NESCU is a safe, convenient way to regularly put money aside. Even if you only save a small amount, we can help you build up a safety net, and develop a good savings habit. Plus, doing so means you could then borrow from us at an attractive rate.
Key facts
- Save regularly, from just £1 a week.
- Earn a dividend on your savings.
- Easy access to your money.
- Qualify for low-cost loans.
Open an account.
How do I save?
Save as much as you like (at least £1 a week) by:
- Setting up a Standing Order from your bank or building society.
- Posting us cheques.
- Having money taken from your wages (if your employer agrees).
- Paying in cash at a NESCU Service Point.
What happens to my money?
All the money our members save is pooled together. We then use this pool to give members low cost loans.
How safe is it?
We are supervised by the Financial Services Authority, and covered by Indemnity and Compensation schemes.
This means if we ever get into financial difficulties, your money is protected. You will get all your savings back. (The most you can save with us is £10,000: well within the scheme’s limit of £85,000.)
Do I need notice to withdraw my money?
Yes: normally just a few days.
Simply fill in a withdrawal request form, which you can download or get from our Service Points. We will transfer the money into your bank account via BACS (or send you a cheque).
Do my savings earn interest?
Yes. You’ll earn a dividend recommended by the Board at our Annual General Meeting and paid out of NESCU’s profits.
Junior members (under 16) earn up to 3%.