Saving Money

Saving Money

Gateway Credit Union is an FSA licensed deposit taker. (ref 214010)

Gateway Credit Union encourages members to develop a regular pattern of saving to build a reserve which they may then use for any purpose.
Without savings Gateway Credit Union could not function. These savings create the pool of money that can be borrowed by other members.
Saving money can be difficult on a limited income but regular small savings can accumulate to large amounts in a surprisingly short period of time.
We always try to encourage members to save as much as they can afford for those unforseen problems.

We currently have four types of savings account.

1. Regular Savings account - for full details click here

2. Christmas Savings account - for more details click here

3. Junior saver account - for more details click here

4. Child Trust Fund account - for more details click here

Return on Savings

The amount of dividend we can pay (if any) depends on the financial success of Gateway credit union; how much we transfer to reserves and how much we invest in services and spend on running the credit union.
The Board of Directors recommends a dividend to members at the Annual General Meeting. Members can decide to approve the recommendation, to approve a lower amount, or to pay no dividend at all.
We do not deduct tax on dividends paid, and it is members' responsibility to ensure that they pay any tax due.

Members can withdraw their shares (savings) at any time, so long as there is no loan secured against them.  However, members are encouraged to leave their savings balance intact so that their savings;

  *  Continue to earn a dividend
  *  Continue to benefit from the free Life Savings Insurance Protection
  *  Continue to maintain their credit worthiness and capacity to borrow

Thus, it may be wiser for you not to withdraw your savings, but instead to take out a loan with repayments suited to your financial circumstances.

A savings deposit can be made at head office or at any collection point.

Important information about compensation arrangements
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 £50,000. 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 £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the 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 ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.