Savings
QCan I withdraw my savings at any time?
Q |
Can I deposit a lump sum? |
A |
We have had to make temporary changes to our lump sum policy. As part of our compliance requirements with the Bank of England we are required to maintain a capital to assets ratio of 10%. This means that we have to allocate part of our annual profit to a general reserve to maintain this ratio. As our asset level increases, so does our capital requirement. The more lump sum deposits we take, the higher our bank balance rises which increases our asset base and therefore our capital requirement. This means we have to put more of our profit into general reserve to meet this requirement rather than pay it as a dividend to our members.
We have therefore taken the decision to temporarily suspend depositing of any lump sums to savings products including junior accounts with immediate effect. |
Q |
How much can I save? |
A |
The maximum monthly/4 weekly savings amount for all members is £1,000. If you choose to open an additional ‘SuperSaver’ savings account, you must share this £1,000 ‘maximum’ between both accounts, as you cannot breach the £1,000 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. |
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 £5000. |