Savings
Saving Account
Save as little or as much as you like either weekly, fortnightly or monthly. Your savings are often referred to as shares. All members are required to hold a minimum of £5 in shares(savings).
You can pay into your account in the following ways:
- through your wages by payroll savings
- set up a standing order form through your bank account
- through your debit card using CHIP & PIN (over the telephone)
Benefits of saving with Caledonian CU
Peace of mind that your savings are secure. Online and mobile account access
No hidden charges or transaction fees
Easy access to savings with withdrawals on demand, unless savings are pledged against a loan
Save through your Salary - Payroll Saving
We are covered by the Financial Services Compensation Scheme (FSCS).
The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations.
Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts, each account holder is treated as having a claim in respect of their shares so, for a joint account held by two eligible depositors, the maximum that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account. For further information about the scheme (including the amounts covered and the eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk, or call 08006781100.
You can save up to £44,000 in your credit union account. This figure may change from year to year. Members will be notified of any changes.
Many local employees can now save directly from their salaries into a credit union account through payroll saving. You just authorise us to instruct the deduction and you'll see your savings grow.
If you work for a locally based employer and would like to save in this method, please contact us and we will make arrangements to speak to your employer.
You may receive a dividend on your savings but the credit union cannot guarantee this. If a dividend is payable this will be added to your account following the AGM.
You can withdraw your shares (savings) in 3 ways:
- You can register for online banking (click here) and transfer funds from your savings account to any external bank account of your choice. No Fees apply.
- Complete a Share Withdrawal Application. Please click on the link below.
- Collect a form from our office in Almondbank Centre, Craigshill, Livingston and complete a Share Withdrawal Application.
N.B. You should allow up to 5 working days for a share withdrawal to be processed. Please remember that some of your savings may act as security on any outstanding loans - where this is the case you will be unable to withdraw savings below this limit; these are referred to as attached shares - the office staff will confirm this with you upon request.
We can pay your withdrawal by cheque or by immediate payment directly into your bank account.
The Cash tray account - if you stop smoking you can start saving for what you really want.
An average smoker spends £125 a month on tobacco although some The Cash tray account - if you stop smoking you can start saving for what you really want.
An average smoker spends £125 a month on tobacco although some spend much more.
Put your money into our new cash tray account instead and you can save for a holiday, a new sofa, a car, a whole new wardrobe, a wedding, Christmas... you decide.
We'll help you set your savings goal with free stop smoking help available too.
A PACKET OF CIGARETTES A DAY COSTS OVER £2000 A YEAR. NO WONDER MOST SMOKERS SAY THAT THEY WANT TO STOP.
You may or may not feel confident about stopping smoking but tens of thousands of Scots do it every year and many find it easier than they think. With the Cash tray account, you can put aside some of the money you're not spending on tobacco - and it comes with the offer of free support to help you along.
GET IN TOUCH TO SET A SAVINGS GOAL - WHAT YOU''RE SAVING FOR AND HOW MUCH YOU WANT TO SAVE PER WEEK OR MONTH - AND A DATE FOR STOPPING SMOKING.
Call us on 01506 436666 or drop into Caledonian Credit Union Unit 6, Almondbank Centre, Livingston EH54 5EH.
How do I become a member?
If you live or work in West Lothian, to become a member of Caledonian Credit Union could not be easier. Simply click here and just follow the instructions. (please have your national insurance number and debit card to hand).
Alternatively, please call us on 01506 436666, or download the membership application below and post to our office at Unit 6 Almondbank Centre, Craigshill, Livingston EH54 5EH with 2 forms of identification (these can be copies and further verification will be made later).
