- 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 Summary Box
General terms and conditions of membership can be found here and should be read prior to joining.
|Account name||Member Account|
|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.
The dividend rate is your share of our profits which is agreed at the Annual General Meeting (AGM). The dividend is calculated daily based on the balance at the close of business each working day. Then it is paid once a year into the Member Account, the following working day after the AGM. Dividends apply to savings held within this account during the Credit Union’s previous financial year, which is between 1st October and 30th September. Dividend payments are not guaranteed.
|Can No1 CopperPot change the dividend rate?||The dividend rate is proposed by the Credit Union annually, based on a variety of factors such as financial performance, cash flow, market interest rates and growth plans. Members then vote at the Annual General meeting to agree the dividend rate and it is paid shortly after.|
|What would the estimated balance be after 12 months based on a monthly £50 deposit?||If the first deposit took place at the beginning of the Credit Union’s financial year, after 12 months a member would have a savings balance of £600, the dividend paid (after the AGM) would be £4.06, making a total of £604.06.
This estimated balance is based on the 2022 dividend rate of 2.25% AER, which is subject to change. This is provided for illustrative purposes only and does not consider any withdrawals or changes to savings contributions.
|How do I open and manage my account?||To be eligible for membership you must be aged 18+, be within our common bond of working for or being retired from the UK Police Family and reside in the UK.
You can open your account in person, online, through our app, or by contacting us directly via phone. You can manage your account through all channels including email. You must save between £5 and £1,000 per month and must always have a minimum of a £5 balance. You can save through payroll or pension deduction (available in most forces), or Direct Debit.
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 our savings’ accounts.
|Can I pay in extra to my savings account?||Yes, you can add additional funds into your account by calling the office on 0161 741 3160. Please note your monthly savings contributions cannot exceed £1,000. For example, if you pay £200 into your account every month, you can add an additional £800.
Alternatively you can change the amount you save into your account via payroll deduction or Direct Debit each month. If you would like to change this amount you can contact the office on 0161 741 3160 or email us at email@example.com. You can also log into your online account or use our app and complete the form.
|Can I withdraw money?||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. You can withdraw funds using our website, app, or by phone.|
|Additional information||Your savings may be subject to taxes which are not paid or imposed by No1 CopperPot. For more information, please visit https://www.gov.uk/apply-tax-free-interest-on-savings|
|*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.|
Statements are issued annually. This is done via an email with a link to the online members areas which provides access to all statements. Members without an email address will be issued a paper version via post. All members can request a paper version if that is their preferred method of receipt.
Member Account Terms and Conditions
- The full general terms and conditions of membership with the Credit Union can be found here.
- You must always have at least £5 in your Member Account at all times.
- We have the discretion to terminate your membership if regular payments into the Member Account are not maintained.
- If you do not make any transactions on the Member Account for a period of 12 months and you do not respond to our correspondence, your account will become dormant and may be closed or placed in a suspense account if we are unable to enforce closure. We have the discretion to charge an annual administration fee for each dormant account, which is agreed at the Annual General Meeting.
- You have 14 days from the date that your account is opened within which to cancel it, this is your cooling off period. If you wish to cancel please contact us by phone, email, in person or by writing to us. You can call us on 0161 741 3160, write to us at Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, Stockport, SK8 3GX or email us at firstname.lastname@example.org.
- There is no cost to close your account. You will need to contact us if you wish to close your account at any stage. Withdrawals and closure are available without advance notice however, please be aware if you close your account before the Annual General Meeting you will not receive a dividend payment.
Download key documents here:
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.
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).