October 2024
Our Five-Year Regular Saver allows you to save between £10 and £150 per month and receive these accumulated funds as a lump sum in five years time. This account will earn a dividend and premium rate over the term.
This Five-Year Regular Saver begins on 1st October 2024, and applications must be in by 1st September 2024.
Please be advised that the availability of this account is limited. We may stop accepting Five-Year Regular Saver applications at any time. Closing the account early will impact the dividend received.
Key features
- The account begins on 1st October 2024 and matures on 28th September 2029.
- Monthly savings contributions must be between £10 and £150 per month.
- This account is paid an annual premium dividend which will be at least 0.5% above the dividend rate of our Member Account.
- Life Protection is included up until your 65th birthday. Terms and conditions apply.
EligibilityÂ
✓ You must be aged 18 or over and a UK or Isle of Man resident.
✓ You must be a member of No1 CopperPot Credit Union, by having a Member Account or Family Member Account open. If you are not a member, please ensure you apply for membership first before applying for a Five-Year Regular Saver.
Suitability
| This account may be suitable if: | This account may not be suitable if: |
| ✔ You are looking to save over a five-year term and do not want access to your funds. ✔ You have between £10 and £150 available to save each month. ✔ You want to ensure your capital is not at risk. ✔ You are happy to receive an annual dividend which is reflective largely of Credit Union profitability and can change year on year. | ✗ You have a lump sum that you wish to invest. ✗ You want to know the guaranteed rate of return in advance. ✗ You cannot commit to saving between £10 and £150 each month for five years. ✗ You may need access to your savings. ✗ You are looking for a tax-free savings option. |
Key Product Information Summary Box
Please read the Five Year Regular Saver Terms and Conditions before application.
| Account name | Five-Year Regular Saver |
| What is the duration of this product? | This account will open on 1st October 2024, and it will mature on the 28th of September 2029. |
| How much can I save? | You must pay in between £10 and £150 each month. |
| How do I open an account? | You can open your account in person, on our website, on our App, or by contacting us over the phone. You can manage your account through all channels including email, the members area on our website or on our app. Funds can be saved via payroll or pension deduction (available in over 30 forces), or by Direct Debit. Funds will be transferred into the Five-Year Regular Saver on the 1st working day of every month. You will need to ensure that your funds are available to transfer. This also applies to the first payment to open your account. |
| What if I don’t have my funds available in time? | Failure to have your funds available for the date of transfer (1st working day of each month) will result in the account not being opened or an active account being closed. If an account is closed due to missed contributions, the funds will be transferred to the Member Account. You will keep any previously earned dividends, however, will lose any earned from the financial year in which it is closing. Once the account is closed and funds are transferred back to the Member Account, these funds will start to earn the dividend applicable to the Member Account. |
| Can I change the amount I save? | The amount you choose to save can be amended on an annual basis at any time but only once during the calendar year. For example, you could increase your regular saving from £100 to £150 but any increase or decrease can only be undertaken once per calendar year. If you do not make a monthly payment, the account will be closed. |
| What is the dividend rate? | The Five-Year Regular Saver will receive a premium dividend rate which is a minimum of 0.5% over the Member Account dividend rate. The premium dividend rate will not be advised in advance as it is based on future surplus profits. |
| Is the dividend rate likely to change? | No, once the premium dividend rate has been agreed at an AGM it cannot be changed but the rate may vary each year. |
| Can I withdraw money? | This product is designed to be fixed for a 5-year period, and you cannot make withdrawals within this time. You may access your funds by closing the account, however this will affect the dividend you receive. |
| Cancellation period | You have 14 days from the date that your account is opened within which to cancel it. This is your cooling off period. Â If you wish to cancel, please contact us by phone, email, in person, or by writing to us. You can call us on 0161 741 3160, write to us at Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, Stockport, SK8 3GX, or email us at info@no1copperpot.com. |
| Closing my Five-Year Regular Saver | You can close the account before the end of its five-year term, and you will retain all premium dividends already paid into the account at the point of closure. However, you will not be paid any further dividend which has not already been credited to the account. Your funds will be transferred into your Member Account. You will need to contact us if you wish to close your account at any stage. This can be done by phone, email, in writing, or through your online member’s area. In the case of death, the account will be closed with immediate effect. Any premium dividend already credited to the account will be paid as part of the settlement. No further dividend will be paid as dividend payments can only be paid to active members. If applicable, the Credit Union will discuss any payable Life Protection and how to proceed, subject to terms and conditions. |
| Can I open more than one Five-Year Regular Saver? | You cannot open more than one Five-Year Regular Saver of the same issue date. Provided you continue to meet eligibility requirements, you can open more than one Five-Year Regular Saver of different issue dates. For example, you may hold one Five-Year Regular Saver that opened in January 2024 as well as one Five-Year Regular Saver opened in October 2024. |
| Ending membership with the Credit Union | If you terminate your Credit Union membership before the maturity of your Five-Year Regular Saver, you will retain all premium dividends already paid into the account at the point of closure. However, you will not be paid any premium dividend which has not already been credited to the account. Only accounts open on the date of the Annual General Meeting can receive dividends, therefore by terminating your membership you will forfeit that financial year’s premium dividend. |
| Additional information | Each adult member can hold a maximum of £40,000 in savings across all our accounts. Your savings contributions will continue after the Five-Year Regular Saver matures unless you amend your Direct Debit or payroll/pension deduction accordingly. After this has matured, your savings will be placed into your Member Account unless specified otherwise. As part of membership with No1 CopperPot, you are required to save at least £5 per month in your Member Account in addition to any other savings account. Please also refer to the general terms and conditions of Credit Union membership. Your dividends may be subject to taxes which are not paid or imposed by No1 CopperPot. For more information, please visit https://www.gov.uk/apply-tax-free-interest-on-savings |
Statements are issued annually. This is done via an email with a link to the online members areas which provides access to all statements. Members without an email address will be issued a paper version via post. All members can request a paper version if that is their preferred method of receipt.
Terms and Conditions
| General Terms and Conditions |
| Five-Year Regular Saver October 2024 Terms and Conditions |
Apply for our Five Year Regular Saver
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You’re covered with Life Protection
Life Protection is included with all our savings accounts and covers you up to the age of 65. This does not cost you anything, it is simply another benefit of saving with the Credit Union.
Your savings are protected up to a maximum of £40,000 per member. This means your savings could be doubled in the event of death, subject to our terms and conditions. It is also included with our borrowing products and covers you up to the age of 70. It protects up to a maximum borrowing of £40,000 per member, this means that your loan could be cleared, ensuring that your debt does not remain outstanding, subject to terms and conditions.
All benefits are paid at the discretion of our Board of Directors. Life protection is not an insurance policy and is not guaranteed. For more information please click here.
Your savings are protected by the FSCS
Your eligible deposits with No1 CopperPot Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk.
We are also covered by the Financial Ombudsman Service (FOS).
Previous releases
The Five-Year Regular Saver is an account which has different releases, and members are welcome to apply to open one at each release if they wish, subject to availability. They are launched at set times and each last for a period of five years. You can read more about previous launches if you currently have one open that you are contributing into.
| Start Date | Maturity Date | Terms and Conditions |
| 1st January 2024 | 31st December 2028 | 1st Jan 2024 Five-Year Regular Saver Terms and Conditions |
