HertSavers offer a number of savings accounts to help you manage your money.
Are you saving for the future? Or do you need ready access?
Here are your choices:
-
Saver - if you are looking to borrow against your savings
-
Instant Access - if you need to withdraw money at short notice
-
Christmas - if you want to spead the festive cost over the rest of the year
-
Young Person Saver - for people under the age of 18
Everyone benefits from regular saving.
It allows us to work towards our financial goals and gives us peace of mind should an emergency arise.
Committing yourself to a regular saving pattern can be difficult but we make it easy for you through:
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payroll deduction from key employers
-
standing orders from your bank or
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Paypoint and Post Offices for members without a bank account.
-
benefits direct to your account
Our members can save at an affordable level be it £1 or £100. Small regular amounts soon add up and remember at the credit union you are not just another customer, but a co-owning member of an organisation which provides security and protection.
Saver Account
This is the primary saving account, which all members open on joining. Keeping a balance in this account qualifies you to a vote at our Annual General Meeting.
It costs just £2 to join and £1 or more to open the account. You will need to maintain a minimum balance of £5 and this needs to be achieved within six months of joining.
Moving out of Hertfordshire or changing jobs does not mean that you have to close your account and we hope that once you have become a member you will stay with us.
However, should you wish to close your account, you just need to complete a share withdrawal form and fill in the appropriate section. We would normally action this request within a week but reserve the right for a maximum of 60 days (under our rules)
Withdrawing savings or transferring to another type of account, without closing your account, also requires a week's notice.
Instant Access Savings Account
We offer this account for members who require easier access to their funds and will not be looking to borrow against them or to enable members with loans who wish to make and have access to additional savings during the period of the loan being repaid.
Christmas Savings Account
This account allows you to save up throughout the year and help spread the cost of Christmas. It has been specifically designed to discourage you from dipping into your savings throughout the year. Therefore you need to think carefully about the amount of money that you wish to tie up in this account.
Young Person Saver Account
For those under the age of 18, we have a savings account, which can either be run by a young person - if they are eight years or older - or by an adult (parent or grandparent) on their behalf. Control of the account will revert to the young person when he or she reaches the age of 18. The normal joining fee of £2 is waived for this type of account.
Benefits of Regular SavingThe tables below give examples of how regular savings can soon add up!
Weekly Savings Table
| Amount Saved: |
£2 |
£5 |
£10 |
£20 |
£25 |
| Year 1 |
£ 104 |
£ 260 |
£ 520 |
£1,040 |
£1,300 |
| Year 2 |
£ 208 |
£ 520 |
£1,040 |
£2,080 |
£2,600 |
| Year 3 |
£ 312 |
£ 780 |
£1,560 |
£3,120 |
£3,900 |
| Year 4 |
£ 416 |
£1,040 |
£2,080 |
£1,460 |
£5,200 |
| Year 5 |
£ 520 |
£1,300 |
£2,600 |
£5,200 |
£6,500 |
Monthly Savings Table
| Amount Saved: |
£10 |
£15 |
£30 |
£40 |
£50 |
| Year 1 |
£ 120 |
£ 180 |
£ 260 |
£ 480 |
£ 600 |
| Year 2 |
£ 240 |
£ 360 |
£ 720 |
£ 960 |
£ 1200 |
| Year 3 |
£ 360 |
£ 540 |
£ 1080 |
£ 1400 |
£ 1800 |
| Year 4 |
£ 480 |
£ 720 |
£ 1440 |
£ 1920 |
£ 2400 |
| Year 5 |
£ 600 |
£ 900 |
£ 1800 |
£ 2400 |
£ 3000 |
Benefits of saving with HertSavers Credit Union
- Save as little or as much as you can afford;
- You receive free life insurance on savings of up to £5000 up to age 70;
- Confidentiality is respected at all times;
- No hidden charges or fees on any transactions
- As a mutual organisation - our members savings are pooled to provide the resources for lending to other members; and
- When in surplus, savings attract an annual dividend.
- All savings with the credit union except money loaded onto Prepaid Cards
is covered by the Financial Services Compensation Scheme up to a limit of £85,000. See www.fscs.org.uk or call 0800 678 1100. |
19 May 2013
