Savings at Teachers' CU

Savings at Teachers' CU

Regular saving and sensible borrowing are key elements when it comes to managing your money. You are not just another customer but an active member of a highly successful financial co-operative.

  • Your savings with the credit union are called ‘Shares’.
  • Each share you hold is eligible for a dividend should your credit union declare one.
  • In the event of your death your credit union savings are insured - subject to terms, conditions and eligibility criteria - at no direct cost to you.
  • No matter how much you have saved, all members have equal voting rights on issues affecting their credit union.

Each and every £1 you save is equivalent to 1 share in the credit union. Our savings limits are as follows:

  • Maximum deposit of £1,000 per month
  • Maximum total shares of £15,000

Some benefits of saving with Teachers' CU

Easy access to your money once it is not used as security against a loan

No hidden charges or fees on any transactions

Life savings insurance for eligible members (see more information below)

Nomination of account proceeds (see more information below)

When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.

If we accrue a surplus, the credit union may declare a dividend following the end of the financial year. If so, you will get a return on each share you hold. In the meantime, the money you’re saving is being used to provide loans to your fellow members.

Life Savings Insurance

Life Savings Insurance

Every £1 you save before the age of 55 provides £1 of insurance. Once you are over the age of 55 each £1 you save with your credit union provides the following benefit:

  • £1 saved between ages 55-59 provides £0.75 insurance
  • £1 saved between ages 60-64 provides £0.50 insurance
  • £1 saved between ages 65-69 provides £0.25 insurance

No insurance is payable on amounts saved after your 70th Birthday

Nomination of your accounts

Nomination of your accounts

This is a unique facility for credit union members. Credit unions have a nomination facility whereby you can nominate who is to receive the property of your accounts with the credit union upon your death.

Ask us for more information today.

Are my savings secure?

Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme (FSCS). Please go to https://www.fscs.org.uk for more information.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.

Still have questions?

See if they're answered in our FAQs below

Each and every £1 you save is equivalent to 1 share in the credit union. Our savings limits are as follows:

  • Maximum deposit of £1,000 per month
  • Maximum total shares of £15,000

Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme (FSCS). Please go to https://www.fscs.org.uk for more information.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.

Every £1 you save before the age of 55 provides £1 of insurance. Once you are over the age of 55 each £1 you save with your credit union provides the following benefit:

  • £1 saved between ages 55-59 provides £0.75 insurance
  • £1 saved between ages 60-64 provides £0.50 insurance
  • £1 saved between ages 65-69 provides £0.25 insurance

No insurance is payable on amounts saved after your 70th Birthday