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 five types of savings account for adults
and two for children
All adult savings receive the same dividend (0.25% in 2014-15). Our Cash ISA currently receives 1.2% AER whilst all children's savings receive annual interest of currently 1.9%.
We charge an annual membership fee of £2, payable when you join, and then deducted from your Share Account at the end of September from your second year of membership. The minimum to open a Share Account and become a member is £5;-£2 membership fee and £3 into savings.The current maximum shareholding per member allowed under our current rules is £22,000 (from April 2016)
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. Click here for details
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 Gateway office or 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 Faster Payment direct into your bank account if you prefer.
If you need instant access, ask us for a pre paid debit card or register your bank account with us. You can then call, or e mail us and the money will be transferred the same day.
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.