Saving with us
The main aim of the credit union is to encourage its members in the habit of regular savings, and to allow members to be able to borrow cheaply, safely, and affordably. To do this we need regular savers as well as well as borrowers.
Even if you never need a loan - investing part of your savings safely with First Dorset Credit Union will help us to help others in your community.
If the Credit Union makes surplus an annual dividend (approved at the AGM) is paid into all adult savings accounts. Junior savings accounts receive a competitive annual interest payment decided by the board.
Your money is safe with us
The Credit Union is a member of the Association of British Credit Unions Limited and is regulated by the Financial Services Authority. These legal requirements are very strict - just as strict as they are for a High Street bank.
All savings including Christmas savings accounts are protected by the FSA's compensation scheme (see HOME Page under 'SAFE').
Your financial affairs will be treated in strict confidence.
Ways to Save
There are four different adult savings accounts for you to choose from (see below) - you will be paid an annual dividend based on your savings in each account that you hold. You can pay any amount into your savings account(s) whenever you like – deposits in cash or by cheque can be paid into your local service point (cheques should be made out to First Dorset Credit Union Ltd or to yourself). We can also accept deposits by standing order, BACS transfer, or payroll deductions if your employer participates in this scheme.
You can download the Standing Order Form by clicking on the link. You will need the Adobe Acrobat Reader to view and print this form, you can download it from the official Adobe website
Standard Savings (No 1) Account
All members must have this basic savings account, used for long-term savings which build up over time. Withdrawals from this account require notice, and may be restricted if you have an outstanding loan.
Special Savings (No 2) Account
This account is especially useful for members without bank accounts, because it gives you easy access to your savings. Up to £50 can be withdrawn without notice from your local service point (depending on cash availability). Many members use this account to receive their benefit payments.
Christmas Savings (No 3) Account
Perfect for spreading the cost of Christmas. Save a little regularly or whenever you can – these savings are paid out to you automatically at the end of November each year.
Associate Savings (No 4) Account
This account is specially designed for those members wishing to make one-off, long-term deposits which will enable the credit union to provide loans to more members in need of financial support.
Young Savers
Saving is a good habit to start early in life! Under-16s are encouraged to join our Young Savers' Scheme – many parent members start these accounts for their children. We pay interest annually on these accounts at a rate normally higher than the adult annual dividend.