NEFirst Credit Union Savings

SavingsAt NEFirst we encourage our members to save because regular saving ensures you are working towards making better use of your money. You can open a savings account by post, in person at one of our offices or at one of our regular collection points.

You can pay into your savings by cash or cheque, over the counter at any of our offices; using PayPoint at many local shops and garages; by standing order from your bank; or through payroll deductions with some employers.

Your money is in secure hands with us. We are authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) and members’ savings are protected by the Financial Services Compensation Scheme (up to £85,000).

Everyone who saves with NEFirst is a member of the Credit Union, a part owner of the organisation. Members receive a share of our annual profits, known as a dividend, which is paid annually based on each member’s average level of savings.

fscsYou can withdraw money from your savings account at anytime. However, we encourage members to maintain a healthy savings balance, and if you have a loan you will not be able to withdraw your savings below the minimum level agreed when the loan was approved.


LIFE SAVINGS PROTECTION

A cash benefit on your savings
Leave your loved ones a cash lump sum when you die, with Life Savings Protection*

Saving with your Credit Union really does add up as it includes the additional benefit of Life Savings Protection, which can be a real financial comfort to your loved ones should you die.

At a difficult time, a lump sum on bereavement can be a real help. It could help towards funeral costs or could be left as a legacy for your loved ones. Of course, it won’t take away the pain but it’ll certainly help with the financial strain of bereavement. Additional peace of mind for your family is just another benefit of being a Credit Union member.

As a Credit Union member, you’re not only saving for your own future, but also for that of your family. With the added benefit of Life Savings Protection, your nest egg can also provide a legacy to help your loved ones cope financially in the event of your death.

* Subject to terms and conditions. Cover limits and certain restrictions apply based on savings balance and on age at death or age when savings were made. Individual limits and restrictions may also vary over time. Please ask at your Credit Union for more details about Life Savings Protection.

Life Savings Protection is underwritten by Sterling Life Limited.
Sterling Life Limited is authorised by the Prudential Regulation Authority and regulated by Financial Conduct Authority and Prudential Regulation Authority.

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Important Information about compensation arrangements:

NEFirst Credit Union is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 0330 055 3666 or ask at your local Service Point.
Alternatively you may refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.

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