Christmas Savings Account

Christmas can be expensive and a stressful time of year, but a little pre-planning can make a huge difference.

Our Christmas Savings Account is there to help you keep the cost of Christmas all wrapped up. Saving now can take the stress out of Christmas, giving you more time to spend with your loved ones.

The amount saved in the account will be available to withdraw from 1st November to 31 December annually. All you have to do is contact us to transfer the funds to your bank account or Engage card ready for you to go out and surprise and spoil loved ones.

Why Christmas Savers?
  • No charge for a Christmas Savings Account.
  • Money locked-in until 1st November.
  • Account locks again on 31st December.
  • Save as little and as often as you like.
  • Lots of ways to pay-into your account.
  • Free Life Savings Insurance (*subject to age, health and terms.)
How to get started

To open a Christmas Savings Account

  • You must be 16 or over.
  • Existing Members: Open a Christmas Savings account via the App or Members Area, or complete a Christmas Savings Account form (include link to form) and return to our office.
  • New members: Request a Christmas Savings Account while joining.
Savings examples

The tables below give examples of how saving regularly can soon add up!

Amount Saved Per Week:£2£5£10£20£25
Year 1£104£260£520£1,040£1,300
Year 2£208£520£1,040£2,080£2,600
Year 3£312£780£1,560£3,120£3,900
Year 4£416£1,040£2,080£4,160£5,200
Year 5£520£1,300£2,600£5200£6,500
Amount Saved Per Month:£10£15£30£40£50
Year 1£120£180£360£480£600
Year 2£240£360£720£960£1200
Year 3£360£540£1080£1440£1800
Year 4£480£720£1440£1920£2400
Year 5£600£900£1800£2400£3000
Important information

From 1st November to 31st December each year you may withdraw your savings. Christmas Savings Account is for savings only - not for loans. This account is completely separate from your main Regular Share Account and cannot be considered when calculating loans.

Please note, if a member is in arrears in loan repayments to the Credit Union, and holds a Christmas Savings account with available funds, we reserve the right to use any Christmas Savings Account money to cover those arrears; as per the Christmas Savings Account Terms and Conditions.

Christmas Savings Account Terms and Conditions
  • The Christmas Savings Account is a secondary share (savings) account with Discovery Credit Union.
    The Christmas Savings Account is only available to Discovery Credit Union members over the age of 16.
  • If you are not yet a member of Discovery Credit Union and wish to open a Christmas Savings Account, you will be required to join and abide by our membership rules.
  • Under the terms of membership, all members must also have a main savings account - a Regular Share Account, which must maintain a minimum balance of £5.00 to remain an active member.
  • Funds can be paid into the Christmas Savings Account at any time. There are no restrictions as to the minimum/maximum deposits that can be made.
  • You cannot though have a combined total savings amount, across all accounts of more than £30,000.00 with Discovery Credit Union at any one time.
  • The annual membership fee of £3.50 will be collected from your Christmas Savings Account in the event of insufficient funds being available in your Regular Share Account.
  • Savings can be paid into the Christmas Savings Account throughout any given calendar year.
  • Withdrawals from the Christmas Savings Account will be only be permitted between the 1st November to 31st December each year.
  • Any monies not withdrawn by 31 December will be carried over to Christmas Savings campaign for the coming year and will be locked in ‘locked in’ to the account until 1 November of that year.
  • If members need to make withdrawals outside of this period, the Christmas Savings Account will be closed and the whole balance will be transferred to the Regular Share Account.
  • An annual dividend may be paid, gross of tax, on all sums deposited in the Christmas Savings Account, subject to surplus.
  • The dividend rate to be paid will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting each year.
  • Christmas Savings will not count as a basis for certain types of loans, Secured and Standard.
  • If you’re already saving with DCU, you can allocate a set amount of your usual payment or increase the total being saved, to deposit into your Christmas Savings Account.
  • Payments into a Christmas Savings Account can be made in addition to savings into a Regular Share Account and on top of any loan repayments.
  • Withdrawal requests must be made in person at the credit union office, or by submitting a withdrawal request form by post or email.
  • Lump sum deposits may be made at any time into the Christmas Savings Account.
  • Any request to close this account must be made in writing.
  • Should you cancel your membership of Discovery Credit Union over the course of the year, your Christmas Savings Account will be closed as part of the cancellation process. In this circumstance, no dividend will be payable.