Savings Generic

Savings Account

Savings for the expected and unexpected

Pioneer Mutual Credit Union is a not-for-profit organisation run to benefit our members

So you are not ‘just another customer’ but a co-owing member of an organisation which provides security and protection for your savings and savings invested with us are used to provide affordable finance to our members. However rest assured your money is as safe as in any bank or building society, as like a bank or building society your eligible deposits are protected by the FSCS.

  • Save at an affordable level – be it £1 or £100
  • Easy access to your savings
  • No hidden charges or fees
  • Pay in over the counter or via standing order
  • Free life savings protection
  • Access to a range of ethical loans and savings products
  • 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.

Everyone benefits from regular saving, it allows us to work towards our financial goals and gives us peace of mind should an emergency arise. Committing yourself to a regular saving pattern can be difficult but with Pioneer Mutual Credit Union it is easy with our convenient office, standing order and payroll deduction.

Credit Union members can save at an affordable level be it £1 or £100. Small regular amounts soon add up and remember at Pioneer Mutual Credit Union you are not just another customer, but a co-owning member of an organisation which provides security and protection.

The tables below give examples of how regular savings can soon add up.

Weekly Savings Table

Amount Saved

£2

£5

£10

£20

£25

Year 1

£104

£260

£520

£1,040

£1,300

Year 2

£208

£520

£1,040

£2,080 

£2,600

Year 3

£312

£780

£1,560

£3,120

£3,900

Year 4

£416

£1,040

£2,080

£4,160

£5,200

Year 5

£520

£1,300

£2,600

£5,200

£6,500

Monthly Savings Table

Amount Saved

£10

£15

£30

£40

£50

Year 1

£120

£180

£260

£480

£600

Year 2

£240

£360

£720

£960 

£1,200

Year 3

£360

£540

£1,080

£1,400

£1,800

Year 4

£480

£720

£1,440

£1,920

£2,400

Year 5

£600

£900

£1,800

£2,400

£3,000

  1. Membership of the credit union is available to any person over the age of 18 who fulfils the common bond qualification for membership.
  2. The membership fee of £5 is non-refundable.
  3. A member is required to hold at least £5 in shares.
  4. A member is entitled to one vote in the democratic proceedings of the credit union.
  5. The credit union will require members to hold a sum greater than £5 as a condition of retaining membership.
  6. The credit union is covered by the Financial Ombudsman Service. Members can request a copy of internal procedure on complaints handling if dissatisfied with our services.
  7. The credit union will maintain rigorous identification and verification processes when new members apply to join, to ensure that the credit union is not used to launder money.
  8. All potential members are required to apply for membership and have their membership approved under the procedure established by the credit union.
  9. The terms and conditions of an individual’s membership are set out in the credit union’s rulebook.
  10. Members may voluntarily withdraw from membership by applying for a withdrawal of their shares and settling any outstanding debts.
  11. The credit union reserves the right to expel members from membership in accordance with the rules, in the case of any breach of the rules or policies of the credit union.
  12. An annual dividend may be paid, gross of tax, on some or all sums deposited, subject to surplus. Pioneer Mutual is not responsible for tax declarations and does not give advice on tax due on dividends. Please contact HMRC for advice.
  13. The dividend will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting. Any dividend due will be backdated accordingly any dividend payable may be freely withdrawn by the member.
  14. Any dividend due is calculated for the credit union financial year which is 1st October to 30th September. Dividend can only be paid to active members accounts. Accounts closed after the financial year end (30th September onwards) but before the dividend is credited, will forfeit the right to any dividend due. Members who close their account during the financial year also forfeit the right to any dividend due. Dividend is not paid to any member that has a current bad debt within the credit union.
  15. If a member leaves the common bond they are able to remain in membership of the credit union as a non-qualifying member.
  16. The number of non-qualifying members shall not be permitted to exceed 10% of the total membership of the credit union.
  17. Relatives who live within the same household as a qualifying member are able to join the credit union.
  18. Young people under the age of 18 are able to join the credit union.
  19. Temporary workers are able to join the credit union. The credit union defines a temporary worker as an employee with less than a 12-month contract.
  20. Students are able to join the credit union.
  21. Pioneer Mutual Credit Union Ltd. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority: FRN 213761.