Savings

Who can apply for a Junior Saver Account?

Current members of 1st Class Credit Union can apply to open a Junior Saver Account if they meet the following criteria:

• The junior saver must be aged between 0-18 years.
• The junior saver must be related to and reside at the same address as the current credit union member.
• The current credit union member will act as Trustee for the junior saver until they reach the age of 18.
• Documentation must be provided at the point of application to verify the junior savers identity and address. This can be a birth certificate and doctor/hospital letter.

How are payments made to the Junior Saver Account and for how much?

Deposits are made into the Junior Saver Account via the Trustees current deposit arrangement. The application form will ask how much you wish to save into the junior saver account and will give you the option to increase your payroll deduction/direct debit.
This will come off as one payment to the Credit Union, which will then be distributed upon receipt. There is a minimum requirement of £3 per week/month.
Junior Savers must hold the minimum balance of £4 in their account.

Are there any admin fees on the Junior Saver Account?
Junior accounts are not charged any admin fees throughout the term of membership.

What if I want to close the Junior Saver Account?

If you wish to close the Junior Saver Account, you will need to complete a termination form which can be requested from our office.

Any available shares will be paid to the Trustee, if they are still fully responsible for the junior savers account. If the Junior Saver is at the age of being in control of their own account, then they will be required to complete the form with the relevant details.

Will the Junior Saver receive a dividend?

As Junior Savers are not members of the Credit Union, dividend cannot be paid on deposits. However, the Credit Union can pay interest on the account.
The rate at which interest is paid will be agreed under the same terms as the dividend at the Annual General Meeting.

Are deposits into the Junior Saver Account protected?

All savings deposited into a junior account are protected under the Financial Services Compensation Scheme.

What happens when the junior saver turns 18?

If a junior saver wishes to remain a member following their 18th birthday, and they still qualify for membership under our common bond, they are required to complete a Family Membership Application in order to become an adult member and gain full member+ ship (unless employed by one of our payroll partners, this will be a Membership Application). An application will be posted to the Trustee prior to their birthday.

Personal Information

When you apply for membership with us, you give 1st Class Credit Union permission to make searches about you and use certain information about you, verifying your identity, and preventing or detecting financial crime. For further information please see the Privacy Policy attached.

Christmas Savings Club Terms & Conditions

Who can open a Christmas Savings Club?
You can apply to open a Christmas Savings Club if you are already an existing member of 1st Class Credit
Union.

What proof do I need to provide at the time of joining?
As you are already a member, we do not require any further proof when applying for a Christmas Savings Club.
1st Class Credit Union has the right to cancel membership if we believe you have fraudulently acquired
membership/services from us.

How do I make payments to my account, and for how much?
You can make payments to your Christmas Savings Club via the same payment method you have set
up for your current Credit Union account.
• The minimum savings per week/month is £5.
• Lump sum payments can be made by cash, cheque or Debit/Credit card to this account.
• There is a minimum share balance of £5 required at all times.

What if I want to change the amount I am saving?
You can adjust the amount you are saving at any time by completing the relevant form available on your
online account or by requesting a form from the office. When changing your savings amount, it would
be beneficial to contact the office to confirm the distribution across your account.

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. More information on the FSCS is provided
overleaf, or by visiting www.FSCS.org.uk

Do I need to pay an annual admin fee for my Christmas Savings Club?
There are no admin fees for your Christmas Savings Club. However, if you wish to make a withdrawal
outwith the withdrawal period of 1st October-31st December, you will incur a £5 fee per transaction.

Are my Christmas savings eligible for dividends?
An Annual Dividend will be paid on savings held during the credit union's financial year(s), gross of tax,
subject to surplus. The dividend will be determined by the Board of Directors and ratified at the Annual
General Meeting and paid into this account within 21 days after AGM.

What if I want to close my account?
If you wish to close your Christmas Savings Club, you will need to contact the office to make this request.
At this time you will have the option to withdraw all funds from your Christmas Savings Club, or you can
request to transfer the funds to your Share 1 account. Please note, if you are closing the account outwith
the set withdrawal period, there will be a £5 fee.

Faith Friendly Savings Club Terms and Conditions

Who can open a Faith Friendly Savings Club?

You can apply to open a Faith Friendly Savings Club if you are already an existing member of 1st Class Credit Union.

What proof do I need to provide at the time of joining?

As you are already a member, we do not require any further proof when applying for a Faith Friendly Savings Club.

1st Class Credit Union have the right to cancel membership if we believe you have fraudulently acquired membership/services from us.

How do I make payments to my account, and for how much?

You can make payments into your Faith Friendly Savings Club via the same payment method you have set up for your current Credit Union account.

• The minimum savings per week/month is £5.
• Lump sum payments can be made by cash, cheque, or Debit/Credit card to this account.
• There is a minimum share balance of £5 always required.

What if I want to change the amount I am saving?

You can adjust the amount you are saving at any time by completing the relevant form available on your online account or by requesting a form from the office. When changing your savings amount, it would be beneficial to contact the office to confirm the distribution across your account.

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. More information on the FSCS is provided overleaf, or by visiting www.FSCS.org.uk.

Do I need to pay an annual admin fee on my Faith Friendly Savings Club?

There is no annual admin fees for your Faith Friendly Savings Club. You can make 2 withdrawals per calendar year without any fees. However, any additional withdrawals will incur a £5 fee.

Are my Faith Friendly savings eligible for dividend?

An Annual Dividend will be paid on savings held during the credit unions financial year(s), gross of tax, subject to surplus. The dividend will be determined by the Board of Directors and ratified at the Annual General Meeting and paid into this account within 21 days after AGM.

Can I opt-out of receiving a dividend?

Yes, you can opt out of receiving a dividend. Simply tick the opt-out box on the application form, and our Member Services team will update your preferences accordingly.

What if I want to close my account?

If you wish to close your Faith Friendly Savings Club, you will need to contact the office to make this request. At this time, you will have the option to withdraw all funds from your Faith Friendly Savings Club, or you can request to transfer the funds to your Share 1 account. Please note, if you are closing the account and have already made 2 withdrawals that year, there will be a £5 fee.

During your membership of 1st Class Credit Union, all members must follow the terms and conditions set out by the credit union. These must be agreed to before you can join our credit union. Please see below:

1. A Share Account can be opened by completing a Membership Application. If further identification is required to open your account, we will contact you accordingly.
2. To take full advantage of our products and services, you must have an active account with a minimum share balance of £5.00.
3. Your membership will commence from the date of the first deposit via payroll deduction or direct debit.
4. The minimum savings required by members is £4.00 weekly or £16.00 monthly.
5. An annual dividend will be paid into your share account, subject to surplus, on all sums deposited. Dividend payments are gross of tax. The rate at which the dividend is paid is determined at the Annual General Meeting.
6. If you wish to terminate your membership you can do so by requesting the relevant paperwork from the office. Any available shares will be paid to you on the closure of your account.
7. An annual membership fee of £5.00 will be deducted from your share account before the financial year-end in September. Should you close your account during the financial year, the £5 fee will be deducted at that time.
8. It is your responsibility to inform us of any changes in your details.
9. We have the right to cancel your membership if we believe you have fraudulently acquired membership/services from us.