Opening a Member Account starts your membership. It allows you to apply for products to save or borrow from us – and what makes it even better is that you can start applying straight away! Why not join the biggest Police credit union in the UK today?
Each member is required to save a minimum of £5 per month. Your savings remain yours, for you to withdraw at any time. If you’re a big saver, you can save up to a maximum of £1,000 per month with us (across all accounts). You can save this amount through a mixture of either payroll deduction or Direct Debit and the total maximum you can hold with us is £40,000.
As a valued member, you could earn a share of our profits in the form of an annual dividend. This is one of the many benefits of being part of your Credit Union.
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 years dividend rates can be found here.
|How do I open and manage my account?||A 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 Member Account are not maintained.
The 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.
You have instant access to your savings, allowing you to request a withdrawal whenever you wish. All that we ask is that you keep a minimum of £5 in the account, and continue the minimum monthly savings of £5 per month. The flexibility of this account gets you into the routine of saving each month, and allows you to fall back on your savings, should you ever need to.
We try to make accessing your money as easy as possible. You can request a withdrawal from your savings by using our website, calling us, or if you’re local you can even visit our office. Your money is then transferred to you by Faster Payment to your bank account.
Terms and Conditions
- Save as little as £5 up to a maximum of £1000 per month directly from payroll (or Direct Debit if not available in your force). You can hold a maximum of £40,000 with us across all saving accounts.
- You must have at least £5 in your Member Account at all times.
- The general terms and conditions of membership with the Credit Union can be found here.
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).