Saving with us

Savings at a Credit Union are known as shares. Importantly, members are not just customers, but owners of a successful financial co-operative.

Additionally, our members have a say in how we run the business.

Benefits of saving with Knowsley Mutual Credit Union

• Up to twice the value of your savings are payable to a nominated beneficiary
• A chance to win up to £500 every month in our prize draw
• Receiving a dividend (share of the profits)

Protected savings

Savings with the Credit Union are protected because:

• Of the Financial Services Compensation Scheme
• Each credit union officer is fidelity bonded
• Money received is properly recorded and lodged regularly
• Full financial statements are prepared and can be examined by members
• Finances are independently audited
• Credit unions are authorised and regulated by the Prudential Regulation Authority and Financial Conduct Authority

Our regular share account

Save as little and as often as you like. Savings attract an annual dividend.

These deposits can be used as security when borrowing from us. Because of this, you can apply to borrow a higher amount. Additionally, you can also use up to 50% of your savings as a guarantee for another member’s loan.

Dividends are taxable

Members must declare any dividend payment to HMRC. Dividends are declared at our Annual General Meeting. Importantly, these are paid gross to members’ accounts. Remember, credit union dividends are treated as savings interest for tax purposes. Dividends are therefore taxable income.