Knowsley Mutual Credit Union – Savings Account Terms & Conditions

1. About Your Savings (Shares)

Savings held with Knowsley Mutual Credit Union are treated as “shares” in the credit union. The terms savings, shares, and deposits all refer to the same member funds and are used interchangeably by regulators such as the PRA and FCA. Each member must hold a minimum shareholding of £5. Knowsley Mutual Credit Union is authorised to accept deposits under the Financial Services and Markets Act 2000. All eligible savings are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per individual member, including junior members.

2. Dividends and Surplus

If the credit union generates a surplus at the end of the financial year, the Board of Directors will recommend how it should be distributed at the Annual General Meeting. This may include: allocations to reserves, dividend payments on savings, loan interest rebates, charitable donations. Dividends are not guaranteed and are only paid if approved by members at the AGM.

3. Withdrawal Rights

Members may request to withdraw some or all of their savings. The credit union normally processes withdrawals without notice, but is legally permitted to request up to 30 days’ notice if required.

4. Types of Savings Accounts

Knowsley Mutual Credit Union offers the following accounts:

Share 1 – Regular savings account

Share 2 – Secondary savings account

Share 3 – Automatic transfer facility

Share 4 – Junior savings account.

5. Payments Into Your Account

The credit union accepts payments by:

• Debit card payment

• Cash

• Bank transfer

• Standing order

• Direct payment from benefits (DWP)

• Cheque or postal order

• Payroll deduction.

6. Joint Accounts

Knowsley Mutual Credit Union does not offer joint accounts.

7. Privacy and Data Protection

We are committed to protecting your personal information. You can read our full Privacy Policy at:

https://knowsleymutualcu.co.uk/privacypolicy/