OPENING A SAVINGS ACCOUNT WITH YOUR LOCAL CREDIT UNION
North East Fife Credit Union has collection points in Cupar, Auchtermuchty, Springfield and Anstruther
All members are encouraged to save regularly. Saving strengthens the credit union, benefits the other members and makes you eligible to borrow money yourself in the future, should you need to do so.
Find out why we think saving your money with North East Fife Credit Union is such a great idea, and how you could benefit, by reading our FAQs below.
ARE MEMBERS EXPECTED TO SAVE?
Yes. Without members' savings there would be no money to lend to members.
WHAT IS THE MINIMUM AMOUNT I CAN SAVE?
You must buy at least one share (£5) to become a member.
HOW SAFE ARE MY SAVINGS?
Credit unions have a very good record as savings institutions because of the built-in controls and checks, and because each member is responsible to the other members.
WHAT HAPPENS TO THE MONEY I SAVE?
Each £1 that you save buys you one share in the credit union.
WHY SHOULD I SAVE WITH THE CREDIT UNION INSTEAD OF SOMEWHERE ELSE?
There are several reasons:
If you save with the credit union, you become eligible for a loan yourself at a reasonable rate of interest
Money saved by you is used for loans to other members
The credit union belongs to you, your family, friends, neighbours and workmates
IS IT A GOOD IDEA TO WITHDRAW SHARES?
Try to avoid withdrawing shares, if possible. You may need them in future, and remember that shares are a credit union’s strength. Any shares you withdraw will be paid at the same price you bought them i.e. they are always worth £1 each.