The Regular Savings Account is set up automatically for all members joining the credit union. There is a one-off initial joining fee of £3. Funds in the Regular Savings Account can be pledged as security against borrowing with the NHS Credit Union.
All accounts benefit from our Free Life Savings and Loan Protection Scheme*
Life Savings Protection is designed to reward your family for your commitment to saving, and provide them with financial support when they most need it. Life Savings Protection is a free safeguard offered by the NHS Credit Union as a benefit to its members. The credit union owns this policy on behalf of members. In the event of your death, it may provide your family with a single lump sum payment which can help them to cover funeral and other expenses.
The scheme is directly linked to savings, and every £1 in savings can be matched by £1 of benefit – up to a maximum of £5,000.
Members aged 16-64 can qualify for 100% of savings to be repaid as a benefit (Maximum £5,000). Members aged 65-79 can qualify for 25% of savings to be repaid as a benefit (Maximum £5,000).
*Terms and conditions apply. These are subject to change, and are available on request.
Financial Services Compensation Scheme
All accounts benefit from our participation in the Financial Services Compensation Scheme (FSCS).
The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 0141 445 0022 or ask at your local branch, refer to the FSCS website or call 0800 678 1100 or 020 7741 4100