ll have £255 by Christmas!
We have accounts for junior members too. They’re available to those aged 0-16 and can hold a maximum of £4000. Photographic ID and proof of address must be provided by the trustee opening the account on the junior member’s behalf. You will also need the child’s full birth certificate or passport. The trustee can withdraw money on the junior member’s behalf at any point. From the age of 14 onwards, the junior can withdraw money themselves with their trustee’s consent. After their 16th birthday, their account becomes an adult Shares Account.
In branch: You can withdraw or pay in cash at any time during opening hours. The maximum withdrawal amount is £350. Paid in cash will be immediately available in your account. You can see the opening times for different branches here.
Paying out of your PCU account: You can move money to your bank account by logging into your online PCU account, by calling us or by popping into your local branch. The money will move the same day if you send it before 16:30. Money sent after 16:30 will move the next day. There is a small charge for these payments which you can read more about here. Alternatively, you can send the money for free, but it will take 2-3 working days to clear.
Paying into your PCU account: You can pay money into your PCU account by bank transfer, direct debit, or standing order. The documents to set these up can be found here. The money can take a few days to clear before you can use it.