Savings
Saving through payroll is quick and easy for BAE Systems UK employees. You can sign up to start saving right now, right here.
If you are already a member who wants to change the amount that you have deducted each month just complete the form here
For retired employees, the method of saving is by a Bank Standing Order Mandate form.
The maximum a member can save in total is £50,000 and can be by regular monthly amount, or placed as a lump sum deposit.
Lump sum deposits can be made easily by bank transfer to;
First Rate Credit Union
Co-Operative Bank
Sort Code 08-92-50
Account 67004078
Reference: Member Number
Please remember always to include member number as a reference when transferring money to your Credit Union account
Saving with First Rate
You can withdraw money from your savings account by logging in to the members' area of the website or through our secure, encrypted Nivo app on your mobile device.
You may be able to transfer money from your savings account to your loan account to pay off a bit more of your loan by completing a Shares to Loan Transfer form.
As a member owned co-operative, savers receive a return on their money as an annual dividend which reflects the surplus made in the year by the Credit Union.
In 2023 the dividend was 4.3%
Advantages of saving with us
- Your money is as safe in a credit union as a bank or a building society.
- The money you save can provide you with access to other financial benefits.
- Being a member means accessing competitive interest rate loans.
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 refer to the FCA website http://www.fca.org.uk/ or call 0800 678 1100.
Join our award-winning Credit Union today and avail all benefits of being a Member.
