Saving Accounts

Your rate of saving is not set. Save as little or as much as you want each week, fortnight or month. Your savings may be referred to as shares.

Additional Saving Accounts

This account would be for savings that you may wish to access at short notice, maybe for bills, car tax or for Christmas. It will be operated alongside your saving and loan account, however, the balance is not used in the calculation of any future loans.

Saving through your Salary - Payroll Deduction

All employees of Falkirk Council can now save directly from their salaries into a credit union account through payroll deduction. You just authorise us to instruct this deduction and you'll see your savings grow. Please contact the office for further details.

Important Information about Compensation Arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their shares so, for a joint account held by two eligible depositors, the maximum that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account. For further information about the scheme (including the amounts covered and the eligibility to claim) please ask at your local branch, refer to the FSCS website, or call 0800 678 1100.

What is the maximum I can save with the credit union?

You can save up to £16,000 in your credit union account.

We offer free life insurance to all members aged 16 to 79.
This insurance covers savings and loans, ensuring that on your death your loan will be repaid in full, in addition 150% of your savings will be paid to the nominated beneficiary (to a maximum payout of £2500). For all share balances under £5000 the insurance benefit will pay your shares plus another half to your beneficiary but for all balances exceeding £5000, the benefit will be capped to a maximum of £2500 (plus share balance).

Due to legal limitations placed on us, for members over the age of 80, this life insurance will pay out 100% of savings to your nominated beneficiary only. Please contact the office for further details.

Will I receive a dividend on my savings?

You may receive a dividend on your savings but the credit union cannot guarantee this. If a dividend is payable this will be added to your account following the AGM.

How can I withdraw my shares?

You can make a withdrawal by registering your bank account; this can be done by completing a bank registration form or emailing your bank details to the office. Once registered you can request a transfer within the member area of our website or by calling/emailing the main office. All transfers are processed at 2pm Monday-Friday (except Wednesday which is 12pm). Any online withdrawals requested after this time will be processed the morning of next business day. You can request 1 free bank withdrawal per month but any additional bank transfers will incur a small fee of 50p per transaction.

Alternatively you can come into the office to collect cash (subject to availability) or a cheque which can be paid into your own bank account.

Please remember that some of your savings may act as security on any loans you have outstanding and where this is the case you will be unable to withdraw savings below this limit – the office staff will confirm this with you upon request

Junior Savings Accounts

Why not start building for your child’s future, help them get into the savings habit. There is no joining fee or minimum deposits for these account, educate them today and develop this habit.

All credit unions are regulated by the Financial Services Authority and members’ savings are protected by the Financial Services Compensation Scheme (FSCS) and if you have a complaint you can contact the Financial Services Ombudsman Service.