Family Member Account
The credit union ethos is all about looking after its members, and doing what is best. We pride ourselves on taking care of our members, and taking care of their families too. We offer Credit Union membership to direct family members of the Police, who reside at the same address. This can give our members comfort, knowing that not only are their finances being taken care of, but so are their families.
Key Product Information
|Account Name||Family Member Account|
|What is the dividend rate?||The dividend rate is agreed at the Annual General Meeting (AGM) following the end of each financial year (30th September). The dividend is calculated daily, and paid once a year, the following working day after the AGM.
Dividend payments are not guaranteed. Past years dividend rates can be found here.
|How do I open and manage my account?||A Family Member Account can be opened online or by completing a paper-based application form. To keep membership active, a minimum of £5 savings per month must be deposited into this account. We have the discretion to terminate your membership if regular payments into the Family Member Account are not maintained.
The Family Member Account allows members to save up to a maximum of £1,000 per month. Each adult member can hold a maximum of £40,000 savings across all of our accounts.
|Can I withdraw money?||You can withdraw your money online, by post, or over the phone.
Withdrawal(s) and closure are available without notice, however this will affect your dividend payment.
|Additional information||Dividend is paid gross, but is not tax free and therefore should be declared on your tax return if necessary.
The Personal Savings Allowance (PSA) means every basic-rate taxpayer can earn £1,000 interest without paying tax on it. Higher-rate taxpayers can earn £500 with no tax. Additional-rate taxpayers do not get an allowance and therefore must pay tax.
How it works
Our Family Member Account is open for direct family members of a Police member, who are 18 years old or over, and who reside at the same address. Many of our members use this account to allow their partners, or adult children to join.
A Family Member Account works in the same way as any other member. The only difference between these accounts is that one person has a connection to the Police, and one is related to the member with a connection. Family members are entitled to the same products, services and rates as every other member.
We encourage members to sign up their adult children or grandchildren whilst they live at home – because once they have moved out they are no longer eligible to join. Once your family members join, they are free to move out and continue membership with us, and enjoy all of the benefits of being a member.
Terms and Conditions
- You must be a *direct family member of a **qualifying member.
- Save as little as £5 up to a maximum of £1000 per month directly via qualifying member’s payroll or Direct Debit. You can hold a maximum of £40,000 with us across all saving accounts.
- 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.
*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.
**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 works for the Police family.
As a member, you will receive a dividend payment once a year, allowing your money to make money. The amount of dividend that you will receive depends on the success of our Credit Union in that financial year. The dividend rate is decided during our Annual General Meeting, which usually takes place in December. Your dividend is paid into your Member Account for you to either save or withdraw.
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.
Eligible deposits with us 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).