Saving your money with us
Seven good reasons to save with us
- 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.
- 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)
- A potential financial return is payable on your investment if Essex Savers is in surplus for the year.
- 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.
- 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.
- To qualify for a flexible and low cost loan. By saving with us for only 8 weeks, you may be eligible for a loan of between only 12.68% and 26.8% APR, with no extra charges or penalties for early repayment. (See the loans section below.)
- It's very easy to save with us. When you become a member, we will open a member share account for you in which you must deposit at least £1. 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 cash or cheque at any of our branches or service points;
- by standing order from a bank account;
- from your bank account via the internet;
- by payroll deductions;
- by arranging for benefits and pension to be paid directly into your Essex Savers account; 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 will pay you by cheque or by a BACS payment direct to your bank account.