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Shares (Savings)
Our aim is to encourage members to save regularly with no minimum amount after account opening. Members can save towards a particular item or event but also to cover against the unexpected. Members can choose to save in the office, by paying over the phone, by standing order or direct debit. Direct debit payments can be allocated to several accounts, for example, lodgements can be divided between a member's shares, loan, spouse and children's accounts from one direct debit payment. The maximum amount of cash that can be withdrawn is £2000 per transaction. Any amount greater than this must be paid to a UK bank account in the name of the member.
The maximum savings that can be held in Waterside Credit Union is £25,000.
The Credit Union provides Life Savings Insurance cover on the savings of eligible members. Click here to find out more.
All members are encouraged to complete a Nomination of Beneficiary Form. Click here to find out more.
Withdrawals
Request for withdrawals can be made in the office or online. Members who place a request to withdraw funds online will be contacted by phone to verify the bank account details.When a member is granted a loan in excess of the amount of savings at that time, those savings become pledged and may not be withdrawn. However, any additional funds which have been saved after the loan has been issued may be withdrawn.
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