Why Open a Savings Account?
Secure your financial future with our savings account – start growing your savings today with no monthly fees.
Savings
One of the main aims of the credit union is to encourage members to develop the habit of regular savings. You may be planning for a special event or just saving for a secure future.
Camlin Credit Union offers the following savings accounts to suit your needs.
Main Shares Account (maximum £6,000). This may be used as collateral against a loan with Camlin.
Easy Shares Account (maximum £4,000) Savings withdrawable at any time.
Minors Account (maximum £6,000) for children under 16 years old.
We also offer a Direct Payments Account for receipt of pension and social security benefits.
The maximum savings balance permitted across all accounts is £10,000.
As a non-profit organisation, Camlin Credit Union pays back any surplus each year to its members as a dividend on their savings.
There is no minimum payment required and no commitment to save on a regular basis.
Members may pay as little and as often as they like.
Payments may be made:
- Over the counter by cash cheque or debit card
- Over the phone by debit card during opening hours
- Online by debit card via the Members Hub on our website
- By direct debit on a weekly, fortnightly, 4-weekly or monthly basis
- By your pension or social security benefits
A member who has no loan account may withdraw all or part of their Main Shares at any time. When a member is granted a loan, savings in the Main Share account are pledged against the loan and may not be withdrawn. Any balance in excess of shares pledged may be withdrawn.
However, any savings in the Easy Shares account are not pledged against the loan and may be withdrawn at any time provided the member is not in serious arrears.
Direct Payments funds are available for withdrawal at any time.
