Savings
Savings—so you’re ready for anything.
Putting something aside regularly for a rainy day isn’t just a good habit. It’s also about building financial independence, so that when opportunity knocks, or the worst happens, you know you’ll be ready.
As a credit union, we’re all about helping you get into financial shape. That’s why, whatever your situation, we make it easy for you to save, so you can enjoy more good times and fewer sleepless nights.
How it works
Your membership account
When you become a member, you automatically receive a membership account, which you can use to save. It also secures any loans you have with us. If we do well and make a surplus, any dividend you receive will be paid into this account.
Payroll deduction
Types of savings account
Holiday savings
For that dream holiday, a summer break or for family memories that will last a lifetime, make it happen with our Holiday Savings Account. We give you the flexibility to save as much as you want, as and when you want. Your savings are ready to withdraw when you are — just don’t forget the suntan lotion!
Young Savers
You’re never too young to start saving. Our under 18s account is designed to enable our younger members to learn all about managing their money and developing good financial habits.
Anyone under 18 who lives or studies in Southwark, Lambeth, Westminster or Camden is eligible.
Christmas account
Christmas can be a special time, but we know it can be a stressful one too—especially if money is tight.
Our Christmas account enables you to start saving regularly from January, and we’ll encourage you to keep up the habit through to December.
Your money is safe
Ways to save
By card
Pay money into your savings account at any time on our website with a debit card
Through your wages
Through our partnership with local employers, you can arrange to have a regular amount deducted from your salary and paid straight into your savings.
By direct debit
With one simple form, you can set up a direct debit with your current bank to pay regularly into your London Mutual savings account.
With cash in branch
Visit any of our branches across South London to deposit cash into your savings account over the counter.
About saving with us
Am I eligible for a savings account?
As with all of our products, you need to be a member, but you can join at the same time as you apply. Membership of London Mutual Credit Union is open to anyone who lives or works in the London Boroughs of Lambeth, Southwark, Camden or Westminster, serving members of the British Armed Forces and all worshippers of the New Testament Church of God. Check if I am eligible
As you’d expect, in addition to the requirements above, you need to be under 18 to apply for a Young Savers account.
Do you still offer an ISA?
We are not currently accepting new ISA applications, though check back as this may change in future. If you have an existing ISA with us, you may continue saving up to the maximum of £20,000 for the current tax year, with an interest rate of 0.1% AER.
Do you pay interest on savings?
As a credit union, we do not pay interest on our accounts, but if the credit union makes a surplus (a profit), this may be distributed to members as a dividend. The amount of dividend paid will vary depending on how much you have saved with us. In recent years we have not made a surplus, and so no dividend has been paid. This may, however, change in future.
Do you pay interest on savings?
As a credit union, we do not pay interest on our accounts, but if the credit union makes a surplus (a profit), this may be distributed to members as a dividend. The amount of dividend paid will vary depending on how much you have saved with us. In recent years we have not made a surplus, and so no dividend has been paid. This may, however, change in future.
Is my money safe?
London Mutual Credit Union is a fully licensed financial institution, regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), just like any bank.
In addition, every account is backed by the Financial Services Compensation Scheme, which guarantees that in the unlikely event anything went wrong, your account balance up to £85,000 is fully protected.