Savings
Our Savings
By putting a little aside on a regular basis, you not only have something to look forward to, but also something to fall back on, should the need arise. You are not just another customer but a member of a highly successful financial co-operative. Each member holds a share in the ownership of the Credit Union, and along with having a say in the operation of the Credit Union, you could also earn dividends on every share held.
Benefits of Credit Union savings:
- Dividends payable annually based on each member’s average level of savings*
- Withdrawals and deposits can be made directly to and from your bank account
- Life cover at no extra cost **
- Protected by the Financial Services Compensations Scheme up to £85,000 (see FSCS information sheet and exceptions list)
- Payroll deduction available from some employers
- No hidden costs or charges
- Junior accounts available
Subject to annual profits.
** Member savings in the credit union are also covered by the policy with CUNA Mutual Insurance Society. Payments will be made directly to the beneficiary named in the member’s account.
If a member dies before the age of 65, the first £10,000 of their savings will be doubled. If a member dies between the ages of 65 – 80, then 25% of the first £10,000 will be paid out alongside the closing balance on savings. Terms and Conditions Cover is up to 80 years at age of death. The maximum claim limit is £10,000.
We offer a variety of savings accounts
Regular Savings Accounts
All members are issued with a regular savings account when they join the credit union. This account can be used for general savings or to access loans.
Christmas Saving Accounts
Allows you to save throughout the year until December to help cover the cost of Christmas.
Young Savers
NEFirst Credit Union offers Young Savers accounts – a great way for kids and young people to save money and plan their spending.