Savings
Five Good Reasons to Save with Durham County Credit Union
1. Easy Access
Deposits can be made using Paypoint, by standing order or at a service point.
Withdrawals are normally issued within five working days but special arrangements can be be made if you have an urgent requirement.
2. Safe, Secure and Transparent
Durham County Credit Union is regulated by the Financial Services Authority and your savings are covered by the Financial Services Compensation Scheme.*
We are monitored by the FSA and we are subject to an annual Audit the results of which are freely available and published in the Annual Report.
3. No fixed amount or long term commitments
The minimum saving ('share') is £1. The maximum amount that a member can have in their savings is currently £5,000.
A member must have at least £1 in their account to retain membership.
4. Competitive dividends
Members usually receive a variable dividend paid annually on their savings, the amount being decided at the AGM. It is paid gross of income tax.
In 2009 we declared a dividend 1.25% p.a .The dividend may vary according to the surplus funds available for distribution.
5. Life Insurance at no extra cost
Credit Union members have free life cover on both their savings and their loans(subject to Terms & Conditions)
This means that the the nominated beneficiary will receive not only the savings but may be eligible for an additional sum.
*Important information about compensation arrangements.
On the 31st December 2010 the deposit compensation limit was increased from £50,000 to £85,000 for each person, per authorised firm. This will bring the UK savings guarantee into line with much of Europe.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £175,000). The £85,000 limit relates to the combined amount in all eligible depositor's accounts with the credit union, including their share of any joint account and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 0191 375 7677 or ask at your local branch, refer to the FSCS website or call 0800 678 1100.
