Q |
Can I access my savings at any time? |
A |
You can access your savings 24/7 through our website or mobile app – for anything over £1,000 you will need to contact the office and we can have a withdrawal form sent to your email for electronic signing.
If you have a loan with us, your savings are held as security against the outstanding balance. Once your savings are of a greater balance than your loan, you can access the difference, e.g. If your loan balance is £15,000 and you have £10,000 in savings, you will not be able to access these, however if your loan is £5,000 and you have £5,500, you will be able to access up to £500. |
Q |
Can I deposit a lump sum? |
A |
Yes! You can now deposit up to a maximum of £2,500 to main savings and up to a maximum of £1,000 to KidzPlus accounts in any 12 month period. Funds can be deposited through banks transfer either from your nearest branch or online. If you would like to make a deposit, please contact the office for details on 0141 771 1314. |
Q |
How much can I save? |
A |
The maximum monthly/4 weekly savings amount for all members is £1,500. If you choose to open an additional ‘SuperSaver’ savings account, you must share this £1,500 ‘maximum’ between both accounts, as you cannot breach the £1,500 limit. |
Q |
Will I get a return on my savings? |
A |
Credit unions calculate a dividend based on their financial year end profit. Dividends are not guaranteed and are approved at the Annual General Meeting each year. Your account must be open on the date of the AGM to be eligible to receive a dividend. |
Q |
Are dividends paid gross or net of tax? |
A |
All dividends paid by Scottish Police Credit Union are paid gross of tax. Any tax responsibility lies with the individual member and needs to be declared in any tax return. |
Q |
Can I change my savings amount at any time? |
A |
Yes. You can increase and decrease your savings payment through the secure members area. Simply log in and click ‘My Inbox’ and send us a message from here. |
Q |
Can I withdraw my savings at any time? |
A |
Generally, yes. However there are some circumstances when this might not be possible. Some of our loan products require the attachment of your savings as security against the loan and would therefore restrict the availability of withdrawing some or all of the funds. See Loan FAQs for more information on the attachment of savings. |
Q |
Do you have any other savings accounts? |
A |
Yes. We have a second savings account called Saverplus, which allows you to save between £10 and £200 every month/4 weeks (subject to maximum deposit limit – see how much can I save) and withdraw funds up to 4 times within a 12 month period.
We also have a Christmas Saver, which allows you to save between £20 and £250 every month/4 weeks and withdraw funds between the 1st of November and 24th of December each year.
If you are interested in opening either of these accounts please contact the office and we can send you an application form. |
Q |
Can I save for my children? |
A |
Yes. We have a specific childrens saving account called Kidzplus where you can save from as little as £1 a month/4 weeks. The maximum that can be held in the Kidzplus account is £10,000. |