Savings Accounts

We have several ways in which you can save with us:

  • A Regular Savings Account – a simple savings pot, to which you save a regular monthly amount, with easy access to your funds.
  • Jam Jar Accounts – where you can create a sub-account to save for a specific reason and only make up to three withdrawals or transfers per year.
  • Junior Savers Account – An account that members can set up for their children or grandchildren for when they come of age, at 18.

Regular Savings Accounts

A Regular Savings Account is the gateway to Basildon Credit Union Ltd’s services. Members with a savings account are encouraged to save at least £5 per month and you can save up to a maximum of £15,000. Regular savers enjoy access to affordable loans, depending on their individual circumstances.

If you work for Basildon Borough Council, your savings can be deducted straight from your salary. Non-Council employees can contribute to their savings through their bank via Standing Order.

If at any time you wish to change the amount that you save with us, you can let us know via email and, if you’re a Basildon Borough Council employee, we will change the amount to be deducted from your payroll. If you are a non-Council employee, you only need to instruct your Bank to amend your Standing Order.

You can access your savings at any time (subject to any outstanding loan balance), by emailing us at credit.union@basildon.gov.uk. Alternatively, you can download a Share Withdrawal Form to send to us by email or post.

Please remember that this is a savings account, not a current account. There is no overdraft facility. If you need extra funds, you may wish to consider taking out one of our Loans.

Other means of savings, such as our Jam Jar Accounts and our Junior Savers accounts are also available from Basildon Credit Union.

Because we are not a bank, we do not pay interest on savings. Instead we consider paying a dividend annually at the Annual General Meeting, held in early spring. The decision is taken by the members present at the AGM and is based on advice from our auditors, who have a responsibility to ensure that we operate within financial guidelines.

If you have any questions or need to know any further information, please just give us a call. If you have decided to become a member, please complete our Membership Application.