Saving
Every member of our credit union is a saver, from those putting a little bit away each month while repaying their loan, to those saving up for a new kitchen or dream holiday. We offer a range of savings accounts to suit you and your family.
- Benefits of saving with Cranhill Credit Union
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Simple, straightforward accounts
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Save what you can afford.
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Savings may earn an annual dividend (not guaranteed)
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Quick and easy access to make withdrawals by BACS transfer
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Free Life Savings protection (restrictions apply)
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Easy to make regular contributions by standing order, card payments by telephone or pay in at the office.
Our regular savings product is our main account and you must maintain a balance of at least £1.00 to retain your membership.
We offer a second savings account, this can be used as a Christmas Club account or simply as a Rainy-Day account. It provides a safety net for emergency’s, or future plans, encouraging thrift and good money management.
Member’s Shares are protected by the Financial Services Compensation Scheme up to the value of £85,000.
For further information on the Financial Services Compensation Scheme see www.fscs.org.uk. Confidentiality at all times is respected. Credit Unions are mutual organisations. Members' shares are pooled and provide the resources for lending to other members. No hidden charges or fees on any transactions. Straightforward access for account withdrawals.
- Withdrawals
Members can withdraw their Credit Union savings provided they are not pledged as security for a loan. Withdrawals are paid out in a convenient manner designed to suit the needs of the Credit Union member. Members are encouraged to keep their savings intact where they will continue to earn a dividend.
- Junior Accounts
The parent or guardian named on the birth certificate will have to provide identification when opening the junior account. Junior members are free to open.
When a junior account holder turns 16 their account will be updated to an adult Account.
- Saving & Loan Protection
A cash benefit on your savings
Leave your loved ones a cash lump sum when you die, with Life Savings Protection*
Saving with your Credit Union really does add up as it includes the additional benefit of Life Savings Protection, which can be a real financial comfort to your loved ones should you die.
At a difficult time, a lump sum on bereavement can be a real help. It could help towards funeral costs or could be left as a small legacy for a loved one. Of course, it won’t take away the pain but it’ll certainly help with the financial strain of bereavement. Additional peace of mind for your family is just another benefit of being a Credit Union member.
As a Credit Union member, you’re not only saving for your own future, but also for that of your family. With the added benefit of Life Savings Protection, your nest egg can also provide a legacy to help your loved ones cope financially in the event of your death.
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*Subject to terms and conditions. Cover limits and certain restrictions apply based on savings balance and on age at death or age when savings were made. Individual limits and restrictions may also vary over time. Please ask at your Credit Union for more details about Life Savings Protection.
Life Savings Protection is underwritten by Covea Insurance Limited.
Covea Insurance Limited is authorised by the Prudential Regulation Authority and regulated by Financial Conduct Authority and Prudential Regulation Authority.