• Credit Union
• Bank or building society savings
account
• National Savings and Investments
Credit union savings
account
You could become a member of a Credit Union and open a savings
account with them. Credit Unions are owned and controlled by their
members. The main Credit Union in Doncaster is Danum Credit
Union.
The Credit Union decides who can become a member.
This may be based on where someone lives or works. For example,
members of a Credit Union will often live in the same area. This is
called the common bond. To join Danum Credit Union, you must
live or work in Doncaster Borough.
Good features of credit unions.
• It’s much easier to open a Credit Union
account than a bank or building society account
• You can save as much or as little as you
like and as often as you like
• It’s easy to save at local collection
points or direct from your wages
• You’ll get free life assurance
• Doncaster’s Danum Credit Union offers a
2% dividend (£2 for every £100 you save)
• Danum Credit Union offers a 5% discount
for savers who withdraw their money as vouchers. For example, if
you saved £100 , you receive vouchers worth £100, but keep £5 in
your savings as a bonus
• Credit Unions offer low cost loans to
their members
• If the Credit Union goes bust you will
be able to get most or all of your money back.
But you need to remember:
• You will probably not have a wide choice
of Credit Unions to join.
• The main Credit Union in Doncaster is
the Danum Credit Union.
Find out more about
Credit Unions on the Association of British Credit Unions (ABCUL)
website or the ACE Credit Union Service
website.
Alternatively, you can ring ABCUL on 0161 832 3694 or email
info@abcul.org
Bank or building society savings account.
Savings accounts with a bank or building society will pay more
interest than an ordinary current account.
Remember to shop around for the savings account that suits you
best.
You will need to find out:
• What interest rate is being
offered
• If the interest rate will be much lower
after the introductory offer runs out
• If there is a branch nearby you can get
to easily
• How much notice you have to give if you
want to take money out
• If there is a penalty charge to take
money out
• If you have to keep a certain amount of
money in the account
Also – remember that it can be more difficult and time-consuming
to open a bank or building society account than, for example,
opening a Credit Union account.
To find out more about savings accounts,
visit the Money Made Clear website.
National Savings and Investments.
National Savings and Investments (NS&I) are run by the
government. The money you save is totally secure and interest will
be added to it. You should always compare
National Savings and Investments with ordinary bank and building
society savings accounts and credit unions to make sure you choose
the savings account that is best for you.
To find out more visit the Moneymadeclear website.
You can find the best savings
account for you on the Moneymadeclear website.
How do I know if my savings will be
protected?
You can find out here if
the organisation you are thinking of saving with is regulated by
the Financial Services Authority.
Where can I find more information?
You can find the best
savings account for you on the Moneymadeclear website.
Find out more about different ways to save on the Moneymadeclear
website.
How can I save for Christmas?
To find out more, visit our ‘Saving for
Christmas’ page.