Savings

Saving with the Credit Union

Anyone who lives or works anywhere in Northumberland can join Northumberland Credit Union Ltd.

Saving money is really important – whether it is just for a rainy day or for something a little bit more special. Having some savings allows us to work towards our financial goals and gives us peace of mind should an emergency arise.
Committing yourself to a regular saving pattern can be difficult, but at Northumberland Credit Union we make it as easy as possible, with several ways to save. Whether it’s in cash at one of our paying in points, with a standing order, or paid direct from your wages – at Northumberland Credit Union there are many convenient ways to save.

We also offer easy payroll deduction for employees of Northumberland County Council (and can set this up for other employers). By transferring regularly from your wages straight to your credit union account you can watch your savings grow.

Credit Union members can save at an affordable level – whether £2 a week or £100 a month. Small regular amounts soon add up and remember, at Northumberland Credit Union, you are not just a customer of a credit union – you are a co-owning member.
Benefits of saving with Northumberland Credit Union include:

  • Confidentiality, security and protection
  • Save as much as you can afford
  • No hidden charges or fees
  • Automatic free life insurance on your loans (up to age 70)

Savings are pooled to provide the resources for lending to other members

Adults members (over 18) can apply for loans, vote at the AGM to elect the Board members and other officer or stand for the Board themselves.
To join – phone or write to us for a membership pack (or download pack) and return the application form, with proof of identity (eg passport, driving license) and proof of address (eg a bill) – or come along and talk to our volunteers at one of the regular paying-in points.
We charge a one-off joining fee of £2.00, to cover administrative expenses.  You can either send this with your application or have it deducted from your first payment.

Junior Savers: Younger people – under 18 – can join as junior members, and can earn 3% pa on their savings (on balances up to £500) but cannot apply for loans.

Up to the age of 12, junior members must have their application form and any withdrawals signed by a parent, guardian or other responsible adult. Junior members over 12 can join and withdraw their savings against their own signature.

Junior Membership is free – and there is no joining fee for a junior member converting to full membership at age 18.