How your savings can help you in a big way
Perhaps you are thinking of booking your next holiday, preparing for the big day, or simply wish to help a partner or family member pass their driving test. Solent Credit Union offers secure savings that help you celebrate the special things in life, as well as prepare for a rainy day.
Being able to save on a regular basis helps you build funds that you can draw on to pay for the special things in your life, or financial emergencies. This means you are financially prepared come rain or shine, without having to apply for a loan with interest to pay on top of the loan amount.
How your savings help other members
Solent Credit Union is committed to helping the local community. The monies you save with us will be used to help us say ‘yes’ to the next person in need of a loan.
Operating your account
You can pay in to your account by any of these methods:
- In cash at our main office in central Southampton (maximum £1,000 per day).
- Cheque (payable to Solent Credit Union Limited) drawn from your own bank account, paid in at our main office.
- Regular standing order or ad-hoc transfer from your bank account.
- Payroll deduction – If your employer supports this option.
Note: The maximum balance a member can hold in savings accounts with us is £15,000.
Withdraw your savings by any of these methods:
- Direct transfer to your bank account.
- Cheque made payable to you.
- Transfer to your Engage card.
Withdrawals can be requested by phone, post or online and are normally paid on the day we receive your request.
Our online banking facility enables you to access your account at any time, check your balance and send withdrawal requests.
Save with Us
Start saving with Solent Credit Union today.
Ordinary Share Account
Our ordinary share account is completely flexible – you can choose to pay in a fixed amount regularly or simply pay in whenever you like. You can also withdraw your savings whenever you need them Your savings are invested by Solent Credit Union into members’ loans, providing affordable credit to individuals in the area. However, there is no risk to your savings as they are fully protected by the Financial Services Compensation Scheme. Saving regularly with Solent Credit Union can also improve your chances of being granted a loan with us.
Special Savings Account
In addition to your ordinary share account, you can also choose to have additional savings accounts for special purposes such as holidays or Christmas. These will be kept separate from your main account.
For members under 16 years of age, we offer a Junior Savings Account
Saving Alongside a Loan
If you are granted a loan with us, we often ask you to save regularly with us during the term of the loan. These savings will be paid into a separate account which cannot be withdrawn until the loan is fully repaid.