Get a Silver Saver

As part of our silver anniversary celebrations, we’re rewarding regular savers with a new, guaranteed 5% interest account – Silver Saver. New members also welcome!

  • Deposit up to £250/month during the account period: 1 February– 30 September 2024
  • Leave deposits in the account for the full account period   
  • Receive 5% AER interest upon maturity at the end of the account period

Note: minimum £10/month must also be deposited to your regular shares account. See details and FAQs below.

Apply now with Nivo

Good to know

This account may be suitable for you if:

  • You have funds available to save regularly
  • You are able to leave funds in an account without withdrawing them
  • You are keen to maximise the return on your regular savings

This account is not for you if:

  • You are likely to need to access your savings from time to time
  • You are likely to need to access your savings quickly

Please note, our membership terms and conditions have been updated to reflect the fact that this account will receive interest rather than a dividend.

Any questions?

The FAQs give more details and answers to some common questions about the account and how it works. Not already a member? There’s more information on joining the credit union here and you can join at the same time as applying for a Silver Saver account.

You can also contact us to discuss the Silver Saver Account in any of the way listed here:

Summary Box

Account nameThe Silver Saver: rewarding regular savers
Interest rateWhere you do not withdraw funds during the account period the interest rate is:   5% AER   Where one or more withdrawals are made during the account period you will receive:   The standard membership dividend, declared in January 2025
Can The Co-op Credit Union change the interest rateNo, the interest rate is fixed during the account period 1 February 2024 to 30 September 2024
What might my estimated balance be at the end of the account period?If you deposit the maximum amount you can in the account, your estimated balance with interest at the end of the account period would be:   £2,037.58   This assumes that you: Pay in £250 on the first day of each month, starting on 1 February 2024 Make no withdrawals during the period
How do I open and manage the account?To open a Silver Saver Account you must be a member of The Co-op Credit Union and accept our Membership Terms & Conditions:   Once a member – or alongside your membership application – you can submit an application to open a Silver Saver.  Your account will be opened for you once you have agreed to the product Terms & Conditions.
How much can I deposit?You may deposit a maximum of £250 per month into the Silver Saver and any additional funds will be automatically placed in your Regular Shares account. 
Can I withdraw from the account?In order to be eligible to receive your 5% AER interest you may not withdraw from the Silver Saver during the account period.  If you choose to withdraw, your account will be converted into a Special Shares account and balances will only be eligible to receive the standard membership dividend, declared in January 2025. 
How do I manage my account?Self-service, online withdrawals will not be permitted from the Silver Saver and you must contact us via our standard communication channels to request a withdrawal.  Upon a withdrawal request, we will remind you that doing so will forfeit your interest before processing the withdrawal.  This may delay withdrawals compared with online requests and you should be mindful of this when opening the account.   Our standard communication channels can be found here:
Additional informationUpon maturity on 30 September 2024, your funds, plus interest, will be placed into a Special Shares account.   For additional information about your rights and protections in relation to this account and your wider credit union membership, please see the Membership Terms & Conditions:

Silver Saver terms & conditions

  1. The Silver Saver is subject to The Co-op Credit Union’s overall membership terms and conditions and these product terms and conditions should be read in conjunction with them. 
  2. The Silver Saver does not attract a dividend.  Instead, an interest rate of 5% AER will be paid on balances based on the daily balance of the account between opening and maturity. 
  3. The Silver Saver is available from 1 February 2024 and will mature on 30 September 2024.  Upon maturity all balances, plus interest, will be transferred to a Special Shares account.
  4. The Co-op Credit Union reserves the right to close the Silver Saver to new accounts at any time.  In these circumstances all existing accounts will be maintained until the maturity date.
  5. Only a maximum of £250 may be deposited in the Silver Saver each month.  Any balances deposited above £250 will be placed in your Regular Shares account.
  6. The interest return on Silver Saver balances will only be paid where no withdrawals are made from the account during the time that it is open.  If any withdrawals are made from the account during the period, your interest return will be forfeited.  Instead your account will be converted into a Special Shares account and balances will attract the standard membership dividend, declared in January 2025.
  7. No self-service withdrawals will be allowed in respect of the Silver Saver.  In order to withdraw, you must contact the credit union team via any of the channels listed here on our website
  8. Upon receipt of a Silver Saver withdrawal request we will remind members that withdrawals forfeit your interest return and instead receive the membership dividend.  Only upon acceptance of this by a member will the withdrawal be processed.
  9. For all other matters relating to credit union membership please refer to the Membership Terms & Conditions. This includes the Financial Services Compensation Scheme, how to complain and how we use your data.