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

Opening a Member Account commences your membership and you must have this account to become and remain a member. This easy access savings account can help you to save regularly which will support you in building your financial resilience. You could join today by saving as little as £5 per month.


Eligibility 

  • You must be aged 18 and over.
  • You must currently work as a Police Officer, staff, PCSO, special, or work as ancillary staff within the Police Family.
  • Or, you can be retired from the Police Family, but you must be in receipt of a police pension.

Key Product Information 

General terms and conditions of membership can be found here and should be read prior to joining. 

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?

We offer payroll deduction and pension deduction with most UK police forces. If we do not offer payroll/pension deduction within your force you can save via Direct Debit. 

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.


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).