FAQs

> What is a credit union?

A credit union is a not for profit organisation whereby members pay into their savings account on a regular basis and members can borrow from the pooled deposits. It is a financial co-operative owned and controlled by its members.

> Who can join No1 CopperPot Credit Union?

Anyone who fulfils the requirements of the ‘Common Bond’ may join a credit union. This means credit union members must have a ‘Common Bond’ with one another e.g. living in the same area. Most are based on its members being from the same profession or geographical area, and in our case they must be employed by the Police. This includes Police Officers, retired Officers, Police Staff, PCSOs, Specials and their families too. Please note that family members must be living at the same address as the member working for the Police.

> Can my family members join No1 CopperPot?

No1 CopperPot has a common bond which decides who can join the Credit Union. It allows people employed by the Police to become a member and is extended to their family too – providing they live at the same address.

> Who owns the Credit Union?

You, the members. The members are treated as shareholders as its members receive a share of the Credit Unions’ profits in the form of a dividend.

> Can anyone from any Police Force join?

We accept members from any force in England, Wales or Scotland. We do have Payroll Deduction facilities with 26 forces which can be found here, any other forces are able to join and pay into their accounts via Direct Debit.

> How safe are my savings?

Your savings are currently protected by the Financial Services Compensation Scheme up to the amount of £85,000 per member. As our current savings limit is £40,000 per member, you can be assured that your money is 100% safe with us.

> What is the maximum amount of money I am allowed to save with No1 CopperPot Credit Union?

Currently members can save a maximum of £40,000 across all savings accounts. For example if a member has a Member Account and a Notice Plus Account, the combined total can only be a maximum of £40,000.

The maximum savings amount for Junior Accounts is £10,000 until they become a full member at age 18 – this then increases to £40,000.

> How much money can I put into my savings account each month?

You must save with us each month either via Payroll Deduction or Direct Debit, this must be a minimum of £5 up to a maximum of £1000 per month. Should you need to alter the amount you save with us, you can do this easily by calling us at the office or your payroll department (if you pay through payroll deduction).

There is an overall maximum monthly deposit limit of £1,000 per member. For example if you contribute £10 per month by payroll/Direct Debit, you are now able to make lump sum deposits up to a monthly maximum of £990. If you save the maximum amount each month through Payroll Deduction or Direct Debit, you will be unable to make additional deposits.

> What amount can I borrow from the Credit Union?

We offer three different types of lending: unsecured loans, secured loans and mortgages. Unsecured loans are available up to a maximum of £25,000, across all our loan products. For example if you were to take out a Car Loan and a Member Loan, the combined total cannot exceed £25,000.

Our secured loans are the Commutation Loan and the Loyalty Loan. With a Commutation Loan you can borrow up to £100,000 dependant on your pension entitlement and with a Loyalty Loan you can borrow up to £40,000 dependant on your savings.

In addition to our loans we offer mortgages from £25,000 to £500,000.

Please note that all loans and mortgages are subject to status and our lending criteria.

> What is a dividend?

The members of a credit union are also the shareholders of the company, they get paid a dividend on their savings. The dividend can vary depending on the financial success of the credit union.

> Do I need to declare the dividend I have been paid for tax purposes?

Yes, you must declare the dividend you have been paid on your tax return as it is not taxed at source.

> When does No1 CopperPot’s financial year start and end?

Our financial year runs from 1st October – 30th September.

> How do I top up my loan?

If you have previously been approved a loan with us and you realise you would like to top up this amount, this is possible. To do this it is the same process as applying for a normal loan, you fill in a loan application – the same as before – but ask only for the extra amount you wish to borrow.

Please note that all loans and mortgages are subject to status and our lending criteria.

> Why can't I pay any further into my ISA?

The way a credit union works means that they need to have a balanced amount of money coming in and going out. The amount of money that is put into the credit union in the form of savings needs to balance against loans and mortgages to enable the credit union to pay a healthy dividend rate on the members' savings accounts. The ISA product has stopped for the time being as too much money was being brought into the credit union and was too much to all go out on loans. If this was to continue it could harm the members' dividend rate.

> Will the ISA be coming back?

There is a possibility it could be re-introduced, but we are unable to give a definite answer or date as to when it could happen.

> Is my Member Number the same as my Warrant Number?

No, your Member Number is only for accessing your accounts with No1 CopperPot. You will need to make sure you have your Member Number in order to gain access online to view your statements.

> Is my email address automatically set up online when I join?

No, although you may have given your email address when signing up for membership it does not automatically save to the website. When you sign up for internet access you need to save your email address to your profile. This will enable you to easily change passwords in the future and an email will be assigned to your member number.