Our Reserve Account is an additional saving account to our standard Member Account. This account may be attractive to members who like to know in advance what the rate of return on their savings will be. Unlike our Member Account, the Reserve Account earns a quarterly interest payment, allowing you to receive a more regular reward for your savings.

You can save a maximum of £500 per month into your Reserve Account, and save a maximum of £1,000 per month across all accounts. Our Reserve Account has no penalties or hidden fees, and is easy access, meaning you can withdraw your savings as and when you need.

Please note the Reserve Account is in addition to your Member Account, therefore you must contribute into both accounts each month.

Interest Rates for the Reserve Account

1st – 30th November 1st – 31st December
Gross Rate AER Rate Gross Rate AER Rate
1.2% 1.2% 2.0% 2.0%



Key Product Information

Interest rates  The interest on this account is paid quarterly.
Can No1 CopperPot Credit Union change the interest rate? The interest rate on the Reserve Account is variable, and reviewed monthly.

If the interest rate changes, notification will be made via the website with a minimum of 30 days’ notice.

How do I open and manage my account? You can open a Reserve Account online through our website.

To keep this account active, you must pay regular amounts each month. We have the discretion to terminate your membership if regular payments into the Reserve Account are not maintained.

The Reserve Account allows members to save up to a maximum of £500 per month. Each adult member can hold a maximum of £40,000 savings across all of our accounts.

Withdrawal arrangements 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 interest payment.

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.

*Gross % rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%.
**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

 Terms and Conditions 

  • Regular savings must be made each month from payroll or by Direct Debit up to a maximum of £500 per month.
  • If you miss a payment into your Reserve Account we will contact you to remind you to contribute. If you do not start contributing as soon as possible we will close your Reserve Account and transfer your balance into your Member Account.
  • If you close your Reserve Account interest will be paid at the end of the quarter into your Member Account. The amount of interest will be calculated on the day of closure.
  • If you choose to leave the Credit Union no interest will be paid on your account.
  • This account does not qualify for a dividend payment.
  • A negative interest rate occurs when a central bank, in our case the Bank of England, reduces the nominal interest rate below zero percent in an effort to boost economic activity. This in turn results in a charge for banks to store reserves at the central bank rather than receiving positive interest income. If this was to occur the Reserve Account and ISA could go to negative interest rates.
  • For more information please see our general terms and conditions.

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.

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).