Premier Saver Account
Key Features
Deposit a one-off lump sum between £50 to £20,000. Regular payroll deduction/Direct Debit payments cannot be set up for this account.
Earn 3.5% AER.
Fixed 12-month term: June 1st, 2025 – June 1st, 2026.
New money only – funds must not already be held with 1st Class Credit Union.
Dividend qualification does not apply to this account.
Things to Note
Funds must be in the account by 31st May 2025.
You must be a member of 1st Class Credit Union to apply. If you’re not currently a member, you can join us here.
Depending on your financial circumstances, you may need to pay tax on the interest earned from your savings. Learn more at GOV.UK.
Have questions? Our team is here to help! Email us at reception@1stclasscu.co.uk.
Start your journey to better savings today. Apply below or log in to our Member's Area to get started.
Terms and Conditions
The rate of interest is fixed at the time of account opening for the full duration of the term. The Credit Union cannot
change this rate.
Can the Credit Union Withdraw this Account?
The Premier Saver Account has limited availability and can be withdrawn by the Credit Union at any time. This will not affect existing Premier Saver Accounts which will be held for the full duration
Will My Savings Qualify for Dividend?
This account does not qualify for the receipt of any dividend approved by the Board of Directors.
What Happens If the Credit Union Ceases to Meet Its Legal Obligations?
All savings held in the Premier Saver Account will be transferred to the members main savings account, Regular Savings account. Members with savings held in the Premier Saver Account will be notified of this and all
interest-bearing shares will be changed to dividend bearing shares.
Do I Need to Pay Tax on Any Interest Received?
You may need to pay tax on the interest you receive on your Premier Saver Account. This will depend on your personal financial situation. For more information, please visit https://www.gov.uk/apply-tax-free-interest-on-savings.
What Happens to the Savings Account at the End of the Term?
When your Premier Savings Account matures, and after the interest is paid, your account will no longer accrue interest or be eligible for dividend. The funds will automatically be transferred to your primary credit union account where you will have access to them.
Are My Savings Protected?
Eligible deposits in 1st Class Credit Union Limited, are protected by the Financial Services Compensation Scheme (FSCS). If insolvency of the Credit Union should occur, your eligible deposits will be repaid up to the value of £85,000 by the Deposit Guarantee Scheme. For more information on the FSCS, visit www.fscs.org.uk.
