DISCOVER........the easy way to save

Everyone benefits from having some savings behind them - no matter how much or how little you have. Regular saving allows us to plan and work towards our financial goals and gives us peace of mind should an emergency arise.
 
Discovery Credit Union always recommends that our members have some savings and provides a safe and convenient way to regularly put money aside. When you save with Discovery Credit Union, even if you can only afford to save small amounts, you will be pleasantly surprised how soon your savings build up over time.
 
Many of our members are putting money away to save for a specific purpose such as Christmas or for a holiday; others like the comfort of knowing that they have funds set aside when faced with unexpected bills or an emergency. We can help you make saving as easy as possible by offering several ways to save. And remember, as a credit union saver, you are not just a customer, you are a co-owner of the business.
 
How do I start saving?
Getting into the savings habit is easy when you join Discovery Credit Union. Save as little, or as much as you like - you decide. We encourage members to commit to a regular savings plan. There are several ways you can deposit money regularly:

  • - Set up a standing order with your bank or building society
  • - Pay in cash at our main office or at one of our local collection points
  • - Have one of your state benefits or pension paid directly into your credit union account
  • - Straight from your wages/salary through payroll deductions (if your employer offers this serivce - see more details on our Employer Partners page)

What happens to my money?
All the money our members save is pooled together. We then use this pool of money to make loans to members.
 
How safe is my money?
We are authorised and regulated by the Financial Services Authority in the same way as banks and building societies. We are also a member of the Financial Services Compensation Scheme (see below) backed by the government so you savings are protected up to £85,000 if we ever go out of business. Our Board of Directors keep a tight control over the finances of the business and are accountable to the FSA for any irregularities.
 
Do I earn interest on my savings?
Most standard credit union savings accounts do not earn interest in the same way as bank and building society accounts. Instead, credit unions return any surplus the business makes to members in the form of a dividend. The amount of dividend paid depends on how much money, if any, the credit union makes after covering all its running costs and transfers into reserves. The decision to pay, or not to pay, a dividend is declared each year at our Annual General Meeting. If we are able to pay a dividend, it is calculated on the level of savings (shares) held by each member.
 
Can I withdraw my money at any time?
Yes, provided your savings are not held as collatoral against a loan, you are able to withdraw your savings (shares) at any time - no notice is required. You can withdraw small cash amounts in person over the counter at our Main Office. Larger amounts are paid by cheque or bank transfer. We have an arrangement in place with our bank, Royal Bank of Scotland, High Street, Dundee, to allow members to cash their cheques over the counter free of charge. Personal ID is required. If you are having a state benefit/tax credits/pension paid into your savings account, we can offer you a CredEcard Meastro Debit Card (see below for full details) to save you the trouble of queuing up each time you wish to withdraw money. You can then either make withdrawals from a cash machine or use your card to pay for goods or services in shops or online (transaction fees apply). To remain an active member of Discovery Credit Union, you must retain at least a £1 share in your savings account.
 
If you have borrowed from us, your shares may be held as security against your loan.
 
Free Life Insurance
All our members' savings are automatically covered by our life insurance paying up to two times your savings balance in the event of your death. Visit our Insurance page for further details. Some limitations on health and age apply.
 
A quick reminder:

  • - Save as little or as much as you can afford
  • - Easy, convenient ways to deposit your savings
  • - Confidentiality is respected at all times
  • - No notice required to withdraw your money
  • - Members savings are pooled to provide the resources for lending to members
  • - Savings fully protected by the Financial Services Compensation Scheme
  • - You will automatically receive free Life Insurance on your savings balance
  • - Depending on profit made and reserves, shares are eligible for an annual dividend

Important information about compensation arrangements We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - includung most individuals and small businesses are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at our Main Office, refer to the FCSC website http://www.fscs.org.uk or call 0800 678 1100.