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 lives or works within a G postcode area and is aged 16 or over.
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? £1000 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.
Can I add to my savings in any way? You can make additional payments into your account via card payment, cheque or bank transfer. The maximum lump sum deposit into any one member’s account is £2,500 per financial year (1st October to 30th September).
What is the maximum I can save with the credit union? The maximum balances, across all savings accounts, any one member can save with the credit union is £85,000.
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 £10 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 £1000 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.
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: https://www.glasgowcu.com/savings/dividend-and-rates/
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.
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.
Please check first that you are eligible to apply:
You are aged 18 or over
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Privacy Notice
It is important that you read the Privacy Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.