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Westminsters Credit Union is a FSA licensed deposit taker

Our members are entitled to the same level of protection similar to the Banks and Building Societies in the US.

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to $185,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be $185,000 each (making a total of $270,000). The $185,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.

 


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. Types of savings accounts available to you

Christmas savings
Holiday savings
Junior savings

The ability and capacity to save money for the short or long term is an important step on the path to establishing financial well being and to building assets.

The credit union helps you by encouraging the habit of saving. If you develop the habit of putting some money by in the credit union on a regular basis, saving will be less difficult.

Savings are used to make loans to members. The interest from loans is used to pay expenses; to build up reserves (capital) and the remainder may be returned to the members by way of dividend.

Many credit union members are less interested in the amount of dividend than in the many other benefits.

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Westminsters Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213248)
Providing ethical financial services for over 31 years