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Christmas Saver Account

Christmas Saver Account

Plan for a Joyful Holiday Season!

 

Our Christmas Saver Account is designed to help you spread the cost of Christmas, making the festive season stress-free and enjoyable. Start saving today and watch your savings grow, ensuring you have the funds you need for a happy holiday.

Unfortunately, Payroll Deduction is only available to employees of our four Edinburgh University partners. For employees outwith of those universities, graduates, family members and students, payments can be made monthly through a Standing Order. Which, if you ask us, is still pretty easy.

 

What You Need To Know

Flexible Savings: You can save as little or as much as you like each week or month. Whether it’s £1 a week or £5 a month, every little bit adds up!

Locked Savings: To encourage saving, the account is locked until the first working day of October. You can then withdraw your savings as needed before the account is locked again on December 31st.

Peace of Mind: Your money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

Easy Deposits: Deposit by Payroll, Standing Order, or make one-off deposits from your bank.

Annual Dividend: Earn an potential annual dividend on your savings based on surplus and directors approval.

How It Works:

Open an Account: Apply online or email us.

Start Saving: Make regular deposits to build your festive nest egg.

Access Your Savings: Withdraw your savings starting in October to cover your Christmas expenses.

 

 

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Terms and Conditions

  • The Christmas Saver Account is open to any active member aged 18 and over.
  • The Christmas Saver Account is a secondary savings account. Under the terms of membership, all members must also maintain savings in their Share 1 accounts.
  • Funds can be paid into the Christmas Saver Account via bank transfer or regularly via payroll deduction or standing order. There are no restrictions as to minimum and maximum deposits to be held in the account.
  • An annual dividend may be paid, gross of tax, on all sums deposited in the Christmas Saver Account, subject to surplus. Any dividend payment is based on your daily account balance over the year. The dividend rate to be paid will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting each year.
  • Savings in this account are not secured against active loan accounts and may not be secured against new loans.
  • Transfers between Share 1 and the Christmas Saver Account are not permitted should there be an outstanding loan balance lesser than the Share 1 balance.
  • Withdrawals from the account are permitted between October 1st and December 31st each calendar year.
  • Any approved withdrawal of funds outwith this period will result in a £5 fee being charged on your Share 1 balance.