tel: 01443 838 605     mail:



Join us

FAQ - Savings

How Can I Start Saving with BAG Credit Union?

BAG Credit Union is committed to an easy and friendly way to save.

To open a savings account with us, you will first need to apply to become a member . Membership is free, and it's easy to join. If you live or work in the Bargoed, Aberbargoed, Gilfach and Upper Rymney Valley area, call in to our main office or any collection point. Just fill in an application form and present 2 forms of I.D. (one photographic and one resedential)  or you can download our Membership Application Pack or for those under 16, our Junior Savers Application Pack. Contact us for more details.

To activate your account, you must deposit at least £5.00 in the first 3 months. 

What Account Should I Open?

We offer a number of accounts for both adults and children. See our Savings page for details to find out what account would most suit you.

Are There Restrictions on How Much I Can Deposit?

A minimum of £5.00 is required to keep your account active and you can currently save up to £10,000.

How Much Should I Save?

Provided that you keep a minimum £5.00 in your account, you can save any amount that suits you. We request that our members save regularly with us - at least on a monthly basis.

If you have a loan with us, we will request as part of your loan condition that you continue to save.  This ensures that once your loan is repaid, you will have access to an increased sum in your savings account.

How Can I Make Deposits?

There are a number of options for making deposits, and you can choose more than one option if that suits you: 

When are we open and where?

We are open at our main office in Aberbargoed Monday, Tuesday and Thursday 10:00am until 12:30pm, Friday 12:00pm until 2:30pm

CAB Bargoed Tuesday 10:00am until 11:30am       Cartref Bargoed Tuesday 10:00am until 11:30am     The Hub, Bargoed Weekdays 9:30am until 2:45pm

Is there a fee for holding an account?

Yes, there is a fee of £5.00 a year charged to your account. This fee covers all administrations costs and help towards the running of BAG Credit Union, as we mostly rely on volunteers and just 2 paid part time staff. There is no fee charged to junior account holders.

Can I Pay Into More Than One Account?

Yes. If for example you want to make payments into both a Adult Saver account and a Junior Saver account, this can be done. Please contact us and we can arrange this for you.  

Are My Savings Safe?

Yes: we are an established and respected financial mutual. As with all credit unions, we are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Your savings up to a value of £85,000 are protected by the Financial Services Compensation Scheme, in the same way as savings with banks and building societies are protected. Credit unions are also fully insured against fraud. 

What is the Interest Rate on Savings?

Our savings accounts do not pay a fixed interest rate. Depending on our financial performance each year, we pay our members a variable Dividend. The Dividend for each financial year is agreed retrospectively by Members at our AGM. 

How Can I Request a Withdrawal?

You can withdraw your savings at any time, unless you currently have a loan with us. Withdrawals can be requested in the following ways:

 How Can I Receive my Withdrawal?

There are a number of ways in which you can have a withdrawal paid to you:

How Long Will it Take to Receive a Withdrawal?

Provided that you have sufficient funds in your account and are eligible for a withdrawal, you will normally be able to access your savings on our next working day

Can I Open a Savings Account Today?

Call us on 01443 838605 during office opening times or email us at for more information.




BAG Credit Union Limited, 47 Commercial Street, ABERBARGOED, Mid Glam. CF81 9BY Telephone 01443 838 605
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority ######

fscs cu cymru