tel: 01443 838 605     mail: bagcredunion@aol.com

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FAQ - Savings

How Can I Start Saving with BAG Credit Union?

BAG Credit Union is committed to am 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, in a number of ways;

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 £40,000.

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: 

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 £75,000 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?

Yes: you can apply online now. Alternatively, call us on 01443 838605 or email us at bagcredunion@aol.com if you would like us to send you further 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 ######

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