Saving with Salford Credit Union

Keep on saving…

Everyone, in every credit union across the world, saves. It’s the key to the Credit Union approach, and it’s what makes Credit Unions different.

Are you eligible to become a member? How to join Salford Credit Union

Join now… make sure you have your National Insurance number and bank details… Membership application


Building up your savings helps you:

  • Plan for big purchases
  • Have money available for unexpected emergencies
  • Provide security for a loan if you need one
There are a range of ways you can save, standing order or payroll is usually most convenient.
  • You can save by standing order- weekly, fortnightly, four-weekly or monthly.
  • If you work for one of our select employer partners, you can save direct from your salary.
  • You can pay in by cheque or debit card (over the phone or at the Brotherton House office).
  • Small cash deposits (generally £20 maximum) can be made at our local collection points.
  • Available savings can be transferred to your Bank account or Credit Union debit card.
  • Requests for withdrawals can be made by phone, email or by coming into the office.
  • Members are encouraged to build savings up but you can apply to withdraw savings at any time, subject to not being attached to loans for security.
And because you’re a Credit Union member:
  • Your eligible deposits with Salford Credit Union Ltd are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the £75,000 limit are not covered. Visit www.fscs.org.uk for more information
  • You keep on saving while repaying your loan- so by the time you pay off your loan you have also built up a useful savings pot (excluding Child benefit top up loans).
  • The savings account can pay an Annual Dividend, dependent on performance. As a not for profit co-operative Salford Credit Union shares any profits with members, once we have paid our bills and built the reserves.
See here how your savings can grow

Weekly Savings Table

Amount Saved each week£2£5£10£20£25
Year 1£104£260£520£1,040£1,300
Year 2£208£520£1,040£2,080£2,600
Year 3£312£780£1,560£3,120£3,900
Year 4£416£1,040£2,080£4,160£5,200
Year 5£520£1,300£2,600£5,200£6,500

Monthly Savings Table

Amount Saved each month£10£15£30£40£50
Year 1£120£180£360£480£600
Year 2£240£360£720£960£1,200
Year 3£360£540£1,080£1,440£1,800
Year 4£480£720£1,440£1,920£2,400
Year 5£600£900£1,800£2,400£3,600

Download an Application Form for an Engage Credit Union Prepaid Debit Card from Related Resources

IMPORTANT INFORMATION

From 1st January 2017 your eligible deposits with Salford Credit Union will be protected up to a total of £85,000 by the Financial Services Compensation Scheme. The limit is applied to the total of your eligible deposits held. Further information is available on the FSCS website.

Related pages

Check with us what protection the Financial Services Compensation Scheme offers you. www.fscs.org.uk