Savings | Cashfields Credit Union, Ashfield District

Cllr Steve Carroll and Director, Margaret Carter, at the recent opening of our New Cross Collection Point, Outram Street, Sutton-in-Ashfield

Cashfields is a community savings and loan co-operative run for and by the people of Ashfield. We provide a safe and convenient way to save your money and access to low-cost loans if you need them. We also provide free life insurance.

Have a look through our website to learn more about our services or you can always give us a call on 0115 9521455

Credit Union Facts

~ 18,000 people now hold current accounts run by Credit Unions.
~ At the end of 2008 1.7 million current accounts had been made.
~ In 2008 Credit Unions in the UK provided services to 638,000 adult members and 100,000 children and young people.
~ Worldwide there are 172 million members of credit unions.
~ Most of the adult population of the UK are eligible to join a Credit Union.

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Saving with Credit Unions

Savings are called shares in a credit union because it is a financial co-operative. There are several ways you can save with Cashfields.

Share account

All members must start with a share account and keep at least £1 in shares to remain a member. This is the account to build up if you expect to apply for a loan. It proves that you can set aside money each week and could repay a loan. It also builds up the amount of money available to lend out.

At the beginning of October each year we deduct the membership fee of £3. This helps to pay some of the administrative costs like postage and copying.

Christmas Saver

In addition to the Share Account you can save for Christmas. If you start in January, just £3 a week for 48 weeks would give you £144 next December to spend where you choose.

Holiday Saver

You can also save for a holiday. Start anytime and set aside £10 a week for 30 weeks to give you £300 spending money or save more and cover the whole cost of the holiday.

Watch this space

Cashfields is always looking for new ways to help members to manage their money. New products will be available to 2010.

Withdrawals

We do not currently do instant withdrawals. We ask for the following notice periods to help us manage our cashflow:

1 week for amounts under £50
2 weeks for amounts between £51 and £100
3 weeks for amounts over £100

Withdrawal forms are included in your membership pack, or are available at any collection point or from the office. You can ring 0115 9521455 or email: admin@cashfields.org to request a form or download one from here? Forms must be completed and signed before returning to the office or a collection point.

Dividend

If Cashfields makes a profit, we return it to members in the form of a dividend. We are currently paying the same rate of dividend across all the savings accounts. The dividend for the previous year is paid into your share account after being approved by the Annual General Meeting. This is usually in March or April.