Saving with Solent Credit Union is a great way to build up your savings for the future. 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.
Operating your account
You can pay in to your account by any of these methods:
- In cash, either at our main office in central Southampton or at any of our collection points (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 from your employer.
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.
- Encashment cheque issued at our main office, which can be exchanged for cash at a nearby bank (maximum £500 per day).
- 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.
Special savings accounts
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.
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 These savings will be paid into a separate account which cannot be withdrawn until the loan is fully repaid.