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Savings

Saving regularly helps you prepare for life’s biggest moments. Whether you’re looking forward to a special purchase or want a safety net for the unexpected, your savings give you the freedom and peace of mind to live life with confidence.

 

Enterprise Credit Union Savings accounts available

Regular Savings Account

All members are issued with a regular savings account when they join the credit union. This account can be used for general savings or to access loans after regular savings deposits are made.

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Regular saving helps you build financial security and access affordable loans when you need them.

Important information

  • Save as much or as little as you like
  • For members aged 18+
  • Easy access to your savings whenever you need them
Open a savings account

Savings Pot

Savings pots are extra savings accounts linked to your main membership account. You can use them to set money aside for anything, from everyday expenses to special goals.

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Regular saving can help you manage unexpected costs with less stress.

Important information

  • Open and name multiple pots for different goals

  • Save as much or as little as you like

  • Earn dividends on your savings

Get in touch

Fixed-Term Savings Account

A smart and secure way to grow your money over a set period of time. With our exclusive offering, you can choose from Silver, Gold, or Platinum accounts, each tailored to suit your investment needs. Guaranteed return over the term.

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Your money earns a guaranteed return over the term, giving you peace of mind.

Important information

  • Save between £2,500 and £50,000 depending on account type
  • Your money is locked in for the agreed term Protected by the FSCS
Learn more

How to Apply for a
Savings Account

If you are already a member of Enterprise Credit Union and want to open a savings account, please contact us via our email address contact@enterprisecreditunion.org to further your enquiry or apply via the ECU Mobile App

Download the App

If you are not yet a
member of ECU

If you live and/or work in the Knowsley, Liverpool, Sefton, St. Helens, Wirral, Halton and Warrington Boroughs of Merseyside, you can apply to open an account by completing the online application. You can also join in branch. Just pop in with 2 forms of identification.

Complete an online application
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You are not just another customer but a member of a highly successful financial co-operative.

Benefits of an Enterprise Credit Union savings account:

  • Dividends payable annually based on savings balances
  • Withdrawals and deposits can be made directly to and from your bank account
  • Life cover* at no extra cost – Savings doubled up to a maximum of £15,000 in the event of a claim (*T&Cs apply)
  • Protected by the Financial Services Compensations Scheme up to £120,000 (see FSCS information sheet and exceptions list)
  • Payroll deduction available from some employers
  • No hidden costs or charges
  • Junior accounts available

Each member holds a share in the ownership of the Credit Union, and along with having a say in the operation of the Credit Union, you could also earn dividends on every share held.

Savings Accounts FAQs

How do I withdraw my savings?

You can withdraw money from your Share Account at any time, unless it is secured against a loan. If you have a loan, savings held in your Share 1 account are locked in as security. Any balance above the loan amount can be withdrawn. Savings held in term deposit accounts are subject to their own terms and conditions.

Withdrawals can be requested online or using our mobile app, or in person at any of our branches (cash withdrawal limits apply). Funds are normally paid directly into your bank account. Members can also make faster withdrawals up to £100 online or using our mobile app. Payments are sent to your bank within seconds and this service is available 24/7. Larger withdrawals will continue to follow the standard withdrawal process.

For fraud prevention, we can only pay withdrawals into a bank account in your name. If your bank account details are not shown, please contact us so we can verify them. Standard withdrawals requested before 3.00pm on a working day (Monday to Friday, excluding public holidays) are processed the same day and usually reach your bank after 4.30pm. Requests made after this time will be processed the following working day.

Can I withdraw my Attached Savings?
If your attached savings are more than your loan balance, you will be able to withdraw those shares. Attached Savings are a condition of our loans and enable our Members to build up savings easily, giving financial options and flexibility.
Do I earn interest on my savings?

All members are part-owners of the credit union and share in its success. Instead of paying interest on regular savings, we pay a dividend when the credit union performs well. This dividend is proposed by the Board of Directors and voted on by members at the AGM.

Once approved, the dividend is normally paid into your account the following day. The amount you receive depends on how much you have saved over the financial year (1 October to 30 September). It is worked out in a similar way to interest and is based on your savings balance throughout the year. This means your dividend is calculated using your daily balance — so keeping money in your account for longer can increase the dividend you earn.

Interest is also paid on some special term savings accounts, such as the Gold Account which have their own terms and conditions. Find out more information about our interest-bearing accounts by clicking here.

Is the dividend taxable?
Credit union dividends are treated by HMRC in the same way as interest on savings accounts. It should be declared in your tax returns but can be part of your non-taxable Personal Savings Allowance. Tax on savings interest – GOV.UK (www.gov.uk)
Is there a maximum for savings?
The maximum one member can hold can be no greater than 1.5% of the total non-deferred shares in the credit union across all savings accounts and we would discourage members to hold more than the FSCS maximum cover of £120,000. Full details of the FSCS scheme can be found by clicking here.
Can I open an additional savings account?

Yes, members can open additional savings accounts to help manage money for different goals, such as budgeting, Christmas, or general savings. These extra accounts can make it easier to set money aside for specific purposes while keeping everything in one place.

To find out more about the different savings accounts we offer, visit our savings accounts page. If you would like to open an additional savings account, please contact us and we’ll be happy to help.

Can I open a Junior Savings Account?
At Enterprise Credit Union we offer a Young Savers Account which is open to the family of our members, up to the age of 18. The account can be opened by adult members on behalf of the young person they choose. This is a great way to encourage good saving and spending habits in young people and to prepare for their future. For more info click here.
What happens to a Junior Savings Account when they reach 18?
The account will automatically transfer to an adult members account.
Do we offer joint accounts?
No, we only offer single membership accounts.
What is meant by a Nominee?

Credit union members can nominate a person (known as a beneficiary) they would like their savings to be paid to in the event of their death. This nomination allows us to release up to £5,000 without the need for probate or letters of administration, helping funds reach loved ones more quickly when they are needed most.

We encourage all members to complete a Nominee Form and to keep it up to date if you wish to change your beneficiary or if your circumstances change. To add or update your nominee or beneficiary, please contact us.

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