Helping you understand our savings products

We’ve created a list of our most frequently asked questions to help you understand our savings products.

If you prefer, you can talk to one of our member services team on 0141 274 9933

Opening an account

Who can open a savings account?
Anyone who is aged 16+ and lives or works within the West of Scotland (this includes all G, FK, KA, ML and PA postcodes) or works for one of our Employer Partners.

Can I have more than one savings account?
Yes. You can have up to 3 savings accounts plus a Christmas Savings Club account.

What age do I have to be to open a savings account?
16 years old. Children under 16 years of age can have a Junior Savings account.

Managing your savings account

How can I save into the credit union?
You can regularly save into the account by Direct Debit or payroll deduction (if your employer offers this).

What is the maximum amount I can save each month?
£500 per month is the maximum regular Direct Debit or payroll deduction amount.

What is the minimum amount I can save each month?
£5 per month is the minimum regular Direct Debit or payroll deduction amount.

What is the maximum I can save with the credit union?
The maximum balance, across all savings accounts, any one member can save with the credit union is £50,000.

Are my savings protected?
Yes. Your savings are protected by the Financial Services Compensation Scheme up to £85,000. This is the same level of cover as with all UK banks, building societies and credit unions.

Is there a minimum amount I need to keep in my savings to keep my account open?
You need to keep £1 in your account to keep it open.

Can other people add money into my savings account?
Yes, by card payment, bank transfer or cheque. Your name and member number should be used as a reference to ensure that the funds reach your account. We do not accept third party payments by Direct Debit.

Can I change the amount I pay each month?
Yes. Just call us on 0141 274 9933 to increase or decrease your deduction to between £5 and £500 per month. Depending on how and when you pay into your account, it may take up to 4 weeks for this change to take place.

How do I withdraw from my savings?
You can withdraw from your account over the phone, online and you can come into the office. Withdrawals are paid into your nominated bank account, either by BACS which is free and takes 3 working days for the funds to reach your account, or by Faster Payment for same day/next working day payment, which costs £2.

Saving while borrowing

Does my savings balance affect how much I can borrow?
No, as long as you are over 18 and have an active Direct Debit or payroll deduction in place you apply for a loan of between £500 – £25,000. Loans are based on affordability, are subject to status and meeting our lending criteria.

Can I withdraw my savings if I have a loan outstanding?
Yes, but you always need to leave a minimum of your monthly loan repayment plus £10 in your account.

General info

How long does a cheque take to clear?
A cheque can take up to 10 working days before funds are cleared.

Does my savings account earn interest?
We pay a dividend on savings, instead of interest. The dividend is our way of sharing our profits with our members. The dividend is not guaranteed and is proposed by the Board of Directors at the credit union’s AGM in December each year, based on how successful the business has been throughout the year. For details of previous year’s dividends:

Can I open a joint savings account with my partner?
No. We don’t offer joint accounts.

Do you offer business savings accounts?
No. We only offer personal accounts.

Why do you call savings shares?
Credit unions are mutual, member owned businesses. When a member opens a savings account, their savings are their share in the credit union. It doesn’t matter whether a member has £10, or £10,000 in savings – as a member of the credit union they have an equal say in how the credit union is run.

Can I save into the credit union if I have signed a trust deed?
You would need permission from your trustee to save.

Will I receive regular account statements?
Yes. We send an annual statement by post, in October of each year. You can also check balances, view transactions, and download custom statements for your savings and loan accounts online and via our mobile app.

Junior Accounts

What is the maximum balance that can be saved into a Junior Account?
£10,000 is the maximum balance for Junior Accounts.

Who can I open a Junior Account for?
Any member who is a parent or legal guardian of a child under the age of 16 can open a Junior Account. The adult member becomes a trustee of the account.

What age can my child access their Junior Account?
Junior Accounts are held in trust by the adult member until the child turns 16. At this point, the account is converted into a regular membership account and the 16-year-old has full control of the account, including access to any funds in the account. The adult trustee no longer has access to the account from this point.