Savings

The Membership Savings Account

The Membership Account is our main savings account and all Credit Union members must have one. Through the Membership Account you get access to all our great loan products.

Saving with your Credit Union is simple and straightforward with many of our members able to make their payments directly from their salary. If salary deduction is not available to you, payments can be made through direct debit.

You can find out what payment method is available to you here

Features of The Membership Savings Account

• Start from only £10 per pay/month
• Save up to £50,000
• Comes with Life Insurance at no cost to you (T & Cs apply)
• Deposits by salary deduction or direct debit
• Dividend return on your savings
• Covered by Financial Services Compensation Scheme
• Instant Access (subject to any borrowing)

How Much Can I Save?

If you are paying by salary deduction you must save a minimum of £10 each pay day or if paying by direct debit £10 each month, thereafter the following savings limits apply.

Maximum monthly / 4 weekly

All members

£1000.00

You can find more information such as dividend returns, making a lump sum deposit and withdrawing funds from your account in our frequently asked questions page. If the answer to your question is not there get in touch on 0141 771 1314 and choose option 2 or email at info@scottishpolicecu.co.uk and our Customer Care team will be happy to help.

If you are ready to join thousands of your colleagues and their families saving and borrowing with their Credit Union just choose one of the following 3 options:

• Click the big orange button on the right and you can complete and submit the application form online now.
• If you prefer to complete a paper form you can download an application form here. Complete and return the form to 165 Baillieston Road, Glasgow, G32 OTN.
• Alternatively you can contact us on 0141 771 1314 (option 2) or email info@scottishpolicecu.co.uk and request a form to be sent to you for completion.

Family Membership

One of the great things about your Credit Union is that all your immediate family residing at your home address can be members too.

So, if you are still living at home, why not encourage your parents or brothers and sisters to join as well. Or perhaps you have your own family now, then get your spouse/partner and children to join too.

All family members can make payments either through their qualifying members payroll deduction (if available) or by direct debit and, if over 18, are eligible to take advantage of the great loan products we offer.

Features of your Family Membership Account

• Start from only £10 per pay/month
• Save up to £50,000
• Comes with Life Insurance at no cost to you (T & Cs apply)
• Deposits by salary deduction or direct debit
• Dividend return on your savings
• Covered by Financial Services Compensation Scheme
• Instant Access (subject to any borrowing)

How Much Can I Save?

You must save a minimum of £10 each month, thereafter the following savings limits apply.

Maximum monthly / 4 weekly

All members

£1000.00

You can find more information such as dividend returns, making a lump sum deposit and withdrawing funds from your account in our frequently asked questions page. If the answer to your question is not there get in touch on 0141 771 1314 and choose option 2 or email at info@scottishpolicecu.co.uk and our Customer Care team will be happy to help.

Applying for family membership

Unfortunately we cannot process Family Memberships online however you still have 2 simple options available:

• You can complete a paper form by downloading a family membership application form here. (link to Family Membership application download) Complete and return the form to 165 Baillieston Road, Glasgow, G32 OTN (Some additional paperwork is required for a family membership, please read the guidance notes on how to complete your form) or;
• Alternatively you can contact us on 0141 771 1314 or email info@scottishpolicecu.co.uk and request a form to be sent to you for completion

SuperSaver

An additional savings account ideal for members who may wish to save for a specific purpose such as Christmas, holiday spending money or special event.

You can save from as little as £10 to as much as £200 per month/4 weeks. You are also permitted to deposit a lump sum up to the value of £200 in any 12 month period.

Features of your SuperSaver Account

• Only Available to existing members
• Save between £10 and £200 per pay / monthly (maximum savings limits apply)
• SuperSaver monies are not "tied up" with any loan you have outstanding, so you are free to withdraw these savings 4 times a year (from the date of the 1st withdrawal).
• Savings available even if you have a loan with us
• Save up to £5,000 (1 years’ worth of payments will be returned if you exceed this limit)
• Comes with Life Insurance at no cost to you (T & Cs apply)
• Deposits by salary deduction or direct debit
• Covered by Financial Services Compensation Scheme

Please note however you cannot exceed the maximum savings limits as set out in the table below.

Example - You can save up to £1,000 per month between all your savings accounts. E.G. You could save £400 to your main Savings Account and £200 to your SuperSaver Account. This gives a total of £600 savings per month which falls within the £1,000 per month maximum allowed.

Maximum monthly/ 4 weekly deposit

For Membership Savings Accounts	£1000.00
For SuperSaver Accounts	£200*

*Note that this sum will form part of the £1,000 monthly limit, allowed for savings accounts.

To open a SuperSaver account, just click the relevant button below to download and print the corresponding form. It is important that you read the Terms & Conditions accompanying the application before submitting your form and completed forms should be returned to 165 Baillieston Road, Glasgow, G32 0TN.

Serving or retired police employee Family member

If you have any questions please contact our Customer care team on 0141 771 1314 (option 2) or email info@scottishpolicecu.co.uk.

Kidzplus Savings Account

The Kidzplus Account is our Junior Savers Account . The account is open to the children of existing qualifying members who must reside at the home address of the member opening the account and members of the Police Scotland Youth Volunteers aged under 16 years of age.

For children of Existing Members

For children under the age of 10 the account will be held in trust. Upon reaching 10 the child may wish to have the account in their own name and upon reaching the age of 16 will be automatically transferred to full family membership status. Please not Credit Union Family membership account holders are not eligible to act as a trustee.

For Police Scotland Youth Volunteers

Police Scotland Youth volunteers under the age of 16 years of age are able to open an account in their own name and will transfer automatically to full membership status upon reaching the age of 16 years old.

We require proof of identity and address for each child when opening a Kidzplus Account.

Acceptable documents for this purpose include:

Identity

• Birth Certificate
• Passport
• NHS Medical Card

Residence

• Bank, credit union or buildng society passbook or statement (in the name of the child)
• Confirmation letter from school or doctor (address and name of child must be clearly shown)
• NHS Medical Card ( if not used for ID)
• Child benefit or tax credit notification letter

Features of the account

• There is no minimum saving amount or requirement to save on a regular monthly basis, however we would recommend paying at least £1 whenever a deposit is made.
• If you would prefer to make regular monthly payments this can be done through your salary deduction if available or by Direct Debit.
• Payments can be changed at any time by completing the appropriate payment mandate.
• The maximum balance allowed to be held in the Kidzplus account is £5,000.
• Deposits methods include cheques payable to Scottish Police Credit Union Ltd, paying by debit/credit card (charges may apply) or by bank transfer.
• The Kidzplus Account currently attracts an interest rate of 1.8% (variable). Please note interest is paid gross of tax and any tax liability is the responsibility of the member.

Applying for a Kidzplus Account

If you would like to open a Kidzplus Account you can download an application form here.

Alternatively, contact us on 0141 771 1314 or email info@scottishpolicecu.co.uk to request an application form.

The Maximum Savings Amount

All members can save up to £50,000 in their main accounts and remember your money is completely safe, as its covered by the Governments FSCS scheme (see below for more details).

FSCS and Cancellation Rights

Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) protects all eligible deposits with the Credit Union up to a total of £85,000 per individual and ensures that should Scottish Police Credit Union be unable to meet its financial obligations your savings are protected.

It is important that before applying for an account you understand what this means for you. An information booklet is available for you to read here.

Cancellation rights

Under the Distance Marketing Directive, you have the right to cancel your membership within 14 days of signing your application form, provided there has been no face to face contact with an authorised representative of the Credit Union regarding membership.

Should you wish to exercise this right to cancel, you can do so by writing to 165 Baillieston Road, Glasgow, G32 0TN. We will refund any funds we have received from you under the terms of your membership application.