We can help you save
When you join Gateway, we ask you to save regularly, even if it is only a few pounds a week or month. We know that it can sometimes be difficult to save and we try to make it as easy and convenient for you as we can. If you are not sure which account or payment method would suit you, please give us a call or drop in for a chat. We rely on our members savings to be able to give loans; we don't borrow on the money markets or take risks with your savings. We also know that our members appreciate the peace of mind that comes from having savings, often for the first time.
If you're fortunate enough to have savings already why not place some of it with Gateway Credit Union? Your money will be accessible, 100% safe, earn a dividend and include free life insurance. Plus your savings will be put to good use in the local community by being loaned to fellow members.
We currently have three types of savings account for adults and two for children. All adult savings receive the same dividend (1% in 2009-10) and life insurance, while all children's savings receive annual interest, currently 3%.
Our Share Account is the straightforward savings account, held by almost all our members. Save as much or as little as you choose, and withdraw whenever you like. Ideal for starting to save, or for 'rainy day' money. - for full details click here
Our Christmas Savings Account is a popular way to save for the festive season. Save through the year, and withdraw your money as a cheque or cash to do your Christmas shopping. The money is locked in until November so you can't be tempted to dip into it during the year. - for more details click here
If you are saving for a particular purpose, why not set up a Special Events Account? You choose the terms for this account, lock it, leave it open or set yourself a target, just as you wish. Ideal for saving for a wedding, a special holiday, or even to leave a sum in your will. -for more details click here.
Our Young Saver Account is suitable from birth until age 16. Anyone can pay in and we operate School Savings Clubs in several local schools. - for more details click here
We are Child Trust Fund providers and can accept your Child Trust Fund voucher. Family and friends can then pay into the account, which is held until the child reaches 18. We also accept Child Trust Fund transfers from other providers. - for more details click here
We have lots of convenient ways to pay into your savings or loan account. You can use any or all of them, whatever suits you best.
- Cash at any collection point or Gateway office, or at any Torfaen Council cash office
- Cheque at any collection point or by post
- Postal order at any collection point or by post.
- PayPoint card for cash sums over £10 - call us to request a card.
- Standing Order using this form and these details
- Direct deduction from your pay with participating employers
- Have one of your benefits paid directly to the credit union using this form
- One off electronic payment from your bank account using these details
Withdrawing money. We don't offer a cashcard as lots of our members prefer to avoid the temptation of access to their savings. When you want to take money out, we ask for a signed withdrawal form. We will then issue you a cheque by return of post, or arrange for you to pick it up at your local Collection Point. We can arrange for you to cash the cheque if you wish (up to £500 at a post office or at a Co-operative Bank branch for larger amounts), or we will make a BACS payment direct into your bank account if you prefer. We are also happy to send payments to a third party, for instance if you need a cheque made out to pay a bill or pay for your holiday. So it takes a few days to get your money, unless you call into our offices.
Keeping track of your savings. When you open an account we will issue you a passbook. We will normally send you an annual statement, but you can request a statement at any time, or set up a PIN to see your account online. Most of our members also use their passbook to keep track of their cash payments.
For more information on Dividends click here
For more information on our Free Life Insurance click here
For more information on why your money is 100% safe, click here
