Many of you will be aware of the controls placed on accounts and in particular, lump sum deposits over the past year. The measures have resulted in us being able to maintain good dividend rates at 3% and 4% on the Member and Junior Accounts and the Notice Plus Account respectively.
While the controls have allowed us to stabilise the growth in members' savings, many of you are still incredibly keen to place your funds with us, we are therefore unable to completely remove these controls but are able to make steps towards the lifting of them. A steady easing of them will allow more members to take advantage of the benefits we can offer, but will allow us to continue to maintain the balance between savings and loans.
Lump Sum Deposits
We have been able to increase the lump sum deposit on the Member Account and Notice Plus Account to a maximum of £500 per month. Regular saving via payroll and direct debit remain unchanged.
Controls on lump sum deposits will not apply to ISA deposits.
These measures remain temporary; they will be reviewed on a monthly basis and withdrawn as soon as possible. They will help to protect the return on your existing savings over the rest of our financial year. Whilst we apologise if this causes you any inconvenience in the short term, it will benefit all savers in the long run.
No1 CopperPot Credit Union is covered by the Financial Services Compensation Scheme and regulated by the Financial Services Authority, Firm No 213301. This means that your deposits placed within the Credit Union are protected by the scheme up to £85,000 per member (although the current maximum total deposit per member is £40,000).
If you would like to find out more information about the Financial Services Compensation Scheme please visit their website at www.fscs.org.uk