Savings

Start saving with your local Credit Union today - You will soon see the £££'s add up!

By becoming a member, you open up a savings account - also known as a 'Share 1'. They're called a Share account because joining means you also own a share of the Credit Union-  giving you a right to attend and vote in our annual AGM.

You can open up to four Share accounts, and one for Christmas; Share 1, Share 2, Share 3, Share 4 and Christmas Share.

Many of our members use the different shares for different savings goals.

Features:

  • Minimum balance of £1 to retain your membership / share in the Credit Union 

  • Instant access to your savings (subject to no outstanding loan balance)

  • Withdrawals - by bank transfer, cash, cheque or transfers to other members

  • Deposits - by bank transfer, cash, cheque, Standing Order, payroll deduction, or transfers from other members

  • Dividend - paid annually in November (2019 - 0.75%)

  • Life and Loan Insurance included with membership

How to apply

You can apply for membership online, at a branch, or over the telephone.

Online

Complete our online joining form

In-branch

1. Provide two forms of identification

2. Complete a membership application form

 

Telephone

Speak to our friendly team on 01554 770867

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Frequently asked questions

Who can become a member of SaveEasy?

Anyone aged 16 or over and living or working within our common bond; Carmarthenshire, Pembrokeshire, Ceredigion and West Glamorgan.

Are there any fees?

There is a one off £1 administration charge payable. 

Is there a maximum savings balance?

Savings are protected up to £85,000. Balances are also limited to this amount.

Can I deposit bags of change into my savings?

Of course! Your change is very welcome.

Can I pay my income / benefits to my savings?

Yes. Your Credit Union Share accounts can be used to receive income payments such as wages or benefits. We also offer a debit card through Engage to fully support your banking needs.

Can I open more than one savings account?

Absolutely! You can hold up to four share accounts plus a Christmas share. Why not split your savings into different goals?

How can I withdraw money?

If you have set up authorisation to transfer funds by faster payment to a designated bank account, you may request this in-branch or by telephone. You can also withdraw cash in-branch or request a cheque made payable to yourself or a third party.

What interest or dividend is payable?

We pay a yearly dividend although the rate of dividend is not guaranteed. The final dividend paid may vary and it is possible that no dividend is paid at all. The dividend rate is proposed by the Board of Directors and voted on by the members at the Annual General Meeting (AGM). Dividend is based on the balances held in the account throughout the year.

Do I have to pay tax on my dividends?

Dividends are paid gross so it is your responsibility to declare the income to the tax authorities if you are a taxpayer.

Do I need to make regular deposits to keep the account open?

If you make no deposits on your account for 6 months or more, the Credit Union may declare your account dormant in accordance with membership terms and conditions. No dividend will be paid on dormant accounts.

How do I close my account?

To close your account please telephone or visit your nearest branch.

Llanelli & District Credit Union Ltd T/A SaveEasy is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority FRN: 213676. Members savings protected by the Financial Services Compensation Scheme.

Members of the Financial Ombudsman Scheme.