We believe that everyone should have access to simple savings accounts 

It’s easy to get the savings habit and we believe in keeping things simple.

As a  member you will have a main Share Account.  You can also have an extra share account and a Christmas Savings account so money can be put aside for different purposes.

 We know that it’s important to be able to access savings when they’re needed so we offer same day withdrawals if you contact us before 3pm.  You can arrange for funds to be paid directly in to your bank account. Alternatively funds can be loaded on to the Change Account Prepaid Debit Mastercard®.

Your eligible deposits with Lincolnshire Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.

To find out more click here or visit www.fscs.org.uk

Other features of a share account:

• Members receive a share of the credit union’s profits each year as a reward for saving. The dividend rate is agreed by the membership at the Annual General Meeting after the end of the financial year. (Payment of dividends is subject to profitability).

 • The maximum amount that can be held in savings by any one member is currently £20,000.

 • Members can nominate a beneficiary (or beneficiaries) to receive up to a total £5,000 of savings on the member’s death with the minimum of fuss. Usually this payment falls outside of the deceased’s assets for Inheritance Tax purposes.

All savings are fully protected by the Financial Services Compensation Scheme.

To join the Lincolnshire Credit Union you must live, work or study in the county of Lincolnshire (but you can continue to be a member if you subsequently move out of the area, if you wish).
You can also join if:
You are employed by or are a tenant of Acis Group, Lincolnshire Housing Partnership, Longhurst Group.
You are employed with the Barbon Group.
You are a member of Lincolnshire Chamber of Commerce.

Christmas Savings Account

Reduce the stress of Christmas by opening a Christmas Savings account with the Lincolnshire Credit Union.

• Save regularly through the year and lock in your savings.

• Access savings from 1st November each year.

• Get the best deals on shopping by not being tied to a particular shop.

• Know that your Christmas savings are completely safe as they’re protected by the Financial Services Compensation Scheme.

To become a Christmas Saver you must be member of Lincolnshire Credit Union

Payroll Deduction

Simple savings straight from your wages.

An easy way to get into the saving habit and build a secure future for you and your family - have your savings deducted from your pay and paid straight into your credit union account by your employer. Your regular deduction comes straight from your wages so you won't even notice.

At the moment, you can only apply if you are employed by the following organisations:

• ACIS Group
• Barbon Insurance Group
• Boston Borough Council
• City of Lincoln Council
• Public Sector Partnership Services Ltd
• East Lindsey District Council
• Homestart Lincolnshire
• Lincoln College
• Lincolnshire Action Trust
• Lincolnshire County Council
• Lincolnshire Housing Partnership
• Longhurst Group
• Luxus Ltd
• North Kesteven District Council
• University of Lincoln
• LEAP - Lincolnshire Employment Accomodation Project
• West Lindsey District Council

To apply for the payroll deduction scheme you must first be a member of Lincolnshire Credit Union. Apply to become a member first, then fill out a payroll deduction form and email it back to us join@lincscreditunion.org.uk or hand it in at our Lincoln office or at an Access Point (see ‘Contact’ for their locations).

Young Saver Accounts

Our accounts for Young Savers allow the accounts to be controlled, if required, by a sponsoring adult until the Young Saver reaches the age of 18 at which time the account is converted to a normal adult share account.

The account can be opened by a parent, grandparent, or guardian and must be operated for the benefit of the child. Ways to save provides details of how to pay into the account.

Withdrawals from the account can be made by the sponsoring adult, but he/she will be asked to confirm that these are being made for the benefit of the child.

Alternatively if the Young Saver is aged 11 or over the child can be allowed to operate the account themselves, subject to the sponsoring adult providing confirmation that this is to be the case.

Savings are fully protected by the Financial Services Compensation Scheme.

To be able to open the account either the Young Saver or the sponsoring adult must live or work in Lincolnshire. If not a member with Lincolnshire Credit Union the account trustee will be required to provide proof of identity and address together with a copy of the child’s birth certificate and proof of connection to the child.

Please call us on 01522 873550 or visit one of our local access points for details of how to set up an account.

How do I start saving?

At Lincolnshire Credit Union we want to make it as easy as possible to save. The following options are available. Which one of them would make it easy for you?

1. Post cheques or postal orders to our office in Lincoln.

2. Join a Payroll Savings Scheme if your employer is a participating employer.

3. Set up a regular standing order from your bank or building society account – use a standing order form or use the details at the bottom of this page.

4. Instruct your bank or building society to make a ‘Bill Payment’ to your credit union account – if you use internet banking you’ll probably be able to do this yourself.

5. Arrange for Child Benefit to be paid into your account (you will need to tell us if you do this as we shall need to know your Child Benefit Reference to identify the money).

Bank: Co-operative Bank plc, Lincoln branch
Sort Code: 08-90-32
Account Number: 67004382
Reference: Use your Membership Number

Use your membership number as the payment reference except where stated above. If you’re not sure what reference to use please contact us before setting up the payment. If we are not provided with a valid reference this could delay the money being paid into your account.

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