Reserve Account

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 instant-access, meaning you can withdraw your savings as and when you need.

Summary box for the Reserve Account

Account Name Reserve Account
Interest rates  Gross* AER**
1.49% 1.5%
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? A Reserve Account can be opened online or by completing a paper-based application form. This account is only available to people who have an active Member Account or Family Account.

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.


Interest Rates

1st April – 30th June 2017 1st July – 30th September 2017
Gross Rate AER Rate Gross Rate AER Rate
1.49% 1.5% 1.39% 1.4%

 

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.

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.
  • For more information please see our general terms and conditions.

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.

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