Why is Saving with a Credit Union better?
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with your credit union is an even better idea. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative. The credit union share is the most common form of saving in a credit union. To the credit union member it represents savings and continued membership of the credit union once the member has qualified as a member. Members are not issued share certificates denoting ownership of a share. A record of shares saved by a member is recorded in the members‘ passbook, and this is updated each time the member saves. The minimum number of shares required for membership is £10.The maximum amount a member may save in a credit union is the greater of £10,000 or 1.5% of the total share holdings of the credit union.
