Moneywise Newcastle Savings

The minimum saving ('share') is £1 weekly, fortnightly or monthly, except for children who may deposit smaller sums. Lump sums can also be deposited. The maximum amount that a member can have in their savings can vary, as it is based on a percentage of the total savings, but it is currently £37,500. A member must have at least £1 in their account to retain membership.

Members usually receive a yearly dividend on their savings, the amount being decided at the AGM. It is paid gross of income tax. It is usually 3% but this may vary according to the surplus available for distribution. This compares favourably with other financial institutions, particularly as savings can usually be withdrawn with minimum notice.

Members can usually withdraw their savings by giving a day's notice to the Civic Centre and Chirton Wynd offices or one week's notice to the branches. However, the Credit Union can require a longer period of notice (not exceeding 60 days) if large sums are to be withdrawn. Where a member has a outstanding loan, a proportion of the savings cannot be withdrawn to act as security for the loan. Members can open a 'savings only' account from which they can make withdrawals freely, as long as they give the required period of notice.

In the sad event of a member's death, a death grant is paid by the Credit Union. This means that the person nominated as the beneficiary will receive not only the savings but may also be eligible for an additional sum. A grant may also be made if there is an outstanding loan, up to a maximum of £5000. (See Savings and Loans Booklet for further details and age restriction.)

Savings Documents

Adult Membership Application

Junior Membership Application

Share Withdrawal Application

Moneywise savings documents are in PDF format and Adobe Acrobat Reader is required to view them. Adobe Acrobat Reader can be downloaded for free by clicking on the Get Acrobat Reader icon below.