Whether you’re saving for a rainy day or for a specific long-term aim, we’re here to help with your financial goals.
We encourage you to save a regular, affordable amount and accept payments from as little as £10 a month. You can also ‘top up’ your savings, making additional deposits by bank transfer whenever you like.
These Terms and Conditions relate to the Membership Account, sometimes called ‘general savings’ or ‘share account’, referred to on statements as ‘S1’ (hereafter called ‘Membership Account’) offered by North London Credit Union Limited (NLCU). They should be read with the Membership Terms and Conditions and Rules.
Opening the Account
Paying into Your Account
Returns (or ‘Dividends’)
Withdrawals, Transfers and Account Closures
Cheques: please allow up to eight working days for cheques to clear.
Direct debits, standing orders and bank transfers: these will be credited to your account one to two working days from the date of deposit.
Payroll Deduction: funds received will be credited to accounts as soon as we are in receipt of both the funds and the list of confirmed deductions from employers (this is usually a few days after your salary is paid).
Use of your information
Changes in Terms and Conditions
North London Credit Union Limited trades from its registered office at 3 George Mews, Enfield, Middlesex, EN2 6JA.
Its telephone number is 020 8366 8244, and its email address for general correspondence and enquiries is email@example.com.
North London Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, registration 213809.
North London Credit Union is approved by HM Revenue & Customs (HMRC) as a provider of Cash Individual Savings Accounts, under the reference Z1743.
North London Credit Union is covered by the Financial Services Compensation Scheme (FSCS). The FSCS will 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 claimed would 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 refer to the FSCS through their website (www.fscs.org.uk) or call them on 0800 678 1100.
Can anyone save with North London Credit Union?
Providing you live, work or have some other substantial connection to the area that we cover you can join and start saving.
Is my money safe?
We are fully regulated and your savings are completely protected by the Financial Services Compensation Scheme (FSCS).
Why should I save with North London Credit Union?
Our members save with us for a variety of reasons. Some like the convenience of saving by direct debit or payroll deduction, straight into their account. Some find they're more likely to build up savings if they keep them separate to their main transaction account.
Most of all, our members appreciate that we are an ethical, not-for-profit organisation, owned by our members and that saving with us enables them to put their money to work within the local area.
Do you pay interest?
No, but we may pay a dividend or profit share, depending on our performance during the financial year.
Our dividend record for the last six years is as follows, although we emphasise that past performance cannot guarantee what will be paid in the future:
Year ended 30.09.12 1.5%
Year ended 30.09.13 1.5%
Year ended 30.09.14 1.5%
Year ended 30.09.15 Zero
Year ended 30.09.16 0.25%
Year ended 30.09.17 0.5%
Dividends are paid about six months after the year-end (30th September).
How do I withdraw my money?
If you pay by direct debit, you can send us an email (firstname.lastname@example.org) stating who you are and how much you'd like to withdraw and we will send it to the account from which your payments are made.
If it's your first withdrawal and you save by payroll deduction or standing order or you would like the money sent to an account we don't have on file, you will need to complete and sign a savings withdrawal form and send it back to us.
Withdrawals are usually processed between 4pm and 5pm on the same working day if we receive them by 4pm. Withdrawals are subject to anti-fraud processes and our fair usage policy. You must leave a minimum of £5 in the account to keep it open.