Police Mutual and No1 CopperPot are working together in order to pursue our joint mission of helping the Police Family financially.


We offer membership to 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.


Eligibility

  • 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

How much can I save? You must save between £5 and £1,000 per month. We have the discretion to terminate your membership if regular payments into the account are not maintained. Each adult member can hold a maximum of £40,000 across all of our savings accounts.  
How can I save? You can save by Direct Debit, or your family member is able to save through their Direct Debit or payroll deduction should they wish to save on your behalf. 
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.
How do I manage my account? You can manage your account online, through our app, or by contacting us directly.
Can I withdraw my savings? 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.

Family Member Account 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.
  • The general terms and conditions of membership with the Credit Union can be found here.


FAQs

How does the dividend work?

The dividend rate is your share of our profits which is agreed at the Annual General Meeting (AGM). The dividend is calculated daily and paid once a year, the following working day after the AGM. Dividend payments are not guaranteed. 

Do I need to declare my dividend?

Our dividend is paid gross, but is not tax free and therefore should be declared on your tax return if necessary. You may be able to earn up to £1,000 as a return on your savings and not have to pay tax on it, depending on which Income Tax band you’re in. This is your Personal Savings Allowance. You can find more information here

Can I close my account if I decide it’s not right for me?

Yes, there is no cost to close your account. You will need to contact us if you wish to close your account. Withdrawals and closure are available without advance notice however, please be aware this will affect your dividend payment.


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).