Savings
We encourage saving; everyone benefits from saving!
Saving is a good habit since it is also the lowest cost way to pay for both regular and unexpected events in our lives. Things like Christmas, holidays, the deposit on your first flat or house and even weddings can be partially or fully funded from your savings.
Savings are called shares in your credit union. You can save a maximum of £15,000 with Perth and Kinross Credit Union and all your savings are guaranteed under the Financial Savings Compensation Scheme (FSCS).
Savings also carry a Life Assurance benefit to members funded by our annual membership fee but note that some limitations apply.
We consider the habit of saving to be so important that it is our policy to encourage borrowing members to include a small element of savings along with each loan repayment .
Rather than paying interest on your savings, we may pay an annual dividend to members depending on the financial performance of the business.
Saving is easy once you get started!
To save with us you can:
- Open a savings (share) account. There is a £5.00 joining fee and an annual fee of £5.00 usually taken in October each year. [These fees are to cover the admistration of your account and the Life Assurance benefit which most members will enjoy]
- Pay by a standing order to save regularly, download a Standing Order Form here
- Pay in cash or by cheque at our office whenever it suits you
- Your DWP payments (eg Child Benefit) can be paid directly into the credit union
- Save by payroll deduction if you work for one of our employer partners eg Perth and Kinross Council, download a Payroll Deduction Mandate here
Access to your savings
You can withdraw your savings as and when you require them unless they are tied to an existing loan. You can request a withdrawal by completing a Withdrawal Request Form, download a Withdrawal Request Form here or by phone on 01738 624872 or in person at our office on George Street.
Junior Saving Accounts
Opening a junior Savings Account (available for those under 16) is a great way of teaching and encouraging children to understand the value of money. It can help develop their financial skills and teaches them the value of saving. Parents, grandparents or guardians can open an account for a child and it is an ideal way to put money aside for young person’s future.
Junior members need an adult sponsor who will have control of the savings until the member turns 16. Anyone can deposit savings into the account but only the sponsor, usually the parent or guardian, can withdraw money.
Download a Junior Saver Application Form here
