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All about saving with Central Liverpool Credit Union
How much interest do you pay on savings?
The Credit Union pays a dividend on your savings, rather than a fixed rate of interest. It is paid by the Credit Union to make your savings grow. Dividends are a share of the profits, applied as a percentage return on your savings. Members agree the rate of dividends at each Annual General Meeting. Members agreed, at the most recent annual general meeting in June 2019, to pay 1.5% on adult accounts and 2% of junior accounts. However, rates do vary from year to year and cannot be guaranteed in
What type of savings accounts are offered?
Central Liverpool Credit Union provides three types of saving accounts: Regular: an instant access account paying an annual dividend (share of our profits) Prize: a monthly prize draw account Christmas: save up for the holiday season. Regular saver Members of Central Liverpool Credit Union are given a regular saver account. Often referred to as a share or member account, this provides you with a flexible and easy way to save on a regular basis. It is an instant access account w
How do I pay into my savings account?
You can pay into your savings account in the following ways: Depositing cash and cheques by visting a branch Making a debit card payment by phoning us up Setting up a regular standing order. Contact us to set this up Setting up a regular direct debit Contact us to set this up Paying in via[ payroll deduction](https://centralcu.co.u
What is Save as You Borrow?
Through our Save as You Borrow scheme, a proportion of the loan repayment is allocated to a savings account. This cannot be accessed until the loan is repaid, reducing the need to borrow in the future. Many people find this an easier way to start saving money, while still being able to pay for things like a holiday with the loan.
Are my savings safe?
Central Liverpool Credit Union is a member of the Financial Services Compensation Scheme (FSCS). FSCS can pay compensation to depositors if Central Liverpool Credit Union is unable to meet its financial obligations. 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
What are shares?
Shares is another term for savings. Because the Credit Union is a co-operative, every member shares the ownership of the organisation. __ _Every £1 in your savings account, represents £1 of shares. If you had £1,000 of savings / shares and the all the shares / savings in the business were worth £100,000, you’d own 1% of the Credit Union (£1,000 divided by £100,000 = 1%). _ These shares can be withdrawn, you don’t sell them on a stock exchange. Think of them** just like savings, with the added