Website revamp in progress, please use the contact us link above to let us know your thoughts on website content and general site design.
Member Balance Enquiry, you will be able to log in to this website to get up-to-date share and loan balances.
At this year's AGM our members agreed a 2% dividend on ALL instant savings accounts
Credit unions provide a convenient and secure way of saving and members can save as little or as much as they choose. Savings can build up quickly once a savings habit has been established and members are encouraged to continue saving when repaying a loan as well.
Greater savings held by the credit union mean greater funds available for loans to its members.
In response to requests from our members we have set up a Christmas savings account. This followed the collapse of Farepak, when a lot of people lost the money they had put away for Christmas.
As requested, money put into this account cannot be withdrawn until November or the account must be closed until the following year.
How safe is my money?Credit unions are regulated by the Financial Services Authority (FSA) and must comply with the Credit Unions Act of 1979. Each credit union has insurance that protects your savings against theft or fraud. Every credit union must also have a supervisory committee which checks and oversees its daily activities.
In addition, all credit unions in this country are members of the Financial Services Compensation Scheme, a national scheme in which all banks and building societies are also involved. If the credit union were to go out of business, the first £50,000 of your savings would be fully covered. This is something we do not contemplate with our credit union but it is a tremendous support for our members.
Savings are used to grant loans to members. The interest received from loans is reinvested in the credit union. Any surplus is used to build up reserves and/or pay a dividend to members and the decision about how much dividend is to be paid is made each year by the members at the AGM.
Members are free to withdraw their savings at any time, provided that the savings are not securing a loan. Notice is usually required for amounts of cash over £200. Members are however encouraged to keep their savings intact. This ensures that you:
Junior saversJunior membership is available to those under 16 years of age and credit union membership is an excellent way of getting young people into the savings habit.
Simply bring your savings (cash or cheque), payment slip and passbook to the credit union office in Denbigh or to any of our collection points during opening hours. Your passbook will be updated immediately.
An easier alternative is to save by Standing Order. If you have a Bank or Building Society account why not download a Standing Order mandate form, from the Download forms page or click here and send it to us via the office or one of the collection points.
Some local employers including Denbighshire County Council, the Health Authority, LockStock, Craig Bragdy Design and Cymdeithas Tai Clwyd provide, provide employees with a payroll deduction scheme, where savings are taken directly from wages and paid into your account. If you would like to arrange this we would be happy to provide details or to talk to your employer.
An increasing number of members have some or all of their benefits paid directly in to their credit union account. Those members tell us that this has enabled them to manage their saving and their loan repayments better. It is easy to arrange this.