Telephone: 020 8366 8244 email@example.com Postal address: 3 George Mews, Enfield, Middlesex, EN2 6JA
Management & Governance: Keeping Your Money Safe
Frequently Asked Questions
Accounts & Reporting
Loans for home improvement
Savings and loans for your season ticket
Savings and loans towards funeral costs
Helping the self employed with loans to existing or new businesses
Savings and loans towards holidays
Savings and loans towards your dream wedding
Serving the community of North London for over 20 years
North London Credit Union
We believe that everyone benefits from putting a little bit aside for a rainy day, whenever they can. You’ll be surprised how soon it builds up and how good it feels to have a bit of money behind you for whatever life throws at you – or to pay for a special occasion without worrying about borrowing.
We have a variety of savings products to suit your needs, but they all have the following features in common:
Choose a type of account for more information:
If you want a savings account that pays a good return, whilst leaving your money accessible, just in case, then this account is for you.
We normally expect you to save at least £20 per month, unless you have a fixed term ISA with us. You can save more. The maximum we can hold for any single member is £15,000.
Your savings can be easily accessed by giving us instructions in writing (Please click here) or by sending an email to firstname.lastname@example.org providing you wish to have the money sent to an account in your own name. Your money is sent direct to a bank account and is usually credited within two working days of our receiving your written instruction, subject to your bank being in the “Faster Payment” scheme.
Interest is not paid on savings, but once a year your account will be credited with a dividend based on the Credit Union’s results for the previous year. If a dividend is paid it will be subject to income tax. Dividends are paid by us gross, so if you do not pay tax you do not have the problems of reclaiming it.
You can save with us in a number of ways, by direct debit, standing order or if you are working for an employer who operates a payroll deduction service then you can save from your monthly salary.
Should you wish to close your account with us, you can do this by completing and submitting the form located here.
Most importantly, like all the money you deposit with us your account is completely safe. We are a member of the Financial Services Compensation Scheme (an industry scheme underwritten by the government, to which we contribute), so your savings are absolutely secure.
We currently offer a fantastic rate for balances up to £2,500 because we believe it’s good to save and we always try to put our money where our mouth is!
This is not a ‘joining incentive’ but a genuinely good rate!
We offer Junior Savers accounts to close relatives of members and to those under 18 who are in approved Savings Clubs.
We expect adult savers to save at least £5 per month, (unless they have our fixed-term ISA).
See more about Junior Savers accounts and download an application form here.
We’re keen to work with schools in our areas to establish Savings Clubs, through which its Junior Savers’ Accounts can be promoted to young people. If you wish are a teacher in a school in Enfield and are interested in helping, please contact us on 020 8366 8244.
ISAs, or Individual Savings Accounts, were set up by the government to encourage people to save, and offer significant tax benefits. There are many types of ISA.
North London Credit Union are not currently offering ISA savings accounts to new members or taking additional deposits from existing members. Members who currently hold ISA accounts with us are free to remain with us and remain a valued portion of our membership
All content belongs to North London Credit Union unless otherwise stated. North London Credit Union Ltd. is a not-for-profit financial cooperative, run & controlled by its members. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Registered Office: 3 George Mews, Enfield, Middlesex, EN2 6JA, registration no. 213809 . Savings are covered by the Financial Services Compensation Scheme (FSCS).