Savings and Shares

Everyone benefits from regular saving; it allows you to work towards your goals and gives peace of mind for emergencies. Regular saving can be difficult but at the credit union it's easy with local access at convenient times and places.  With the credit union you are not just another customer, but a co-owning member of an organisation which provides security, protection, and in time, a return for your savings in the form of a dividend on your savings.

FAQs
How much do I need to pay into the credit union?  You can pay in as little as £1 into the credit union but you need to keep a minimum of £5 in your account to keep it active.

What's the maximum I can save?  The maximum amount that a member can save is £10,000 or 1.5% of the total shareholdings of the credit union, whichever is greater.

When can I withdraw my money?  The Renfrewshire Wide Credit Union requests that you give us 7 days notice to withdraw your money, however we will endeavour to process your withdrawal as soon as possible. N.B remember if you have an unsecured loan running then your shares will be held as security until the loan has been fully repaid.

Do I get interest on my saving?  As a shareholder in the credit union you don't receive interest on your account but if there is a profit at the end of the financial year then the board of directors may make a proposal of payment of a dividend on savings to members at the Annual General Meeting.

Is my money safe in the Renfrewshire Wide Credit Union?  Yes. The Renfrewshire Wide Credit Union is authorised and regulated by the FSA. The Financial Services Compensation Scheme provides 100% protection of the first £35,000 of individual members or junior's savings.

How can I pay into my account?  Pay in through any of our local branches, and Standing Order Mandate through your bank account directly into our bank account. We also have payroll deduction for all Renfrewshire Council Employees.

All forms to be returned to credit union office.

The credit union cannot receive third party cheques. All cheques should be made payable to the Renfrewshire Wide Credit Union.