Savings

At Sovereign Credit Union, your savings are referred to as shares, emphasizing the unique ownership aspect of being a member in a thriving financial co-operative.

As a member, you're not merely a customer – you're a valued owner who actively contributes to our cooperative's success.

Furthermore, your voice matters, as our members actively participate in shaping our business operations.

Benefits of Saving with Sovereign Credit Union:

1. Enhanced Beneficiary Payouts: Your nominated beneficiary could receive up to twice the value of your savings.
2. Profit Sharing: Reap the rewards of your membership through dividend payments, which represent your share of the profits.

3. Safeguarded Savings: Your savings are diligently protected. Here's how:        

   • Backed by the Financial Services Compensation Scheme.
   • Our credit union officers are fidelity bonded.
   • Rigorous and consistent recording and lodging of received funds.
   • Transparent and accessible financial statements for member scrutiny.
   • Independent financial audits ensure accountability                                                 
   • Regulatory oversight by the Prudential Regulation Authority and Financial Conduct Authority                                                                                   

Explore our Regular Share Account:

• Flexibility to save as little or as often as you prefer, with annual dividends enhancing your savings.  
• Utilize your deposits as collateral when borrowing, potentially granting you access to higher loan amounts.

Christmas Savings Account

With our dedicated Christmas savings account, you can save as you wish throughout the year.

Unlike our other savings accounts your savings will be ‘locked in’ until November. Members will then have access to their funds up until the last operational day before Christmas (two withdrawals permitted) when any deposits left in the account at this time will be locked in until the following November.

This is the ideal account for those looking to deposit throughout the year and relieve the financial pressure of the festive season.

Tax Implications of Dividends:

• Dividend payments must be declared to HMRC.
• Dividends are announced at our Annual General Meeting and are directly credited to members' accounts.
• Keep in mind that credit union dividends are akin to savings interest for taxation purposes, thus constituting taxable income.

At Sovereign Credit Union, we're dedicated to supporting your financial journey while ensuring transparency, growth, and community ownership.

To apply to become a member of Sovereign Credit Union, complete the form below: