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Savings Savings

Savings

Safe and secure savings accounts to suit your budget

  • One of our objectives is to help all members build up their savings for treats, rainy days and life’s necessities. We try to make it simple and straightforward to get into the savings habit

  • All savings covered by the Financial Services Compensation Scheme up to £85,000

  • Save as and when you can or set up a regular Standing Order or Direct Debit
  • If offered by your employer you can also save through our Payroll Deduction Scheme
  • Savers qualify for Annual Dividends paid subject to performance, reserves and the approval of you - the member
  • Credit Unions are run by their members for their members - you have a voice. You have the right to attend and vote at the Annual General Meeting
  • Your savings are pooled and used to provide lending to other members meaning funds stay in the local community

Ways to pay into your savings:

  • Regular weekly, fortnightly, 4-weekly or monthly Direct Debit. Call us to arrange this
  • Payroll Deduction if your employer allows this
  • Standing Order. Once you join we can send you a Standing Order form
  • One-off BACS transfers (e.g via online banking)
  • Debit card (up to a limit of £100)
  • PayPoint at a Post Office or retail outlet
  • By cheque. Send to our Portishead office or take into our Information Station office

What do we do with your savings?

We aim to lend most of the savings out to other members as that is how we can make a ‘surplus’ (what’s left after we pay our running costs and put money aside into our reserves). The surplus enables us to pay an annual dividend. The savings that aren’t lent out are invested to give us the maximum return with the Unity Trust and Co-operative Banks, together with building societies (Monmouthshire, Cambridge & Counties) and other banks (Aldermore and Triodos).

Find our Terms & Conditions here

See our range of savings products, you can have more than one

Instant Access account
Christmas savings
Junior savings
Payroll partner
Business savings
Call us:
  • Tel.
  • 01275 390650
Opening Hours
  • Mon - Fri
  • 9.30am - 4.30pm
Visit us:
  • Thu
  • 9.30am - 12.30pm / 1.30pm - 4.30pm
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Somerset Savings & Loans is authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential
Regulation Authority. FCA & PRA FRN: 230768