It’s Easy to Save
If you are able to save but just don't want to use a bank, we're a safe local option. We don't play the stock market and because we're covered by the Financial Services Compensation Scheme your money is always 100% safe.
Your savings can help your neighbours to access affordable loans to buy school uniforms, get a new washing machine or fix a leaky pipe. Members decide at the AGM what to spend any surplus on and this can sometimes given back to you as a dividend.
It's a no-cost way to give something really useful back to your local community.
Why save with us?
Anyone who lives or works within the area can join. This includes Bridgeton, Calton, Dalmarnock, Townhead and Tollcross - please call us to check if you are unsure of your catchment area. Among the benefits of saving with us are:
• No need to go to town to pay into your savings or discuss a loan
• Young members don’t pay the joining fee, or annual fee until they are 18
• Save as little or as much as you like (see below)
• You may get an annual dividend on your savings
• Your savings are guaranteed by the Financial Services Compensation Scheme
• You get free life assurance, your family can get up to double your savings when you die subject to terms and conditions
Minimum and maximum savings
You must retain at least £5 in your account to keep it open. There is no maximum amount of savings but you are covered up £75,000 by FSA.
Withdrawing your savings
You can withdraw your savings at any time providing you don't have an outstanding loan balance which is greater than the amount of your savings. For example, if you still owed £500 on a loan and you had £1,000 savings, you would be able to withdraw £500. Cash withdrawls of more than £300 requires pre-order with a days notice.
We can pay via cash, cheque or bank transfer.