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.

Safe and secure

London Mutual is a fully licensed credit union, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), just like a bank. Every account is protected by the Financial Services Compensation Scheme (FSCS), up to the value of £85,000.

How it works

Your membership account

When you become a member, you automatically receive a membership account, which you can use to save and to secure any loans you have with us. If we make a surplus (a profit), any dividend will be paid into this account, based on how much is saved in it.

You need to keep at least £5 in your membership account at all times to maintain your membership of the credit union.

Payroll deduction

The easiest way to save is by putting aside a regular amount. Through our partnerships with employers including the MOD and NHS Trusts (see the full list here), you can arrange to have a regular amount directly deducted from your payslip straight into your credit union savings account.

Types of account

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 study in the London Boroughs of Southwark, Lambeth, Westminster or Camden is eligible for a Young Saver’s account, or, an adult can open one on their behalf.

Christmas account

Christmas can be a special time, but we know it can be a stressful one tooespecially 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.

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!

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 over 30 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 that enables a regular amount to be paid 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.

Good to know

Am I eligible for an 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.

Will I receive any interest?

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.

Are my savings secure?

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.

Banking at the heart of our community

Join London Mutual credit union today

It only takes a few minutes to get started