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Regular Savings

Start small, save
big — savings
made simple.

When you join The Money Co-op, you’ll automatically get a Regular Savings account.  A minimum deposit of £10 a month is required to maintain your membership, but you’re free to withdraw from the account whenever you need.  With flexibility and annual dividends (like interest) it’s an easy way to save while staying in control of your money.

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Detail

Regular Saver Summary

Dividend rate

Regular savings held in the credit union attract a dividend (like interest).  The dividend rate is paid based on the credit union’s financial performance and market conditions.  It is not agreed in advance, but proposed and voted on at the AGM every January.  In 2024, the credit union paid 2%, in 2023, the credit union paid 0.4%, and in 2022, the credit union paid 0.4%.

We always aim to pay as much as we can reasonably afford to.

How it works

When you join The Money Co-op, you will be issued with a Regular Savings account. It is a condition of membership that you must save at least £10/month into your Regular Savings account.
Unless you have an outstanding loan with us, you can freely access your savings and make withdrawals as long as you keep a minimum of £5 in your account. If you do have a loan, your Regular Savings account is tied to the loan, and your savings won’t be available until your loan balance is lower than your savings.

How much can I deposit?

The maximum savings balance is £85,000.  

 

Funds held in all your credit union accounts combined are protected under the Financial Services Compensation Scheme up to £85,000.  

What is the Financial Services Compensation Scheme (FSCS)?

The FSCS protects you if the financial firm you’ve used has gone out of business. If the failed financial firm can’t pay your claim, The FSCS can step in to pay compensation. 

Set up by the government, they are independent and their service is free to use.  

Funds held in all your credit union accounts combined are protected under the Financial Services Compensation Scheme up to £85,000.  

Visit fscs.org.uk for full details. 

How do I manage my account? 

Your online member services account (Link to web portal page) allows you to check your savings balance and make withdrawal requests. You can change the amount you wish to save with us by sending us a secure message once logged into your account. 

Additional information 

For additional information about your rights and protections in relation to this account and your wider credit union membership, please see the Membership Terms & Conditions: Insert Link to membership terms and conditions]