The credit union promotes thrift among its members and regular saving because the accumulation of savings create a pool of funds for members to borrow at fair and reasonable rates of interest.
Saving at Moyenir Credit Union
- Regular savings will build up a substantial share capital for you and security for the future.
- Your savings earn dividends which are paid annually.
- Life Savings Insurance is provided for eligible savings (see Insurance) – make sure link is here.
- Your savings are guaranteed by the FSCS.
- As of November, 2016, the limit on shares is £15,000 for adult accounts. This is the combined maximum allowed in both your main account and your Easy Shares Account. The maximum share limit on minor accounts is £10,000
Here is how a regular Credit Union savings plan can help you to build up a substantial savings account.
|£1 per week
|£5 per week
This table does not include dividends. Dividends earned on your savings increase the above totals.
Withdrawal of Savings
You may withdraw your credit union savings upon request. However, the withdrawal of savings that are pledged as security against a loan must be referred to Credit Committee for approval. Ordinarily, pledged savings may not be withdrawn.
Members are encouraged to consider taking a loan to meet their needs, thereby keeping their savings (and the insurance they earn) intact.
Always ask staff about the insurance implications if you choose to withdraw your shares.