Christmas Saver Accounts

Save with your Credit Union

Get more from your money!

Spread the cost of Christmas throughout the year by saving regularly into an account where the funds become available from 1st November each year.

You must be a member with an Adult Saver account to become a Christmas Saver with us.

How it works

These accounts are available to new and existing members. All Christmas savers are also required to have a general savings account with us to activate their membership. Features of this Christmas account include:

  • Savings deposited regularly throughout the year
  • Savings can be withdrawn between 1st November and 31st December each year. To encourage savers to avoid dipping into Christmas savings, a £5 charge is made for all withdrawals requested outside of these dates
  • Savings up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

How to Join

If you are already a member with us, simply download and return the Christmas Saver application and return it to us, and we'll make the necessary arrangements to set up your Christmas Saver account.  If you have an existing standing order or payroll deduction order with us, we will ask you to complete a form to confirm the new amount you want to save.  You can also continue to make payments into your general saver account as well as your Christmas Saver account, using one standing order or payroll deduction.

If you are not yet a member, you will first need to join us (membership is free although a minimum of £5 is required into a general saver account to activate your membership).

Frequently Asked Questions

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.

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.

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

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.

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

  • by setting up a payroll deduction order if you work for a participating Moneyworks employer
  • by setting up a standing order from your bank account
  • by payment into our Cardiff office or one of our collection points
  • for school savers, into your weekly school collection
  • by payment card into a Post Office or Paypoint outlet (for those without a bank 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.

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.

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.

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

  • Online by logging into your account and selecting 'Transferring Money'
  • By telephone (call 029 2111 1720) during opening hours. We recommend that you register for telephone banking to make withdrawals in this way easier and quicker
  • In person, by completing a share withdrawal request form at any of our offices or collection points
  • By post, by completing a share withdrawal request and returning it to us

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

  • Into a nominated bank account
  • Onto a prepaid debit card if you have one with us

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.

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.

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.

Yes: you can apply online now or download our membership application pack. Alternatively, call us on 029 2111 1720 or email us at ccu@cardiffcu.com if you would like us to send you a pack to complete.