Safe Savings
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Credit Unions offer savings accounts to meet your needs.

There are many advantages to saving with a Credit Union and your money is as safe in a Credit Union as a bank or building society.

Advantages of saving with your Credit Union

Flexible savings to suit your needs - you can save as much or as little as you like on a regular basis

Saving money with your Credit Union is easy - you can pay into your account locally at the office or collection points You can also save by standing order, direct debit or by payroll deduction from your payroll

Some Credit Unions pay an annual dividend on savings of up to 8% Unify has just paid a 3% dividend to its members.

Free Life Savings Insurance - If you die, your family may receive as much as twice your savings - ask for more details

Safe Savings

There are many ways that your savings are protected within your Credit Union

A group of members, known as the Supervisory Committee, checks that the Credit Union is running safely and taking care of members' money.

An auditor carries out an annual inspection of the Credit Union's business
The Credit union is required by law to maintain an insurance policy to protect the Credit Union against fraud or theft.

Financial Services Authority (FSA)
Credit Unions, banks and building societies are supervised by an organisation called the Financial Services Authority. Credit Unions are required to send regular financial reports to the FSA. The FSA is able to place restrictions on a Credit Union's business, if it has reason to believe that members' savings may be at risk.

Financial Services Compensation Scheme (FSCS) The Financial Services Compensation Scheme provides a final safety net if a bank, building society or Credit Union should collapse. If the worst should happen, the Financial Services Compensation Scheme is able to provide compensation, to ensure that you do not lose all of your savings.

The Financial Services Compensation Scheme provide the following levels of compensation on savings:

100% compensation for the first £2000 of savings.

90% compensation for the next £33000 of savings.