Attached Savings Account
We require that everybody who borrows from us must also save a small regular amount into their Attached Savings account.
We insist on this for two reasons:
- Savings are a very good thing to have, but not all of our members save, so we unashamedly use any means to encourage this!
- Credit unions use members savings to lend to other members, so we will only grow if our savings grow. This is each borrower's contribution to that growth.
The current payment amounts are:
- £50 - £499 loan either £1.00 per week or £5.00 per month
- £500 - £2,999 loan either £2.00 per week or £10 per month
- £3,000 - £10,000 loan either £3.00 per week or £15 per month
Please note that Attached Savings can only be accessed once the loan has been repaid. You can then choose to withdraw your savings, leave them as a nest egg or use them to access a cheaper secured loan.