Did you know that you can open a Moneywise savings account and deposit as little as £1 a week?
To save little and often, you can set up a direct debit and make regular payments straight from your bank account. It’s that simple!
Membership is open to all who live or work in most of the North East of England – Northumberland, Teesside, Tyne and Wear, and County Durham; as a co-operative all members are owners and have a say in how Moneywise operates.
What is the interest rate?
As Moneywise is a financial co-operative, we don’t pay interest on our savings. Rather, we pay our saving members an annual dividend based on any surplus we make in the financial year.
The amount of dividend to be distributed, based on the member’s shareholding, is agreed by our members at our AGM every year.
For the past several years, we have paid 0.5% dividend on shares (savings) calculated on the amount held in savings and across the financial year.
Is there a minimum or maximum balance?
You can begin saving from as little as £1 a week – it’s up to you how much you’d like to save above that. You can save any amount up to a maximum balance of £35,000.
Managing your adult savings account
Once you open an adult savings account with us, you’ll have access to plenty of different mechanisms to enable you to save effectively and sustainably. Deposits can be made at any local service point by cash or cheque. You’ll also be able to set up standing orders to make regular payments to your savings account, direct from your bank account.
By registering to use our web service, you can access your account at any time. You can use it to check your balance and transactions, apply for loans or transfer funds to your nominated bank account.
Is there a payroll savings scheme available?
We have arranged with some employers that staff can pay into their savings accounts directly from their wages. Contact us to find out if we have a scheme with your employer. If not, we will be happy to talk to your employer about setting up a payroll scheme with them. More information is on our payroll savings page.
Can I withdraw my money?
With one of our adult savings accounts, you’ll have the ability to withdraw money from your savings account at any time. However, if savings are used to apply for credit, there may be a restriction placed on the amount you are permitted to withdraw until your loan is settled.
How do I know that my savings are secure?
When you choose Moneywise, you can be sure that your money is in safe hands. We’re regulated by the Prudential Regulatory Authority (PRA), and authorised by the Financial Conduct Authority (FCA) and PRA. This means we operate by the same standards as any bank or building society – we’re here for you, and we put the needs of our members first.
How much can I save?
When you open one of our adult savings accounts, the onus is on you to save as much as you can or as little as you like! Because our dividend payments are calculated yearly for our members, there’s no worrying about interest rates changing or being recalculated.
When you save regularly, your total adds up quickly! For example, if you save £250 a month, you’ll have £7,500 after just two and a half years. Even if you’re saving £10 each week (£40/month), you’ll have £1,200 at your disposal in the same timeframe!
Sign up now to start saving
- Click the button below to apply
- Fill in your details as accurately as possible
- Submit the form
- One of the Moneywise team will be in touch as soon as possible to confirm whether you have been successful
Joining Moneywise is free, there is a £1 annual membership fee, and all we ask is you save regularly to support our funds for lending. We only lend to members so you can be confident your savings are being used to support like-minded individuals.
To apply you must:
- Be aged over 18
- Agree to Moneywise Credit Union rules
When you join as a member you will receive an account number so you can start saving straight away. Our friendly team will help you through the simple application process at any of our local service points. Or you may also apply online.
Open your Savings account today.