Savings
Supporting the Police Family since 1989
At SPCU, we are committed to helping the police family! We offer a range of savings products to help you reach your financial goals and create healthy savings habits. Check out our account range below and see if you could benefit from joining us!
Membership Account
A savings account, also known as a share account, is your main savings with the Credit Union. This account allows you to have full access to all of our services and benefits. You could earn annual dividends on the balance you hold during our financial year and your savings are protected through the Financial Services Compensation Scheme (FSCS).
| Minimum | Maximum | |
| Monthly /4-Weekly Deduction | £10 | £1,500 |
| Shareholding | £5 | £60,000 |
| Online Share Withdrawal | £50 | £1,000 |
| Lump Sum Deposit | - | £10,000 |
You must make regular monthly deposits through salary deduction where available, or a direct debit instruction for your account to remain active.
Withdrawals from your savings will be subject to any borrowing you may have as stated within your loan terms and conditions.
An entrance fee of £5 will be taken upon your first regular deduction or initial deposit of £10 (permitted on approval of loan) which is donated to The Scottish Police Credit Union Foundation.
Upon reaching a share balance of £57,000, your monthly savings payment is limited to £250.
Lump sum deposits are permitted up to £10,000 in a 12-month period provided that your shares do not exceed £50,000 upon receipt of funds. Please contact the office should you wish to deposit funds.
Your savings account with SPCU comes with Life Savings Cover included at no extra cost between the age of 16 and your 65th birthday. T&C’s apply. For more information click here
Family Membership
A Family Membership savings account, also known as an entitled member, is another benefit of joining the Credit Union. This account allows your immediate family (partners, children, relatives) who reside within the same household as an enabling member (See ‘Membership Account’) to join and have full access to all of our services and benefits. They could earn annual dividends on their balance held during our financial year and their savings are protected through the Financial Services Compensation Scheme (FSCS).
| Minimum | Maximum | |
| Monthly /4-Weekly Deduction | £10 | £1,500 |
| Shareholding | £5 | £60,000 |
| Online Share Withdrawal | £50 | £1,000 |
| Lump Sum Deposit | - | £10,000 |
You must make regular monthly deposits through salary deduction where available, or a direct debit instruction for your account to remain active.
Withdrawals from your savings will be subject to any borrowing you may have as stated within your loan terms and conditions.
An entrance fee of £5 will be taken upon your first regular deduction or initial deposit of £10 (permitted on approval of loan) which is donated to The Scottish Police Credit Union Foundation.
Upon reaching a share balance of £57,000, your monthly savings payment is limited to £250.
Lump sum deposits are permitted up to £10,000 in a 12-month period provided that your shares do not exceed £50,000 upon receipt of funds. Please contact the office should you wish to deposit funds.
Your savings account with SPCU comes with Life Savings
Cover included at no extra cost between the age of 16 and your
65th birthday. T&C’s apply. For more information click here
Kidzplus
A KidzPlus savings account, also known as an entitled/Junior member, is another benefit of joining the Credit Union. This account allows your children who reside within the same household as an enabling member to join and have access to a secure savings account until they reach the age of 16. They could earn annual interest of 3.9%* on their balance held during our financial year and their savings are protected through the Financial Services Compensation Scheme (FSCS). Upon turning 16, the account can be transferred to a full adult
membership account.
Deductions through the enabling members salary deduction if
available or by direct debit instruction.
| Minimum | Maximum | |
| Monthly /4-Weekly Deduction | - | £250 |
| Shareholding | £1 | £10,000 |
| Online Share Withdrawal | £50 | £250 |
| Lump Sum Deposit | - | £1,000 |
There is no regular monthly deposit required however this can be made through salary deduction where available, or a direct debit instruction.
Withdrawals from KidzPlus accounts can be made online up to a maximum of £250. For anything more than this you can contact the office.
Lump sum deposits are permitted up to £1,000 in a 12-month period.
Supersaver
A secondary savings account is an additional savings account with the Credit Union. This account allows you to save up to a maximum of £5,000 with up to 4 withdrawals in any 12-month period (beginning from date of first withdrawal). Ideal for budgeting for those yearly MOT/tax costs or as a rainy day emergency fund.
You do not earn annual dividends on the balance you hold during our financial year and your savings are protected through the Financial Services Compensation Scheme (FSCS).
| Minimum | Maximum | |
| Monthly /4-Weekly Deduction | £10 | £200 |
| Shareholding | - | £5,000 |
| Withdrawals | 4 | |
| Lump Sum Deposit | - | - |
You must make regular monthly deposits through salary deduction where available, or a direct debit instruction for your SuperSaver account for it to remain active.
Maximum monthly savings are subject to your regular Membership Account savings of £1,500.
Example:
If you are saving £600 each month to your Main Savings, you can save the maximum of £200.
If you are saving £1,400 each month to your Membership Account, you can save a maximum of £100 to your SuperSaver.
Withdrawals are limited to 4 within any 12-month period.
Example:
If your first withdrawal was taken on the 1st of March 2024, you would be able to withdraw a further 3 times until the 1st of March 2025.
Funds from your SuperSaver are not held in attachment to any borrowing you may have however they may be transferred to reduce outstanding balances in cases of arrears.
You can close your SuperSaver account at any time with no penalties.
Your savings account with SPCU comes with Life Savings Cover included at no extra cost between the age of 16 and your 65th birthday. T&C’s apply. For more information click here.
Christmas Saver
An additional savings account with the Credit Union to help you budget throughout the year for Christmas. This account allows you to save up to a maximum of £3,000 with withdrawals available between the 1st of November and 24th of December.
You do not earn annual dividends on the balance you hold during our financial year and your savings are protected through the Financial Services Compensation Scheme (FSCS).
| Minimum | Maximum | |
| Monthly /4-Weekly Deduction | £20 | £250 |
| Shareholding | - | £3,000 |
| Online Share Withdrawal | £50 | £1,000 |
| Lump Sum Deposit | - | - |
You must make regular monthly deposits through salary deduction where available, or a direct debit instruction for your Christmas Saver account for it to remain active.
Maximum monthly savings are subject to your regular Membership Account savings of £1,500.
Example:
If you are saving £600 each month to your Main Savings, you can save the maximum of £250.
If you are saving £1,300 each month to your Membership Account, you can save a maximum of £200 to your Christmas Saver.
Access to withdrawals is limited between the 1st of November and 24th of December each year.
Funds from your Christmas Saver are not held in attachment to any borrowing you may have however they may be transferred to reduce outstanding balances in cases of arrears.
Your savings account with SPCU comes with Life Savings Cover included at no extra cost between the age of 16 and your 65th birthday. T&C’s apply. For more information click here.
The Financial Services Compensation Scheme, or FSCS, is a safety net in situations such as your bank or credit union suddenly shutting down. It’s a UK government program that pays you back some of your money if a financial company you used goes bust. So, it helps protect your savings, investments, and even insurance policies from going up in smoke. There are limits on how much FSCS will cover, but it provides peace of mind knowing you’re not left empty-handed.
With FSCS Protection, your combined savings are covered up to £85,000 at SPCU.
A dividend for a credit union is similar to interest on savings accounts at a bank, but with a twist. Here’s the key difference:
Regular Banks: Interest is paid on your savings because the bank uses your money to make loans and investments. They share a portion of the profits generated from this activity with you.
Credit Unions: These are non-profit organisations owned by their members (the depositors). Instead of external shareholders, all surplus profit after expenses are returned to members as dividends.
Think of it as a loyalty reward for being a member. The better the credit union performs financially, the higher the potential dividend you might receive. It’s essentially a way for the credit union to share its success with its members.
Here are some additional points to remember:
- Dividends are not guaranteed. They depend on the credit union’s financial performance each year.
- The amount of dividend you receive may vary depending on your account balance and the specific dividend rate offered by the credit union.
- For tax purposes, dividends from credit unions are treated similarly to interest income.
Overall, dividends are a way for credit unions to reward their members for saving and being part of the cooperative structure.
Frequently asked questions
You can access your savings 24/7 through our website or mobile app – for anything over £1,000 you will need to contact the office and we can have a withdrawal form sent to your email for electronic signing.
For security and to protect your hard earned savings, online withdrawals are limited to 5 withdrawals within a month – if you need access to your savings more than this then you can contact the office for a withdrawal form.
If you have a loan with us, your savings are held as security against the outstanding balance. Once your savings are of a greater balance than your loan, you can access the difference, e.g. If your loan balance is £15,000 and you have £10,000 in savings, you will not be able to access these, however if your loan is £5,000 and you have £5,500 in savings, you will be able to access up to £500.
Yes! You can deposit up to a maximum of £10,000 to main savings provided that your shares balance does not exceed £50,000 upon receipt of funds and up to a maximum of £1,000 to KidzPlus accounts in any 12 month period.
Funds can be deposited through bank transfer either from your nearest branch or online. If you would like to make a deposit, please contact the office for details on 0141 771 1314.
Generally, yes. However, there are some circumstances when this might not be possible.
Some of our loan products require the attachment of your savings as security against the loan and would therefore restrict the availability of withdrawing some or all of the funds. See our Loan FAQs for more information on the attachment of savings.
Yes. We have a second savings account called Saverplus, which allows you to save between £10 and £200 every month/4 weeks (subject to maximum deposit limit – see how much can I save) and withdraw funds up to 4 times within a 12 month period.
We also have a Christmas Saver, which allows you to save between £20 and £250 every month/4 weeks and withdraw funds between the 1st of November and 24th of December each year.
If you are interested in opening either of these accounts, please contact the office and we can send you an application form.
Yes. We have a specific children’s saving account called Kidzplus where you can save from as little as £1 a month/4 weeks. The maximum that can be held in the Kidzplus account is £10,000.
The maximum monthly/4 weekly savings amount for all members is £1,500. If you choose to open an additional ‘SuperSaver’ or ‘Christmas Saver’ account, you must share this £1,500 ‘maximum’ between all accounts, as you cannot breach the £1,500 limit.
Credit unions calculate a dividend based on their financial year end profit. Dividends are not guaranteed and are approved at the Annual General Meeting (AGM) each year.
Your account must be open on the date of the AGM to be eligible to receive a dividend.
All dividends paid by Scottish Police Credit Union are paid gross of tax. Any tax responsibility lies with the individual member and needs to be declared in any tax return.
Yes. You can increase and decrease your savings payment through the secure members area. Simply log in and click ‘My Profile’ and you will see an option to edit your payments. Alternatively, you can log in on our mobile app, tap “More” and there is a section for your payment changes.
You can also give us a call on 0141 771 1314 or send us a message through your online account.
For changes to Direct Debits, we must receive notice at least 11 working days in advance.
For Payroll/Salary deductions, we must give notice to Police Scotland on the 1st of each month for Staff and the 5th of each month for Officers. Other departments can differ each month so please contact the office for more information.
