Saving money can provide important benefits - no matter how much or how little money you have. Making a commitment towards saving allows us to work towards our financial goals and gives us peace of mind should an emergency arise.
Whether you're saving for something special in the future, for Christmas or just for a rainy day, saving regularly is a good idea.At Smart Money Credit Union we offer many of the services provided by banks and building societies but the difference is – you’re in control.
Our aim at Smart Money Credit Union is to encourage members to save on a regular basis, even if only a small amount each week or month. We recommend a minimum of £1 a week or £5 a month to get you started.
We offer a selection of different savings accounts:
Basic Saver Account (Adults & Juniors)
This is our standard account that most members choose. It is a straightforward savings account where you can save regular amounts, make one-off payments and there are no restrictions on withdrawals.
Christmas Saver Account
This account allows you to save throughout the year to help spread the cost of Christmas. With this account you can save regular amounts or make one-off payments.
Multiple Accounts
We also offer a facility that will allow members to use different savings accounts at the same time, i.e. savers can have one accounts for holidays, another for a rainy day and another for Christmas.
What will I get back?
Savers benefit from an annual dividend paid on their savings. The amount of dividend will vary year by year as it is based on any operating profit the credit union makes in the financial year (ending 30 September).
We cannot say in advance what the dividend will be for the current financial year. At the Annual General Meeting, the Board of Directors makes a recommendation to members about the proposed level of dividend and members vote on this. The agreed dividend is then credited automatically to member accounts shortly after the AGM.
How do I make payments?
There are a number of ways you can make regular and one-off payments to your accounts with us.
- Standing Order - Pay directly into your credit union account by standing order from your bank or building society. Most banks will accept instructions to pay us on a weekly or monthly basis. To set up a regular payment you need to complete a Standing Order Instruction. Send the completed form to us and we will record the details and forward it to your bank. Most banks need a minimum of two weeks from receiving the instruction to making the first payment.
- Payroll Deduction - A number of local employers, including United Welsh housing association, offer their employees the facility to make payments to Smart Money Credit Union by making deductions directly from their pay. The employer then passes these payments to us electronically soon after pay day.
Withdrawals
Withdrawing savings: The Credit Union requests 7 days notice to process savings withdrawal requests. To request a savings withdrawal you will need to complete a Share Withdrawal Form.