One of the main aims of a Credit Union is to encourage members to develop the habit of regular savings. For the individual the advantages of building up savings are obvious. These savings may be planned for something in the future or just for the rainy day which comes to so many of us. In Credit Union the extra benefit is that your savings will be used to make loans available to other members and to yourself.
Each Credit Union, within legal limits, decides on the maximum amount of savings that each member may have. Camlin Credit Union's limit is £6,000 in a member's main share account and £4,000 in an Easy Share account - a total limit of £10,000.
The Credit Union provides Life Savings Insurance cover on savings of eligible members. Click here to find out more.
All members are encouraged to complete a Nomination of Beneficiary Form. Click here to find out more
While the rules provide for a waiting period for the withdrawal of savings, most Credit Unions, including Camlin, allow withdrawals without such waiting period. A member who has no loan account may withdraw part or all of his/her savings at any time during normal office hours. When a member is granted a loan in excess of the amount of savings at that time, savings in the main share account become pledged and may not be withdrawn. Any balance in excess of the loan amount may be withdrawn from time to time. However, any savings in the Easy Shares account are not pledged against the loan and may still be withdrawn provided the member is not in serious arrears at the time.