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Credit union savings accounts

Savings? Sorted

From your salary, benefits or Direct Debit, we make it simple to build savings in the background — so you can focus on what really matters.
Join and start savingWays to save

Whatever your situation, we make it easy to save a little and often 

Save from your salary

Put money aside automatically through payroll if you work for one of our employer partners.
How it works

Save from your benefits

Build savings straight from your Universal Credit, Child Benefit or any other benefits you may receive.
How it works

Save-as-you-repay loans

When you get a loan with us, you'll be encouraged to put a little extra aside each month, building up savings as you repay.
How it works

Protected under the Financial Services Compensation Scheme

Eligible customer deposits with London Mutual Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme.

Our savings accounts

As a member, you can have one or several savings accounts for different purposes. These accounts don’t come with a debit card.

Membership account

This is your main credit union account, for everyday savings. Deposit into your account regularly, and manage your money at any time via the app.
Join and Start Saving

Christmas savings

Save from January to December. The money is locked up until Christmas and we will not encourage you to withdraw until then.

Holiday account

Get holiday planning underway with our Holiday Savings Account. Save as much as you want and as and when you want.

Calculate my savings goal

per month
Based on this amount saved each month, you'll reach your goal in:
0

Good to know

Got questions? We've answered some common ones to help you get started. If you need more information, our Help Centre is just a click away.
Visit help centre

  • Membership and Savings Terms & Conditions

    v.3.0
    01-May-2022

    • How do I know my money is safe?

      London Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Your savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per member—the same protection as banks and building societies.

    • Do you offer online banking or a mobile app?

      Yes. Once you join, you can register for our secure Mobile and Web Apps in just a few minutes. Log in easily with face or touch ID to check balances, transfer savings, or make payments whenever it suits you.

    • How can I adjust the amount I save each month?

      You’re always in control. You can increase, decrease, or pause your savings at any time. Many members choose to keep saving the same amount after a loan ends, finding it an easy way to build up a healthy balance.

    • What is my Membership Account?

      Every member receives a Membership Account when they join. It’s a simple savings account designed for regular or one-off deposits by salary deduction or Direct Debit. It doesn’t come with a debit card or sort code, but you can manage it easily through our app or online banking.

    • Are there restrictions on accessing my money?

      You can withdraw your savings at any time, unless you have a loan with us. In that case, your main Membership Account savings are held against the loan until it is fully repaid.

    • Can I borrow and save at the same time?

      Yes. When you take out a loan, you can also set aside a small amount to save each month. Even £5 or £10 extra means that once your loan is cleared, you’ll already have a savings pot for the future.

    • Will I receive any interest on my savings?

      Instead of interest, members may receive a dividend if the credit union makes a surplus. The dividend is based on how much you have saved and varies from year to year. In some recent years, no dividend has been paid.

    Visit help centre