We offer an easy way to save and we pay you a dividend on your savings. You decide how much you want to save and a regular amount is deducted from your weekly or monthly wage or salary – so savings are regular and automatic and soon build up into a healthy nest egg. The maximum amount you can hold in your account is £12,500.
We have an arrangement with your employer to make this deduction, who passes your money to us. If you are not working you can pay us by direct debit or standing order.
You can always increase your payments and many members divert their annual pay rises into their Metro Moneywise savings accounts.
Lump sums can be paid into your account online, or by cheques made payable to Metro Moneywise Credit Union. The maximum amount you can make as lump sum deposits, is £3000 in a rollling 12 month period.
Your savings are always available to you. If you have a loan, for instance, you do not lose your savings, they are used as security against your loan. So, for example, if you borrow £1,000 and have £500 in savings that £500 stays in your account.
Each year we pay you a dividend on your savings. We have paid an annual ‘divi’ for the past 26 years. In 2017, we paid 1.5% – currently it is very difficult to find a return like this from High Street banks and building societies. They want to tie your money up for months. With Metro Moneywise you have instant access to your savings.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be £85,000 each (Making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 01706 714579 or refer to the FSCS website or call 0800 678 1100.
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