• Credit Union
• Bank or building society savings account
• National Savings and Investments
Credit union savings account
You could become a member of a Credit Union and open a savings account with them. Credit Unions are owned and controlled by their members. The main Credit Union in Doncaster is the South Yorkshire Credit Union.
The Credit Union decides who can become a member.
This may be based on where someone lives or works. For example, members of a Credit Union will often live in the same area. This is called the common bond. To join South Yorkshire Credit Union, you must live or work in the Metropolitan Boroughs of Barnsley, Doncaster and Rotherham.
Good features of credit unions.
• It’s much easier to open a Credit Union account than a bank or building society account
• You can save as much or as little as you like and as often as you like
• It’s easy to save at local collection points or direct from your wages
• You’ll get free life assurance
• Doncaster’s South Yorkshire Credit Union offers a 2% dividend (£2 for every £100 you save)
• Danum Credit Union offers a 5% discount for savers who withdraw their money as vouchers. For example, if you saved £100 , you receive vouchers worth £100, but keep £5 in your savings as a bonus
• Credit Unions offer low cost loans to their members
• If the Credit Union goes bust you will be able to get most or all of your money back.
But you need to remember:
• You will probably not have a wide choice of Credit Unions to join.
• The main Credit Union in Doncaster is the South Yorkshire Credit Union.
Find out more about Credit Unions on the Association of British Credit Unions (ABCUL) website or the ACE Credit Union Service website.
Alternatively, you can ring ABCUL on 0161 832 3694 or email info@abcul.org
Bank or building society savings account.
Savings accounts with a bank or building society will pay more interest than an ordinary current account.
Remember to shop around for the savings account that suits you best.
You will need to find out:
• What interest rate is being offered
• If the interest rate will be much lower after the introductory offer runs out
• If there is a branch nearby you can get to easily
• How much notice you have to give if you want to take money out
• If there is a penalty charge to take money out
• If you have to keep a certain amount of money in the account
Also – remember that it can be more difficult and time-consuming to open a bank or building society account than, for example, opening a Credit Union account.
To find out more about savings accounts, visit the Money Advice Service website.
National Savings and Investments.
National Savings and Investments (NS&I) are run by the government. The money you save is totally secure and interest will be added to it. You should always compare National Savings and Investments with ordinary bank and building society savings accounts and credit unions to make sure you choose the savings account that is best for you. To find out more visit the Money Advice Service website.
You can find the best savings account for you on the Money website.
How do I know if my savings will be protected?
You can find out here if the organisation you are thinking of saving with is regulated by the Financial Services Authority.
Where can I find more information?
You can find out more information about savings and investments on the Money Advice Service website.
Find out more about different ways to save on the Moneymadeclear website.
How can I save for Christmas?
To find out more, visit our ‘Saving for Christmas’ page.