Notice Plus Account

This account is closed to new applications. However, existing members who already hold a Notice Plus Account will continue to earn a dividend.

As we are no longer allowing applications for any Notice Plus Accounts or allowing contributions into accounts currently held, if you withdraw any money from your Notice Plus Account you will not be able to put any money back into it.

Summary box for the Notice Plus Account

Account Name Notice Plus 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? We are no longer accepting new applications for the Notice Plus Account.
Can I withdraw money? You can withdraw your money online, by post, or over the phone. However, once you withdraw your money you will not be able to deposit it back into this account.

Withdrawal(s) and closure are available when 90 days’ notice is given, however this will affect your dividend payment.

Should you need to withdraw instantly, you can do so but you will lose 90 days’ worth of dividend on the amount withdrawn, at the previous year’s dividend rate.

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.


Deposit Protection

No1 CopperPot Credit Union is covered by the Financial Services Compensation Scheme. This means that your deposits placed within the Credit Union are protected by the scheme up to £85,000 per member. This scheme was set up to provide a safety net should a bank, building society, or credit union become insolvent. If you would like to find out more information about the Financial Services Compensation Scheme please visit their website at www.fscs.org.uk or visit our FSCS information page.

Life Protection

Life Protection equivalent to double the value of your savings up to a maximum of £40,000 per member and loans are protected up to a maximum borrowing of £40,000 per member, this means that your loan would 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. Life Protection is applicable to members up to age 65. More information and terms and conditions can be found here.