With our Notice Plus Account you can earn a higher dividend rate, by agreeing to give us at least 90 days’ notice before you make a withdrawal. It can reduce temptation to withdraw and spend savings, and allows you to earn at least a 0.5% premium on the dividend rate of our Member Account. If you wish to apply for our Notice Plus Account, please complete the form below.
Key Product Information
| Account name | Notice Plus Account |
| Can No1 CopperPot change the interest rate? | In December 2023 we paid our members a dividend of 4.0%% 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 Notice Plus Account, the following working day after the AGM. Dividends apply to savings held within this account during No1 CopperPot’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. The dividend rate on the Notice Plus Account will always be at least 0.5% higher than the standard dividend rate.Members then vote at the Annual General Meeting to agree the dividend rate and it is paid shortly after. |
| What would be the estimated balance 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 £12.96, making a total of £612.96This estimated balance is based on the 2023 dividend rate of 4.0% 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? | Members can add new funds monthly or ad hoc. Money can be saved through payroll or pension deduction (available in most forces), Direct Debit, or debit card payment.Each adult member can hold a maximum of £40,000 savings across all our accounts. You can view your balance online or request your balance over the phone. |
| Can I pay in extra o my savings account? | Yes, you can add additional funds by calling the office on 0161 741 3160. You must save a minimum of £5 per month. Over all accounts, each adult member can hold a maximum of £40,000 within the Credit Union. Alternatively you can change the monthly amount you save into your account via payroll deduction or Direct Debit. If you would like to change this amount you can contact the office on 0161 741 3160 or email us at info@no1copperpot.com. You can also log into your online account or use our app and complete the form. |
| Can I withdraw my money? | Withdrawal(s) and closure are available when 90 days’ notice is given, however this will affect your dividend payment. Withdrawals can be made by calling or emailing the office.Should you need to withdraw instantly, you can do so but you will lose 90 days’ worth of dividend on the amount withdrawn, at the previous year’s dividend rate. |
| Closing your account | If you close your Notice Plus Account but retain your Credit Union membership before the AGM takes place, you will still receive a dividend on any savings that were held in the Notice Plus Account for a period during the previous financial year (1st October to 30th September). Any dividend payment due will be paid into your Notice Plus Account and then transferred to your Member Account. Please note, if you terminate your Credit Union membership before the AGM takes place, you will not receive any dividend payment on previous savings held with the Credit Union. Dividend payments can only be paid to those in Credit Union membership on the following working day of the AGM. |
| Additional information | Interest is paid gross but is not tax free and therefore should be declared on your tax return. 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. 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.
Notice Plus Account Terms and Conditions
- Please refer to the general terms and conditions of Credit Union membership.
- Members can, if they wish to, make a regular savings contribution into the Notice Plus Account from Payroll or by Direct Debit.
- As part of membership with No1 CopperPot, you are required to save at least £5 per month into your Member Account.
- You will be expected to give at least 90 days’ notice to withdraw from this account. Anything less will result in a fee of 90 days worth of dividend charged at the previous year’s dividend rate.
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