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.
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 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.
Key Product Information
|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 year’s dividend rates can be found here.
The Personal Savings Allowance means you can earn £2,000 from dividend payments 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.
|How do I open a Family Member Account?||A Family Member Account can be opened online or by completing a paper-based application form.|
|How do I manage my account?||
To keep your 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 account are not maintained.
Each adult member can hold a maximum of £40,000 savings across all of our accounts.
|Can I withdraw my savings?||
You can withdraw your savings through your online account, by emailing us, calling us or writing to us. Withdrawals are sent via Faster Payment, which means the funds will be in your bank account instantly.*
Withdrawals and closure are available without notice, however, this will affect your dividend payment.
*Faster Payments can take up to two hours.
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. You can save 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.
*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.
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).