Saving and Lending together
Savings
Members’ savings are pooled together to provide loans and members are encouraged to save regularly.
The more savings we have, the more we can lend. Interest from loans is the Credit Union’s main source of income to run the Credit Union.
After contributing to reserves, any surplus is returned to the members as a dividend on savings.
Members can pay into their account in our office in Blackburn, or through Standing Order.
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Members who are employees of West Lothian Council can also pay into their account via Payroll Deduction.
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If you think Payroll Deduction would be a benefit to you and your fellow workers speak to a member of staff.
Like banks and building societies, members’ savings are protected by the Financial Service Compensation Scheme which currently guarantees up to £85,000 being returned to members within 7 days should a credit union close
How to control our finances is one of the most important lessons we can teach children. The Credit Union provides the practice to complement the financial education taught in schools – planning and saving.
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Children should be encouraged to take part in the saving process by paying into a savings account, regularly. It can be as little as 10p per week but it will teach them the savings habit.
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Every Saturday 10am - 12 pm
Junior Saving Club
