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Crownsavers Savings
Lewisham Employees Credit Union ( Crownsavers) is a FSA licensed deposit taker
Credit Unions are mutual organisations-members savings are pooled to provide the resources for lending to other members.
Our members are entitled to the same level of protection similar to the banks and building societies in the UK.
Saving plays a major part in the concept of credit unions and we at Crownsavers aim to make saving smooth and rewarding.
You get...
- Easy access with no notice or penalty on any transactions
- Simple saving through payroll deduction or standing order
- Save as little or as much as you can afford
- Life cover on your savings at no extra cose up to the age of 65 ( conditions apply )
- Minimum balance only £10
- Maximum shareholding with crownsavers £15,000
- Dividend paid annually gross
- Entitlement to apply for loans
- Confidentiality is respected at all times
- Credit Unions are mutual organisations-members savings are pooled to provide the resources for lending to other members
The ability and capacity to save money for the short of long term is an important step on the path to establishing financial well being and to building assets.
The credit union helps you by encouraging the habit of saving. If you develop the habit of putting some money aside in the credit union on a regular basis, saving will be less difficult
| Amount Saved | £10 | £15 | £30 | £40 | £50 |
| Year 1 | £120 | £180 | £360 | £480 | £600 |
| Year 2 | £240 | £360 | £720 | £960 | £1200 |
| Year 3 | £360 | £540 | £1080 | £1400 | £1800 |
| Year 4 | £480 | £720 | £1440 | £1920 | £2400 |
| Year 5 | £500 | £900 | £1800 | £2400 | £3000 |
Savings are used to make loans to members. The interest from loans is used to pay expenses, to build up reserves (capital) and the remainder may be returned to the members by way of dividend.
Many credit union members are less interested in the amount of dividend than in the many other benefits.
Types of saving accounts available to you.
- Main savings account – loans based and calculated on this account
- Christmas savings
- Holiday savings
- Junior savings
Call us on 020 8134 8855for further details.
Free life savings insurance
What is Free Life Savings?
Credit unions uniquely insure your savings with Life Savings insurance at no cost to you. This means that should the unthinkable happen, your designated beneficiary will receive your savings plus the insured amount up to a maximum of £10,000,
What Does Life Savings Cover?
Your life savings insurance will cover up to 100% of your savings amount, to age 65 and up to a maximum of £10,000, meaning that should you die, we will match 100% of your savings and pay this amount to your chosen beneficiary. Between ages 65 and 80, we will match 25% of your new savings deposits while still protecting 100% of any deposits made before age 65 and not withdrawn.
When does Life Savings Not Apply?
Any new deposits are subject to a six month Pre-existing Condition Limitation. This means that should you die from a pre-existing tlledical condition, any deposits made in the last six months are not covered. Life Savings Insurance does not cover death due to HIV/Aids, Suicide, Terrorism or War.
Important information about compensation arrangements
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 £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 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 eligibility to claim) please ask at the credit union office or refer to the FSCS website www.fscs.org.uk or call 0208 3118855.