Savings
Save with your Credit Union
Saving while you borrow is core to the Credit Union ethos. When you take out a loan, a Mandatory Savings account is created. Your savings will grow into a handy nest egg, creating a better financial future for you as a member.
You can request access to your Mandatory Savings account from the 1st November, to mid-day on Friday 20th December each year.
Benefits of Credit Union savings
Protect yourself from an unexpected expense by putting aside a little for a rainy day. Saving also cuts the stress of paying for expensive times of the year, such as Christmas or making a big purchase such as a car or kitchen.
We pay an annual dividend on your instant access savings*, often at more competitive rates than similar accounts on the high street.
Your savings are also safe with us, covered by the Financial Services Compensation Scheme, up to £85,000.
How to save
We make saving as easy as possible. Save as much or as little as you can afford by:
- Standing order - call us on 01902 572340 to set this up
- Joining our payroll deduction scheme and saving directly from your salary
- Deductions through your Benefits - call us on 01902 572340 to set this up
You can view your balance:
- Online
- Via our mobile banking app
- By calling us on 01902 572340
- Coming into our branch at Civic Centre, St Peters Square, Wolverhampton WV1 1SH
To withdraw money, you can:
- Transfer funds between acccounts and externally by registering for Onlne Banking and downloading the Mobile Banking App.
- Call us on 01902 572340 to transfer to your bank account or Mastercard debit card
- Transfer money to your bank account or Mastercard debit card using our online banking or mobile banking app. We process bank transfers at 12.00pm, 2.00pm and 3.30pm on weekdays (Cut off times are 1.00pm on Wednesdays, 2.30pm on Fridays. No transfers at weekends and Bank Holidays)
* Please note that we charge 0.50p for any transactions which you autorise us to perform over the telephone.
Weekly Savings Table
Small, regular savings soon add up:
| Amount Saved: | £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 | £1,460 | £5,200 |
| Year 5 | £520 | £1,300 | £2,600 | £5,200 | £6,500 |
Member Share
An instant access account that pays an annual dividend.
How to deposit savings
By standing order or deductions from Benefits.
How to access savings
Online, via mobile app, by calling us on 01902 572340 or by visiting the branch at Civic Centre, St Peters Square, Wolverhampton WV1 1SH.
Dividend
Paid annually in March/April each year and calculated on the daily balance of the account from October 1 to September 30 of the previous year (e.g. the 2022 dividend is calculated on the daily balance from October 1 2021 to September 30, 2022 and was paid in March 2023).
Open an account
Non Members: Click here to open a savings account
Payroll Saver
An instant access savings account that pays an annual dividend for people who work for one of our employer partners. You save directly from your salary.
Membership requirements
You must work for one of our employer partners.
How to deposit savings
Complete Payroll Deduction Form
How to access savings
Online, via mobile app, by calling us on 01902 572340 or by visiting the branch at Civic Centre, St Peters Square, Wolverhampton WV1 1SH.
Dividend
Paid annually in February/March each year and calculated on the daily balance of the account from October 1 to September 30 of the previous year (e.g. the 2022 dividend is calculated on the daily balance from October 1 2021 to September 30, 2022 and is paid in March 2023).
Open an account
Members: complete a Payroll Deduction Form
Non Members: Click here to open a savings account
Christmas Saver
Lock up your savings for most of the year then access them between November 1 to December 31 to cope with the most expensive time of year.
Membership requirements
You must live or work in the WV postcode area.
How to deposit savings
By standing order or deductions from Benefits.
How to access savings
Online, via mobile app, by calling us on 01902 572340 or by visiting the branch at Civic Centre, St Peters Square, Wolverhampton WV1 1SH.
Dividend
Paid annually in February/March each year and calculated on the daily balance of the account from October 1 to September 30 of the previous year (e.g. the 2022 dividend is calculated on the daily balance from October 1 2021 to September 30, 2022 and is paid in March 2023).
Open an account
Members: call us on 01902 572340 and we’ll open a Mandatory Savings sub-account for you. If you have a loan with us, you’ll already have a Mandatory Savings account.
Non Members: call us on 01902 572340 and we’ll open a Mandatory Savings sub-account for you.
Junior Saver
An instant access savings account for people aged 16 years and under.
How to deposit savings
By standing order or deductions from Benefits.
How to access savings
Online, via mobile app, by calling us on 01902 572340 or by visiting the branch at Civic Centre, St Peters Square, Wolverhampton WV1 1SH.
Dividend
Paid annually in February/March each year and calculated on the daily balance of the account from October 1 to September 30 of the previous year (e.g. the 2022 dividend is calculated on the daily balance from October 1 2021 to September 30, 2022 and is paid in March 2023).
Open an account
Members: complete a junior membership form and provide proof of ID for the child (birth certificate or passport) and ID for yourself as the guardian (driving licence, Benefit letter, passport) and proof of address for yourself as the guardian (utility bill, council tax letter, bank statement).
Non Members: complete a junior membership form and provide proof of ID for the child (birth certificate or passport) and ID for yourself as the guardian (driving licence, benefit letter, passport) and proof of address for yourself as the guardian (utility bill, council tax letter, bank statement).
Housing Benefits Saver
A secure savings account for your Housing Benefit that ensures you pay your landlord and keep your home.
How to save
Your Housing Benefit is deposited in your account by the council and then transferred directly to your landlord every four weeks.
How to access savings
You don’t have access as the Housing Benefit is transferred directly to your landlord to ensure you keep your home.
Open an account
Members: complete a membership form and a Housing Benefit pack (including tenant form). Your landlord needs to complete a form as well. Provide proof of ID (Benefit letter, passport or driving licence) and your tenancy agreement.
Non Members: complete a membership form and a Housing Benefit pack (including tenant form). Your landlord needs to complete a form as well. Provide proof of ID (Benefit letter, passport or driving licence) and your tenancy agreement.
*Annual dividend not guaranteed every year.
