Why Open a Savings Account?
Secure your financial future with our savings account—start growing your savings today with no monthly fees
Savings
Our goal is to motivate members to save regularly. Members can save for specific items or events, as well as to prepare for unexpected expenses. Faughanvale Credit Union offers the following savings accounts:
- Shares
- Easy shares
- Christmas savings
The maximum savings balance permitted in Faughanvale Credit Union is £15,000, across all your savings accounts.
Please note that different limits may apply to each specific savings account. Contact the office for the exact limits for each account.
Dividend on savings
We pay an attractive dividend on savings each year.
Deposits can be made in the following ways:
- Over the counter in the office
- Over the phone by debit card
- Online via our website
- By direct debit.
Payments can be distributed among multiple accounts; for instance, deposits can be distributed between a member’s shares, loans, or other family members accounts, from a single direct debit payment.
Withdrawals can be made in the office in person, or online if the member has registered their account on our website.
A member who has no loan may withdraw part or all of his/her savings at any time. When a member is granted a loan in excess of the amount of savings at that time, a portion of their savings become pledged and may not be withdrawn. Any balance in excess of the loan amount may be withdrawn from time to time. Withdrawing savings may affect future loan applications as the amount saved creates a credit pattern and determines the ability of the member to repay their loan commitment.
