Shares & Savings

Savings

Whether you are saving for something in the future or just for a rainy day, regular saving is a good idea. Savings in a Credit Union are known as “shares” and we encourage all members to get into the habit of saving and building up their shares regularly. Saving regularly has many benefits:

  • Your savings can be used as collateral to obtain speedy loans
  • At the end of each financial year we declare a dividend on each share that you hold. The more shares you have the greater the dividend you will receive. You also have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.
  • Savings balances over and above any loan you may have are available to you to withdraw on demand.
  • A savings protection scheme is in place to the benefit of the member up to …
  • The Life Insurance we provide (at no direct cost to you) is geared to the amount of savings you have built up over time.
  • There are no transaction charges or fees.
  • When you save with Hannahstown Credit Union you are not just a customer – you are a member of a successful financial cooperative and as a member you enjoy equal rights with other members to vote at  the Annual General Meeting and participate in discussions affecting how Hannahstown Credit Union is run.

A Credit Union Savings Plan

Regular Credit Union saving can help you build up a substantial savings account: Regular small savings accumulate to large amounts in a surprisingly short period of time.
If you saved each week In 1 year In 3 years In 5 years
£5.00 £260.00 £780.00 £1,300.00
£10.00 £520.00 £1,560.00 £2,600.00
£20.00 £1,040.00 £3,120.00 £5,200.00
£50.00 £2,600.00 £7,800.00 £13,000.00

Withdrawing Your Savings

So long as your shares are not held in collateral against your loan your shares (savings) can be withdrawn during opening hours at your request.

We do encourage our members, however, to maintain savings balances intact so that:

  • You can continue to earn a dividend
  • You may benefit from Life Savings Insurance protection
  • You are able to maintain your credit worthiness and capacity to borrow.

If you are thinking of withdrawing your savings we would encourage you to consider first whether it would be wiser for you to take out a loan instead, with repayments suited to your financial circumstances.

We are always ready and willing to give advice to our members who may have questions about the withdrawal of savings.

Savings Security


There are many layers of protection covering savings in the Credit union.
All moneys received are banked regularly.
Payments are made by cheque.
Full books of account are kept and financial statements placed on public display in the Credit union office.
All persons handling Credit union cash are surety bonded.
Finally, Quarterly and Annual certified returns are lodged with the Financial Services Authority and are on public record.
Return on Shares (Savings) Savings are used to make loans to members.

Easyshares

Our Easyshare accounts allow you to save for that something special knowing that you can withdraw your shares on demand, regardless of how big a loan you have with us.