Christmas savings

Christmas Club Account

The perfect way to save for Christmas

Is Christmas always a financial struggle for you and your family, do you dread getting your New Year credit card statements? Always plan to save for Christmas then never get round to it? Always run out of cash for last minute presents or food? If the answer is yes, then our Christmas Club account is for you. So next Christmas, why not start the New Year without the financial hang-over and sign up today.

  • Save as much or as little as you wish when it suits you
  • So that you have the maximum funds available for Christmas there are no withdrawals permitted until the 1st November
  • Account restarts for the following year on 25th December
  • Access to low cost loans
  • Online and App payments coming soon

There are lots of ways you can pay into your savings:

  • Standing Order
  • In Branch
  • Pioneer Payroll

And coming soon:

  • Online
  • Via our App
  • Direct Debit

The simplest way to save with us is through our Pioneer Payroll Savings, which is a deduction direct from your salary.

Saving and borrowing with Pioneer Mutual Credit Union really does add up as it includes the additional benefit of Life Savings and Loans Protection, which can be a real financial comfort to your loved ones should you die.*

The amount of benefit payable depends on your age when you put money into the credit union. Benefits are accumulated on your shareholding at 100% of the amount saved between the ages of 18 and 64, and at 25% of the amount saved between the ages of 65-79. There is no cover on money saved under the age of 18 or over the age of 80. The maximum benefit payable is £10,000.

How our free life protection can help:

• John is under 65 when he saves £2,000, but is over 65 when he dies. We pay out up to £4000: his £2,000 savings have been doubled by life protection* 
• Emily is over 64 when she saves £2,000. Upon her death we pay out up to £2,500: the original £2000 has been increased by 25%.*

Our member benefits protect and add to your savings in the event of death and may repay your loan if you die before you have paid it off.*

Life Savings Protection

As a Credit Union member, you’re not only saving for your own future, but also for that of your family. With the added benefit of Life Savings Protection, your nest egg can also provide a legacy to help your loved ones cope financially in the event of your death.  Additional peace of mind for your family is just another benefit of being a Credit Union member.

* Subject to terms and conditions. Cover limits and certain restrictions apply based on savings balance and on age at death or age when savings were made. Individual limits and restrictions may also vary over time. Please ask at your Credit Union for more details about Life Savings Protection.

Example:

You join the credit union at age 50, and save £5 per month until death at age 85.

You saved £1,980,
the amount saved between age 50 - 64 gained £840 cover, the amount deposited from age 65-79 gained £210 cover, we add £1,050 to your savings.
Your beneficiary receives £3,030 in total.

Loan Protection

When you take out a loan with us you also get Loan Protection*. If you were to die before your Credit Union loan is repaid, this protection can help towards settling the debt, so that it isn’t passed on to your loved ones.

Of course, it won’t take away the pain but it’ll certainly help with the financial strain of bereavement. This benefit is included at no extra cost to you as part of your Credit Union loan arrangement* so just for once, peace of mind doesn’t cost the earth; it’s just another benefit of being a Credit Union member.

*Subject to terms and conditions. Cover limits vary and certain restrictions apply based on age and cover. Please ask at your Credit Union for more details about the individual limits and restrictions of Loan Protection.

Further Information

Most health conditions, disabilities and illnesses are covered, subject to an exclusion period, the exclusion on savings is 6 months from each deposit, and on loans it is 6 months from the start date of the loan. If death occurs during the first six months of membership, the protection cover would not pay out. Three causes of death are excluded: War, HIV, or Suicide.

Please note: continuous cover requires regular deposits into your credit union account.

Making a claim

Pioneer Mutual Credit Union is the policyholder and this means you do not have to fill in an application form and we handle the paperwork in the event of a claim, but we will require the full death certificate, as an abbreviated version is not accepted by the underwriter.

Pioneer Mutual Credit Union buys a group insurance policy, and members receive a benefit of membership if the Credit Union has such arrangements in place at the time of the members death.

In the event of a claim, we can pay your nominated beneficiary quickly without the need to wait for pro- bate. Credit Unions can pay up to £5000 to a nominated beneficiary in accordance with the Cooperative and Communities Benefit Act 2014, sums in excess of this should be handled in accordance with the executor’s instructions, and may require a confirmation. In certain circumstances, we may also need Doctors consent.

Life Savings Protection and Loan Protection is underwritten by Covea Life Limited.

Covea Life Limited is authorised by the Prudential Regulation Authority and regulated by Financial Conduct Authority and Prudential Regulation Authority.

In association with CUNA Mutual Group Limited. CUNA Mutual Group Limited is authorised and regulated by the Financial Conduct Authority.

  1. The Christmas Savings Account is only available to existing Pioneer Mutual Credit Union members and may be opened by contacting the office by telephone or by completing a Christmas Savings Club Application Form.
  2. A minimum balance of £5 must be maintained in the Christmas Savings Account for the account to remain open.
  3. Savings can be paid into the Christmas Savings account throughout any given calendar year.
  4. From 1st November until 25th December members can access these funds.
  5. Notice of withdrawal can be made by telephone or in branch.
  6. Lump sum deposits may be made at any time into the Christmas Savings Account subject to any applicable limits.
  7. Lump sum payments can be made by bank transfer, debit card, cheque or postal order made payable to the credit union.
  8. A member’s collective savings balance is not permitted to exceed the FSCS limits in operation at the time.
  9. No interest is paid on Christmas Club Accounts.
  10. Any request to close the account must be made in writing.