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Savings in a credit union are known as shares and these share savings are the working capital of the credit union.

Members of credit unions pool their savings which then provides a pool of funds from which loans are made.

Depending on the surplus made by the credit union there may be a dividend paid on members shares.

Regular savings with your credit union can help you to build up a substantial savings account.

The table below shows how your savings can accumulate.

YEARS

£2 p/wk

£5 p/wk

£10 p/wk

£20 p/wk

£25 p/wk

1

104

260

520

1040

1300

2

208

520

1040

2080

2600

3

312

720

1560

3120

3900

4

416

1040

2080

4160

5200

5

520

1300

2600

5200

6500

At no expense to the member the credit union opt into the UKCU Death Benefit Scheme

which may in the event of the death of a member pay a bonus on the share level.

 

Savings in the credit union have the protection of the FSCS meaning in the unlikely event the credit union ceases to trade all members would get a full refund on their savings.