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Unlike some other savings schemes, you can save as much or as little as you like, weekly, monthly or as often as you wish. You can pay in at convenient local shops or collection points, or direct from your wages.
Credit unions aim to pay a dividend on savings once a year to all their members. This can be as much as 8% of the amount that people have saved, but is typically 2 or 3%.
Life savings insurance is included, at no cost to the member, making it easy to build up a useful nest egg for you and your family. On a member's death, the amount of savings can be as much as doubled by the insurance and paid to whoever the member chooses. (Subject to conditions)
There have recently been many concerns about the low number of people who are saving;credit unions make it easy to save and even a small amount each week will soon mount up.
And when you invest in your local credit union, you know that the only people you are benefiting are your neighbours or colleagues. Credit unions keep money within a community, because there are no outside shareholders to pay.
Credit unions can also offer cash based Child Trust Funds to their members.
ABCUL has teamed up with Scottish Friendly to make it easy for members of any ABCUL credit union to use their Child Trust Fund vouchers.
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