We offer membership to immediate family members of the police, who reside at the same address. Opening a Family Member Account provides them with access to our savings, loans and mortgages.
- You must be aged 18 or over and a family member of a qualifying member.
- You must reside at the same address as the qualifying member at the time of application.
|Who is classed as a family member?||Family members include, spouses, co-habiting partners, children, grandchildren, parents, guardians, step parents/children and legally adopted family. They must be living at the same address as the qualifying member.|
|Who is classed as a qualifying member?||A qualifying member is someone who qualifies to be a member of our Credit Union as they fit our common bond e.g. who is employed by, or has retired from the UK police.|
Key Product Information
|Account name||Family Member Account|
|What was the last dividend rate?||In December 2022 we paid our members a dividend of 2.25% AER*. Previous dividend rates can be found here.
The dividend rate is your share of our profits which is agreed at the Annual General Meeting (AGM). The dividend is calculated daily based on the balance at the close of business each working day. Then it is paid once a year into the Family Member Account, the following working day after the AGM. Dividends apply to savings held within this account during the Credit Union’s last financial year, which is between 1st October and 30th September. Dividend payments are not guaranteed.
|Can No1 CopperPot change the dividend rate?||The dividend rate is proposed by the Credit Union annually, based on a variety of factors such as financial performance, cash flow, market interest rates and growth plans. Members then vote at the Annual General meeting to agree the dividend rate and it is paid shortly after.|
|What would the estimated balance be after 12 months based on a monthly £50 deposit?||If the first deposit took place at the beginning of the Credit Union’s financial year, after 12 months a member would have a savings balance of £600, the dividend paid (after the AGM) would be £4.06, making a total of £604.06.
This estimated balance is based on the 2022 dividend rate of 2.25% AER, which is subject to change. This is provided for illustrative purposes only and does not consider any withdrawals or changes to savings contributions.
|How do I open and manage my account?||To be eligible for family membership you must be aged 18+, be living at the same address as a family member who works for or is retired from the Police Family and reside in the UK. Your family member (within the police) must hold a Member Account first to enable you to join.
You can open your account in person, online, through our app, or by contacting us directly via phone. You can manage your account through all channels including email. You must save between £5 and £1,000 per month and must always have a minimum of a £5 balance. You can save through Direct Debit.
We have the discretion to terminate your membership if regular payments into the account are not maintained.
|Can I pay in extra to my savings account?||Yes, you can add additional funds into your account by calling the office on 0161 741 3160. Each adult member can hold a maximum of £40,000 across all our savings’ accounts.
Alternatively you can change the monthly amount you save into your account via payroll deduction or Direct Debit. If you would like to change this amount you can contact the office on 0161 741 3160 or email us at firstname.lastname@example.org. You can also log into your online account or use our app and complete the form.
|Can I withdraw money?||Yes, there is no cost to withdraw your funds. Withdrawals are sent via Faster Payment, which means the funds will be in your bank account instantly. However, it could take up to two hours. You can withdraw funds using our website, app, or by phone.|
|Additional information||The Personal Savings Allowance means you can earn £1,000 from a return on savings without paying tax on it. Our dividend is paid gross, but is not tax free and therefore should be declared on your tax return if necessary.
Your savings 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
|*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.|
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
- You must be a direct family member of a qualifying member, living at the same address at the time of application.
- The qualifying member will be contacted during the process to confirm they support the family member’s application to join.
- You must save at least £5 per month via Direct Debit, or your family member can contribute on your behalf via payroll deduction or Direct Debit.
- You must always have at least £5 in your Family Member Account at all times.
- There is no cost to close your account. You will need to contact us if you wish to close your account. Please be aware if your account is closed before our Annual General Meeting then no dividend will be paid your account.
- The general terms and conditions of membership with the Credit Union can be found here.
Download key documents here:
You’re covered with Life Protection
Life Protection is included with all our savings accounts and covers you up until your 65th birthday. 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 until your 70th birthday. 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).