CREDIT UNION

Community Accounts

Bridgend Lifesavers Credit Union accounts for community groups, businesses and charities.

We are now able to offer Credit Union membership to local businesses, charities and community groups. Organisations can join on the same basis as individual members: the organisation gets one vote at our AGM, and deposits receive the same dividend as members’ individual savings.

Why choose us?

The maximum deposit is £27,000 (This will rise as Bridgend Lifesavers grows.)

You can have up to three signatories registered with us for the account, and have the option to require two signatures for withdrawals.

We accept deposits via all our usual methods: cash, cheque and standing order.

There are no restrictions on withdrawals, but withdrawals are made individually;- We are happy to produce cheques made payable to a third party, e.g to pay an invoice for you.

This account is suitable for;

-Companies and organisations looking to use their reserves to support the local community, at no cost to themselves.

-Small businesses looking for a tax account or an account for reserves.

-Community groups looking for somewhere to bank deposits or a grant cheque.

-Christmas and holiday savings clubs.

We are a local organisation which exists solely to serve our community. We will use your money to make small loans to local people on fair terms.

Your organisation’s money is 100% safe, and we will try to make opening your account as easy and friendly as possible. While we do require proof of identity, we won’t credit check your committee members or account signatories as many banks do.

 Call us on – 01656 729912 or 01656 667089 for more information.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.

You can download a leaflet about the FSCS here:

Download FSCS Leaflet (1998.5kb)