Muckamore Credit Union actively encourages all its members to save regularly. Each £1 saved is a "share" and the more shares the greater the dividend paid back to members at the end of each year. Once you have even one share, you may attend members meetings (AGM and SGM) and you will be entitled to vote at those meetings.

We will not accept a lump sum of cash from any new members as we expect them to save regularly in smaller amounts. From 15/6/2021 we have capped the amount any new member can have in shares at £5000.

You can save by paying cash over the counter, debit card or payment by standing order. You will be asked to nominate a beneficiary, the person you want your money paid to when you die. You can change the name of your beneficiary at any time. Just speak to a member of staff.
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Shares can be withdrawn on request. In most instances members will be encouraged to use our loans facilities rather than withdrawing their shares. This ensures that the member continues to earn a dividend and helps keep the Credit Union on a sound financial footing.
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We also offer a facility for our senior members to save money for Christmas. You can save as little or as much as you like. You can become a Christmas saver once you are enrolled as a member of Muckamore Credit Union Limited.

You will be required to show ID once more and fill in a separate membership application form and pay a £2 fee. You can pay into the account from 1st January each year (new members can start saving from when they join) and savings can only be withdrawn between1st November and 31st December each year.

This account also attracts a dividend, just the same as your ordinary account. The only difference with this account is you cant get a loan using the shares in your Christmas Account.
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Once the credit union pays all its legal bills and set aside money in its reserves any money left over can be paid out to the members by way of a dividend. This dividend is normally paid out each year in February directly after our AGM. The dividend is decided upon at the AGM.

All members, Senior account Holders, Junior members and Christmas Account holders will qualify for a dividend.
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For all new members under the age of 75 we offer a scheme which, for a £10 annual subscription, the person named as your beneficiary will receive a grant of £1500 upon your death.

To ensure you continue to qualify for this scheme you must continue to use your credit union account in the manner that it was intended. For instance you must continue to save regularly and avail of an occasional loan.
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The Financial Services Compensation Scheme is a scheme which protects savings in banks, credit unions and various other organisations. Your savings are covered under this scheme up to a total of £85000 per member.

We don’t allow savings as high as that amount so ALL of your savings are covered should Muckamore Credit Union Limited go bust. It is imperative that you keep all your personal details up to date with us so FSCS can get your money to you as quickly as possible. So let us know immediately if you have a change of Address, name, or beneficiary.
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