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Frequently Asked Questions - Savings

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How Can I Start Saving with Cardiff & Vale Credit Union?

To open a savings account with us, you will first need to apply to become a member . Membership is free, and it's easy to join, in a number of ways:

To activate your account, you must deposit at least £5 in the first 3 months. 

What Account Should I Open?

We offer a number of accounts for both adults and children.  See our Savings page for details to find out what account would most suit you.

Are There Restrictions on How Much I Can Deposit?

A minimum of £5 is required to keep your account active, and you can currently save up to £70,000.

How Much Should I Save?

Provided that you keep a minimum £5 in your account, you can save any amount that suits you.  We request that our members save regularly with us - at least on a monthly basis.

If you have a loan with us, we will request as part of your loan condition that you pay a minimum of £10 per month (or £2 per week) into your savings account with each loan repayment.  This ensures that once your loan is repaid, you will have access to a lump sum in your savings account. If you prefer to pay more than the minimum amount, you can pay any amount that suits you.

How Can I Make Deposits?

There are a number of options for making deposits, and you can choose more than one option if that suits you: 

Can I Pay Into More Than One Account?

Yes. If for example you want to make payments into both a general Adult Saver account (known as Share 1) and a Christmas Saver account, this can be done. You can also for example pay into your own account and an account for your child. Please contact us and we can arrange this for you.  

Are My Savings Safe?

Yes: we are an established and respected financial mutual. As with all credit unions, we are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Your savings up to a value of £85,000 are protected by the Financial Services Compensation Scheme, in the same way as savings with banks and building societies are protected. Credit unions are also fully insured against fraud. 

What is the Interest Rate on Savings?

Our savings accounts do not pay a fixed interest rate. Depending on our financial performance each year, we pay our members an annual interest payment in the form of a variable dividend.  

The dividend rate for each financial year is agreed retrospectively at our AGM each spring. For last financial year (ending 30 September 2021), a gross 0.05% dividend was allocated to our members.  

How Can I Request a Withdrawal?

You can withdraw your savings at any time, unless you currently have a loan with us. Withdrawals can be requested in the following ways:

 How Can I Receive my Withdrawal?

There are a number of ways in which you can have a withdrawal paid to you:

How Long Will it Take to Receive a Withdrawal?

Provided that you have sufficient funds in your account and are eligible for a withdrawal, you will normally be able to access your savings on the next working day, if you make your request before 3pm.

Are There any Account Charges?

There are no account charges, but transaction charges are applied on accounts with frequent withdrawals. For our standard savings account (known as share 1) members can request 6 free withdrawals each year (from April to March) and will be charged a £5 transaction fee for each withdrawal after ths, to allow us to cover the costs of administering frequent withdrawals.  These charges do not apply for members who currently have an active loan with us.

For Christmas saver accounts, a £5 charge will be applied to all withdrawals made between 1st January and 31st October, to encourage savers not to access money intended for Christmas. If you think you may need to access your savings throughout the year, our general saver account may be more suitable for you.  

What if I Don't Use my Account?

Our accounts are intended to be kept active, and an annual £5 dormancy charge will apply to all accounts with balances under £25 if no transactions are made by members for a year. 

Can I Open a Savings Account Today?

Yes: you can apply online now or download our membership application pack. Alternatively, call us on (029) 20 872373 or email us at if you would like us to send you a pack to complete.




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Cardiff & Vale Credit Union. Registered office: 4 Working Street, Cardiff, CF10 1GN Telephone 029 2087 2373
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 213467