Savings

Family Membership

One of the great things about your Credit Union is that all your immediate family residing at your home address can be members too.
So, if you are still living at home, why not encourage your parents or brothers and sisters to join as well. Or perhaps you have your own family now, then get your spouse/partner and children to join too.

All family members can make payments either through their qualifying members payroll deduction (if available) or by direct debit and, if over 18, are eligible to take advantage of the great loan products we offer.

Features of your Family Membership Account

• Start from only £10 per pay/month
• Save up to £50,000
• Comes with Life Insurance at no cost to you (T & Cs apply)
• Deposits by salary deduction or direct debit
• Dividend return on your savings
• Covered by Financial Services Compensation Scheme
• Instant Access (subject to any borrowing)

How Much Can I Save?

You must save a minimum of £10 each month, thereafter the following savings limits apply.

Maximum monthly / 4 weekly

You can find more information such as dividend returns, making a lump sum deposit and withdrawing funds from your account in our frequently asked questions page. If the answer to your question is not there get in touch on 0141 771 1314or email at info@scottishpolicecu.co.uk and our Customer Care team will be happy to help.

Applying for family membership

You can apply for a Family Membership online by clicking here.

Alternatively you can contact us on 0141 771 1314 or email info@scottishpolicecu.co.uk and request a form to be sent to you for completion

Some additional paperwork is required for a family membership, please read the guidance notes on how to complete your form.

Kidzplus Savings Account

The Kidzplus Account is our Junior Savers Account . The account is open to the children of existing qualifying members who must reside at the home address of the member opening the account and members of the Police Scotland Youth Volunteers aged under 16 years of age.

For children of Existing Members

For children under the age of 10 the account will be held in trust. Upon reaching 10 the child may wish to have the account in their own name and upon reaching the age of 16 will be automatically transferred to full family membership status. Please note, Credit Union Family membership account holders are not eligible to act as a trustee.

For Police Scotland Youth Volunteers

Police Scotland Youth volunteers under the age of 16 years of age are able to open an account in their own name and will transfer automatically to full membership status upon reaching the age of 16 years old.
We require proof of identity and address for each child when opening a Kidzplus Account.
Acceptable documents for this purpose include:
Identity

• Birth Certificate
• Passport
• NHS Medical Card

Residence

• Bank, credit union or buildng society passbook or statement (in the name of the child)
• Confirmation letter from school or doctor (address and name of child must be clearly shown)
• NHS Medical Card ( if not used for ID)
• Child benefit or tax credit notification letter

Features of the account

• There is no minimum saving amount or requirement to save on a regular monthly basis, however we would recommend paying at least £1 whenever a deposit is made.
• If you would prefer to make regular monthly payments this can be done through your salary deduction if available or by Direct Debit.
• The maximum monthly savings amount is £250.
• The maximum lump sum deposit to KidzPlus accounts is £500 during any 12 month period.
• Payments can be changed at any time by completing the appropriate payment mandate.
• The maximum balance allowed to be held in the Kidzplus account is £5,000.
• Deposits methods include cheques payable to Scottish Police Credit Union Ltd or by bank transfer.
• The Kidzplus Account currently attracts an interest rate of 3.9% (variable). Please note interest is paid gross of tax and any tax liability is the responsibility of the member.

Applying for a Kidzplus Account

If you would like to open a Kidzplus Account you can download an application form here.
Alternatively, contact us on 0141 771 1314 or email info@scottishpolicecu.co.uk to request an application form.

FSCS and Cancellation Rights

Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) protects all eligible deposits with the Credit Union up to a total of £85,000 per individual and ensures that should Scottish Police Credit Union be unable to meet its financial obligations your savings are protected.
It is important that before applying for an account you understand what this means for you. An information booklet is available for you to read here.

Cancellation rights

Under the Distance Marketing Directive, you have the right to cancel your membership within 14 days of signing your application form, provided there has been no face to face contact with an authorised representative of the Credit Union regarding membership.
Should you wish to exercise this right to cancel, you can do so by writing to 165 Baillieston Road, Glasgow, G32 0TN. We will refund any funds we have received from you under the terms of your membership application.