Savings

As a credit union, First for Money is committed to promoting positive financial awareness across our community, which includes promoting a responsible attitude toward savings.

When you have a savings account with us you are a member of the credit union, and your savings balance is known as ‘shares’. As a Credit Union after the financial year a decision is made to determine if we are in a position to pay a dividend on your shares which is recommended by the Board of Directors at the Annual General Meeting which all members are invited to attend.*

Your savings are completely secure as we are covered by the Financial Services Compensation Scheme (FSCS) which provides security for each member up to £85,000.

We encourage our members to build up a healthy savings balance and the longer you save, the more you will be able to borrow from us in the future, if you need to. We also promote special offers of a loyalty discount on loans for savers who have been with us for longer periods of time.

*Subject to the success of the credit union in that financial year. Please note, there is no guarantee a dividend will be paid out.

How do I save?

Once your savings account is open you can continue to save as much or as little as you like, whenever you like. Payments into your savings can be made by standing order, payroll deduction, benefit direct, pay point card or cash over the counter or one of our collection points.

We also offer Christmas savings accounts and holiday savings accounts to accommodate the needs of all our members. You may put a restriction on your savings account so that you cannot withdraw your money until the date agreed with the credit union.

We also offer a fixed term savings account at 1% per annum for deposits between £2,000 – £15,000 for an initial 12 month period. Fixed term savings accounts must not be allowed to fall below the £2,000 threshold if the account is to qualify for the interest payment.

In addition, we have a young savers account for people up to the age of 16-years-old – find out more here.

Can I withdraw my money?

You can withdraw money from your regular savings account at any time, but remember, a minimum of £5 must remain in your account at all times to keep it open. To make a withdrawal, choose one of the the following three options:

  1. As a Member you can email us and request a transfer. It is a same day transfer providing the request is received before 2pm and is received from an email account you have registered with us. Within the email you will need to state your membership number, bank sort code, account number and the amount you wish to have transferred – from a security perspective, we may call or text you on your registered telephone number to verify this transaction. Once we have received your request we will send an email acknowledgement and the funds will be transferred.
  2. You are also welcome to call into one of our offices to make a withdrawal during office opening hours. You will need your membership number, some form of I.D. and we will ask you to sign for your withdrawal. When you visit a branch you can request to have your savings withdrawal in the form of a cash, bank transfer, and where possible, a cheque.
  3. If you are unable to make it into one of our offices we offer third party withdrawal forms. Again we would require your membership number, as well as I.D. and a signature from the person you have requested to make your withdrawal. From a security perspective we may contact you on your registered phone number to verify the transaction.

Please contact us for further information on savings options available at First for Money.