Saving with a Credit Union is convenient and secure. You can save weekly, monthly or intervals that suit you, saving as little or much as you can afford.
We have various ways in which you can deposit funds into your account: cash, cheque, standing order, payroll deduction. For more information visit our Payment Methods page above.
Benefits of saving with the Credit union are:
- Regular savers are eligible to apply for loans at a preferential rate. In other words the more you save the more you can borrow and the lower the interest rate!! (terms & conditions apply, see our "Loans" page for further details)
- You will receive Free Life Insurance on your savings (terms & conditions apply)
- There are no hidden charges of fees on any transaction
Our Four adult savings accounts are:-
- Share Account - is a straight forward savings account held by all our members. You can pay in whatever you wish, up to our maximum savings amount, currently £15,000 and as long as its not secured against a loan you cab withdraw whenever you wish. ( A minimum of £2 must be kept in your share account at all times for it to remain open )
- Christmas Savings Account - Take the stress out of Christmas by opening this saving account. You can pay in as little or as much as you wish. There is a small window in which withdrawals are allowed on this account, which is 1st November to 31st December, after this time the account is "locked" again until the following year. To open a Christmas Savings account you must already be a member of Merthyr Tydfil Credit Union.
- Rainy Day Account - If you want to save for that special occasion then this is the account for you. You can pay in as much or as little as you wish and you choose if you want this account "Locked". Members who use this account have saved for: holidays, weddings, birthdays, anniversary and in some cases to leave a sum for funeral expenses. To open a Rainy Day Account you must already be a member of Merthyr Tydfil Credit Union.
- Attached Savings Account - We require that everyone who borrows from us must also save a small amount into their Attached Savings Account.
The main reasons for this is:-
Credit Unions use members savings to lend to other members, so it's only fair that if you take out of the pot then you contribute however small back into the pot and it helps to contribute to the growth of the Credit Union's
Savings are a good thing to have, but not all of our members save, so we find this is a good way to encourage this.
The current payment amounts are:-
Loans up to £500 either £1.00 per week or £5.00 per month
Loans between £501 - £1,500 either £2.00 per week or £10 per month
Loans over £1,501 either £3.00 per week or £12 per month.
Please note that Attached Savings can only be accessed once the loan has been repaid. You can then choose to withdraw your savings, leave them as a nest egg or use them to access a cheaper secured loan.
- Bond Saving Scheme - This scheme assists people on low income to find private, rented accommodation. Private landlords often demand a large deposit or "bond" and without this lump sum of money, it can be difficult to find somewhere to live. This scheme allows you to save weekly, fortnightly or monthly towards the cost of the "Bond" whilst living in the property. For further information on this savings scheme see "Bond Savings Scheme" page above.(terms & conditions apply)
The tables below give examples of how regular savings can soon add up!
|Save per week
So why put it off? Visit our Members Area today and you could be saving straight away!