Saving

Saving with us

Whether you save a little or a lot, putting money aside on a regular basis means you will be working towards managing your money better. Saving gives you something to look forward to and provides a nest egg to fall back on, should the need arise.

You will soon be able to apply online to become a member of the Credit Union and start saving.

Saving money with Central Liverpool Credit Union gives you:

  • Flexible and easy access to your savings
  • Safe and ethical way to save
  • Competitive return (annual dividend on your savings shares)
  • Free life insurance (terms and conditions apply)
  • Protection from the Financial Services Compensation Scheme

Everyone’s a saver

When you join Central Liverpool Credit Union we open a member account for you. This is often referred to as a share account and is suitable for everyone and provides you a flexible and easy option to saving.

There are a number of ways to save:

  • Deposit cash/ cheques or debit card
  • Set up a regular standing order to your savings (share) account.
  • Set up payment via payroll membership.
  • Pay benefit payments directly to your account.

Credit Union members can save as little as £1 per week. 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.

Dividend

Central Liverpool Credit Union pays a dividend to help make your savings grow. Dividends are a share of the profits applied as a percentage return on your deposits. Dividends are agreed at each Annual General Meeting.

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

Weekly savings calculator

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£4,160£5,200
Year 5£520£1,300£2,600£5,200£6,500

Monthly savings calculator

Amount Saved:£10£15£30£40£50
Year 1£120£180£360£480£600
Year 2£240£360£720£960£1,200
Year 3£360£540£1,080£1,440£1,800
Year 4£480£720£1,440£1,920£2,400
Year 5£600£900£1,800£2,400£3,000

Protected savings

Central Liverpool Credit Union is a member of the Financial Services Compensation Scheme (FSCS).
The FSCS can pay compensation to depositors if Central Liverpool 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 £85,000. 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 £85,000 each (making a total of £170,000 maximum payment for protected deposits).

The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with Central Liverpool Credit Union, including their share of any joint account and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please either contact us or refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.