Savings accounts

Saving your money with us

A smiling young womanSeven good reasons to save with us

  1. When you open an account with Essex Savers, you are not just a customer but a member with a say in how things are done.
  2. Your money is 100% safe, protected up to £85,000 by the Financial Services Compensation Scheme (see link on the left; please note that individual members can only deposit a maximum of £15,000 each with us)
  3. A potential financial return is payable on your investment if Essex Savers is in surplus for the year.
  4. A social return to be proud of with more funds deposited, more people in Essex, including small businesses, have access to financial services they may have been refused elsewhere. This keeps money in the local economy, promoting growth and combating poverty.
  5. To make an ethical investment. We believe that for every £1,000 invested in the credit union we can cut the interest payments made to high interest lenders by £500.
  6. To qualify for a flexible and low cost loan. By saving regularly with us, you become eligible to apply for a loan at between 1% and 3% per month (equivalent to 12.68% - 42.6% APR), with no extra charges or penalties for early repayment. (See the loans section for full details). Please note: When considering your application, we will take into account your record of savings with the credit union and any previous loan repayments, as well as your ability to comfortably make your loan repayments.
  7. It's very easy to save with us. When you become a member, you can open a share account with just £1. However, to be a full Essex Savers member you must increase this to at least £5 within three months. We will give you a passbook showing the amount of your initial deposit. Once your account has been set up, you can pay into it:
    • by arranging for benefits and pension to be paid directly into your Essex Savers account;
    • straight from your salary by using our payroll deduction service;
    • by standing order from a bank account;
    • by cash or cheque at any of our branches or service points;
    • from your bank account via the internet; or
    • at a PayPoint or Post Office (for those with our PayPoint card).

You can withdraw money from your account by giving us seven days’ notice. We can pay you by loading the money to your Engage Visa debit card (if you have one), by a BACS payment direct to your bank account or by cheque.