Saving with First Rate
You save with First Rate through payroll deduction by completing a Payroll Deduction form. For retired employees and immediate family the method of saving is by a Bank Standing Order Mandate form.Savings start from £20 to £300 per calender month. The maximum a member can save in total is £20,000 and no more than £300 a month.
You can withdraw money from your savings account by completing a Share Withdrawal form.
Transferring Between Accounts
You may be able to transfer money from your savings account to your loan account to payoff a bit more of your loan by completing a Shares to Loan Transfer form.
Annual dividends according to profits are paid into your savings account after the Annual General Meeting.
Advantages of saving with us
- The advantages of saving with a credit union are:
- A Your money is as safe in a credit union as a bank or a building society.
- Opportunities to save for that special occasion.
- Credit Union savings earn dividends.
- The money you save can provide you with access to other financial benefits.
- Being a member means accessing competitive interest rate loans.
Financial Conduct Authority
Credit Unions along with Building Societies and Banks are regulated by the Financial Conduct Authority and we are required to send in regular financial reports. If the Financial Conduct Authority believes that members savings are at risk they are able to place restrictions on the credit union.
Financial Services Compensation Scheme
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 share so, for a joint account held by two eligible depositors, the maximum amount 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 depositors' 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 eligibility to claim) please ask at your local branch, refer to the FCA website http://www.fca.org.uk/ or call 0800 678 1100.