Are my savings secure?
Yes, please see the article on Life Savings Insurance.
A Credit Union Savings Plan
Regular Credit Union saving can help you build up a substantial savings account: Regular small savings accumulate to large amounts in a surprisingly short period of time.
If you saved each week |
In 1 year |
In 3 years |
In 5 years |
£5 |
£260 |
£780 |
£1,300 |
£10 |
£520 |
£1,560 |
£2,600 |
£20 |
£1,040 |
£3,120 |
£5,200 |
£50 |
£2,600 |
£7,800 |
£13,000 |
This table does not include dividends you may receive; ie. interest rebate, interest on shares. Adding dividends could increase the totals substantially.
Can I have easy access to my savings?
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
- They continue to benefit from the Life Savings Insurance protection.
- You maintain your credit worthiness and capacity to borrow.
Your credit union will be happy to talk to you about suitable alternatives to withdrawing your savings.
|
|
