Are you planning to buy your first home? Usually a 5% deposit or more is required when looking to buy a house, so getting into a regular savings habit will be essential to get you on your way. The home deposit fund allows you to make regular savings separate from your day to day savings with the credit union.
How it works
To set up a Home Deposit Fund ‘savings pot’ (in addition to your regular shares), simply contact us in any of the usual ways, quoting your account number, the name you’d like to give your savings pot, and the amount you would like to add to your savings pot each month and we’ll set this up for you. It will appear in your online account as a separate named account, so you can watch you dedicated savings balance grow.
- A minimum contribution of £10.00 a month to your savings pot is required in addition to the minimum £10.00 a month to your regular shares (main savings) account.
- Additional ad hoc/ lump sum payments can be made
- Funds held in all your credit union accounts combined are protected under the Financial Services Compensation Scheme up to £85,000.
- Dividend available at the same rate as the regular share account – subject to available funds at year end and approval by members present at the AGM.
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.