Savings

The Chester Credit Union encourages members to develop a regular pattern of saving to build a reserve which they may then use for holidays, Christmas, birthdays etc

Saving is more than the ‘rainy day’ culture. People who save regularly develop both greater financial literacy skills and a heightened awareness of how by saving a little amount each week could make the difference to those special occasions.

Think about it this way…

Save £2 a week

After 1 year = £104
After 2 years = £208
After 3 years = £312
After 4 years = £416

Save £5 a week

After 1 year = £260
After 2 years = £520
After 3 years = £780
After 4 years = £1040

Save £10 a week

After 1 year = £520
After 2 years = £1040
After 3 years = £1560
After 4 years = £2080

The Chester Credit Union holds appropriate cover to secure members savings. In addition, each member who saves with the Credit Union receives FREE Life Insurance Cover against any monies saved with the Credit Union (conditions apply).

You can save regularly by:

• Paying in cash at your nearest collection point
• Payroll deduction (with participating employers)
• Standing order

Although the Chester Credit Union cannot guarantee interest on savings in the first years of its trading, it is not uncommon for some established credit unions in the UK to give a dividend return to members of up to 8%.

The Chester Credit Union, however, will pay interest on our Safekeepers Accounts (junior savers). This is paid annually at 1.5% below the Bank of England base rate. See this section for more details.