Members of The Co-op Credit Union can enjoy easy, regular saving, from just £10 per month. Save for Christmas, holidays, or build your rainy day fund — straight from your salary for qualifying members or by Direct Debit or Recurring Card Payment.
Joining the credit union gives you a regular savings account into which you pay a minimum of £10 per month. You can also make one-off payments to boost your savings as often as you like. In addition, you can open a named ‘savings pot’ if you’d like to put additional money aside for a particular reason, like Christmas or holidays.
Managing your account is easy
How to manage your savings with us
Online Member Access: View & manage your savings at any time with online member access where you can request withdrawals (subject to any outstanding loan balance), make one off payments, or change the amount you save by sending us a secure message. Not registered yet? It’s easy to get started, just visit member access and click on ‘register’ to get your account online.
Nivo App: Send your request anytime via our secure and convenient messaging app, Nivo, and we’ll get back to you ASAP during office hours. Find out more or download Nivo now
Email: Members Access and Nivo are the quickest and most secure ways to get in touch. If you are unable to register for these services, you can contact us about your savings by email at credit.union@co-operativecreditunion.coop – please include your 8-digit membership number in any correspondence.
Savings Pots
Want to put aside a little extra each month for something special? Our named Savings Pots are an ideal way to motivate you as you watch your savings grow. You can chose from:
Christmas Saver, Wedding Saver, University Fund, Baby Fund, Home Deposit Fund, Car Fund, Holiday Fund, Special Saver.
To open a savings pot (in addition to saving a minimum of £10/month into your regular shares), simply contact us in any of the usual ways, quoting your 8-digit membership number, the name of the pot you want, and the amount you’d like to add to your savings pot each month and we’ll set this up for you. You can also make one-off payments by contacting us.
Saving FAQs
How does saving with the credit union work?
We ask all members to save at least £10 per month. If you work for one of our payroll partner employers such as The Co-op, you can save by payroll deduction. This is a really simple and easy way to get into a savings habit – just tell us how much you’d like to save and we’ll take care of the rest. After a couple of pay days you’ll be used to saving and the money will start to build up quickly.
If you don’t work for a partner employer, you can also save by Direct Debit or standing order. Let us know how you’d like to save and we’ll give you all the details of how to get started. Whichever way you choose, we do everything we can to take the pain out of saving.
All savings held in the credit union attract a dividend. The dividend rate is paid based on the credit union’s financial performance and market conditions. It is not agreed in advance, but proposed and voted on at the AGM every January. In 2022, the credit union paid 0.4%, in 2021, the credit union paid 0.25% and in 2020 we paid 1% . We always aim to pay as much as we can reasonably afford to.
Which employers are your payroll partners?
We have a number of employers that we work with to provide their employees with payroll deduction facilities to make managing your money as easy as possible. The employers we have these facilities with are:
The Co-op Group
The Co-op Academies Trust
MidCounties Co-op
Southern Co-op
The Co-operative Bank
2 Sisters Food Group
Usdaw
Co-ops UK
The Association of British Credit Unions Limited
Charities Aid Foundation
If you don’t work for one of these employers, you can still save and borrow with the credit union and we have a number of options for making payments:
Direct Debit – collected on the first of every month, or the next working day thereafter if the first falls on a weekend or bank holiday
Standing Order – gives you flexibility as you can pay on a date that suits you and change the amount you pay directly with your bank
Child Benefit – we allow parent members to pay their Child Benefit directly into their credit union account, this gives you the option to borrow using the Family Loan as well as saving.
Can I have more than one savings account?
Yes. All members have a Regular Share account which is their main membership savings account. This is where most members keep their savings. You must save a minimum of £10/month into your regular shares. However, if you want to put money aside for a particular reason, we can create additional "Saving Pots” for you. We can give these names referring to the particular saving reason, as follows:
We can work with you to set up your savings contributions into each account according to your priorities.
When you have a loan, your Regular Shares account is always tied to the loan so that your savings are not available to withdraw while you have a loan balance greater than your savings balance. However, with a "Savings Pot" alongside your Regular Shares, you can add to your savings pot with the ability to access them when you need to.
How do I make a payment into my savings account?
If you work for one of our payroll partner employers such as The Co-op, you can save by payroll deduction. This is a really simple and easy way to get into a savings habit – just tell us how much you’d like to save and we’ll take care of the rest. After a couple of pay days you’ll be used to saving and the money will start to build up quickly.
If you don’t work for a partner employer, you can also save by Direct Debit, standing order or using your Child Benefit. Let us know how you’d like to use and we’ll give you all the details of how to get started. Whichever way you choose, we do everything we can to take the pain out of saving.
If you wish to make any changes to the amount you save each month, simply get in touch to let us know. Please note, you must save a minimum of £10/month into your regular shares (savings).
As well as your regular saving amount, you can always add to your savings account with extra one-off payments made to our bank account. Simply contact us and ask for the bank account details to make your payment.
Members Access and our secure messaging app, Nivo are the quickest and most secure ways to get in touch. If you are unable to register for these services, you can also contact us about your savings by email at credit.union@co-operativecreditunion.coop – please include your 8-digit membership number in any email correspondence.
Any other questions?
If there’s anything else you’d like to know about saving with us, setting up a savings pot or any other aspect of membership, our friendly team will be happy to help. Here’s how to get in touch.
Good to know: funds held in all your credit union accounts combined are protected under the Financial Services Compensation Scheme up to £85,000. Visit fscs.org.uk for full details.
Save from as little as £2.50 per week
Payroll deductions make saving easy
No hidden charges or fees on any transactions
Confidentiality is respected at all times
Depending on reserves, shares are eligible for an annual dividend