©Hatfield Credit Union 2007-8
Member of the Association of British Credit Unions Limited (ABCUL).
Hatfield Credit Union Limited is authorised and regulated by the Financial Services Authority (FRN 213747)
Saving
at hatfield credit union ltd
Telephone: 01707 269239
safe
secure future
annual dividend
easy to arrange
secure future
annual dividend
easy to arrange
£2 Joining fee
then only £1 to open your account
Choice of collection points and times
Other payment options available.
No set up charges
Free life assurance on savings made up to age 70 up to £5,000
then only £1 to open your account
Choice of collection points and times
Other payment options available.
No set up charges
Free life assurance on savings made up to age 70 up to £5,000
Separate spare cash from everyday spending
Yes, it is a condition of membership. We use these savings to provide loans to other credit union members and to improve the services.
There is no fixed amount because people’s incomes differ – but the regular habit of saving is encouraged. Savings give peace of mind and security for the future.
What is the most I can save in HCU?
By law the maximum amount that any one member can accumulate in HCU is £10,000, but most members set their own individual targets. The first £200 is always the most difficult to save.
Can savings be withdrawn?
Providing you don’t have any outstanding loan repayments, savings can be withdrawn with a week’s notice. It is always more difficult to replace those savings and it may be advisable to borrow the amount required than to withdraw savings. Experience has shown that people repay their loans quicker than they would replace their savings.
Do savings gain interest?
After putting money into the Reserve Fund and paying legitimate expenses the rest of the profit goes back to the members in the form of ‘dividends’. By law a credit union can pay up to 8% dividend. HCU decides the amount each year at the Annual General Meeting to which all members are invited.
Are my savings safe?
YES! HCU belongs to the Financial Services Compensation Scheme which protects deposits in the event of insolvency. Under the scheme, all of your savings with the credit union are protected.
Do all members save?
How much would I need to save?
Put a little money aside for the future!