Yes. All savings up to £85,000 are guaranteed by the Financial Services Compensation Scheme, just like the banks. In the very unlikely event of financial collapse your savings would be fully refunded.

There is no cost to join Keep Credit Union, and no annual fees to maintain your membership.

In exceptional circumstances, we will charge administration fees: We charge an annual fee on dormant accounts. Our purpose is to encourage members to save regularly, and we rely on member accounts to succeed. Accounts which become inactive are subject to a £20 per year admin fee. We’d prefer to avoid charging, so we’ll do our best to contact you and restart regular payments. If that isn’t possible, you may decide to close your account and seek a more suitable service elsewhere. We charge a £5 admin fee should you close your account within the first six months of membership.

The interest rate is decided at the Annual General Meeting following an audit of year-end profit. It’s called a dividend because our members own our credit union and so the interest you earn is actually a share of the profits and success of Keep Credit Union. Any dividend paid is calculated based on the average daily balance, just like bank interest.  But unlike bank interest it is not guaranteed to be paid every year, instead profits may be invested in improving member service.

Regulations restrict our members from holding more than 1.5% of the total shareholding, so we must currently cap individual holdings at £45,000. And we only pay dividends on the first £10,000 saved. We’ll contact you to advise when you’re approaching either of these limits.

Yes. We give our members as much choice as possible when managing their money, so borrowers only need to keep in their savings account enough to cover one loan repayment, plus £1.

To withdraw money you’ve been saving, notify us online, through our mobile app, by email or letter through the post. We’ll transfer your money to your nominated bank account.

Savings are returned to you by transfer to your nominated bank account. Under normal circumstances, bank transfers are complete within 24 hours of receipt of your request (not including weekends).

Our goal is to help you build up savings over time through regular deposits. By saving routinely, consistently, each pay period you’ll quickly accumulate the money you need – for a holiday, a gift or an emergency expense such as car repairs.

We have no fixed rule to limit access, although, as a guide, the average is three times a year. Your Keep savings account isn’t meant to be used as a current account or for regular bill paying, and administering many, frequent withdrawals becomes costly to our membership as a whole. If it seems your withdrawals become noticeably frequent, we’ll contact you and work with you to determine an amount you can continue to pay in affordably and manageably so your savings can grow.

Yes. You can withdraw your money at any time. We do require you to keep £1 in your account to keep it open, and, if you have a loan, enough to cover the next loan repayment.  Members are encouraged to avoid frequent (monthly) withdrawals.

Yes. You can alter the savings amount deducted from your payroll; just contact us by phone or email to choose how much you wish to save and we’ll make the adjustment for the next
available pay period.

Similarly, if you pay in by standing order simply make the adjustment through your bank and let us know you’ve changed your monthly savings deposit.

Yes, we encourage all members to keep up regular savings of at least £5 per month, in addition to making loan repayments. This way, your savings build up while you repay your loan so you have money available once it’s repaid. This savings habit helps all our members avoid reliance on credit and provides more options for smart money management in future.

If you’re having trouble getting by on your pay because of the deductions for saving and loan repayment, please talk to us as early on as possible. We’ll work with you to find a solution. You don’t need to go through your employer; you can reach out directly to us. It’s really important that you’re upfront and honest about your circumstances and stay in touch with us. Being open will give us the best possible chance of helping you manage your finances, build long-lasting, good money habits and build a strong credit score, so you continue to work towards your financial goals and enjoy peace of mind into the future.

Frequent applications can hurt your credit rating, so our recommendation is that members wait at least three months between submitting loan applications. And we seldom approve more than three loans per year. But we’re people who want to help our members however we can, and we recognise that unexpected emergencies arise; we’ll always evaluate your application based on your personal needs and circumstances and do what we can.

Yes. We give our members as much choice as possible when managing their money, so borrowers only need to keep in their savings account enough to cover one loan repayment, plus £1.

No. When you’re approved for a loan, we send the full loan amount to you by transfer into your bank account. Your repayments are taken directly from your salary so your loan is repaid manageably and consistently over time, and, for as long as you remain an employee, you never have to worry that you might forget or miss a payment.

No way. All members are treated equally and fairly.

No. We don’t agree with hidden charges such as arrangement or early settlement fees. No additional interest would be charged once the loan is cleared. And we never demand extra payment to cover legal costs or administration fees for issuing the loan.

All applications are assessed individually and based on your ability to repay. We look at more than just your credit reference; we consider your length of service and your current income and expenditure. If your first application isn’t approved, we’ll advise you to continue to save regularly from payroll to build up your savings balance and improve your credit rating.

We lend responsibly, while considering each member’s needs with care. So we can look at more than just numbers and take your individual situation into account. We assess each application based on your ability to repay and consider your length of service and your current income and expenditure. In cases where we can’t approve the full amount applied for, we may be able to offer you a lesser amount. And if you’re unsuccessful, we’ll work with you to improve your credit rating with us and make future applications more likely to be approved.

Unlike many credit unions, we have no restrictions on the amount you can apply for, up to our £10,000 cap. Your savings balance does not limit the amount you can apply for.

Keep Credit Union members, even new members, can apply for a loan anytime. There’s no requirement to save for a certain amount of time. We consider all applications using an individual assessment of ability to repay, but new employees should note that it is unlikely a loan would be approved within six months of starting work.