Many of us find saving difficult.

Wouldn’t it be a dream to have a lump sum in your local Community Bank saved for your future plans whilst providing you with financial security in times of uncertainty? For most of us I’m sure the answer is yes!

For some the coronavirus pandemic has really highlighted that more savings would have been beneficial at a testing time.

But what if we told you that saving a proportion of your income doesn’t have to be difficult, time consuming or limiting? Simply taking a moment to calculate an affordable amount you could save whilst identifying a goal amount could help you take control of your future savings. The next crucial step is making the transaction to deposit this money in to a savings account. Northern Community Bank has a range of free savings accounts to suit all financial needs including specifically designed accounts to help people who find it difficult to save for certain occasions or expensive periods like Christmas. In this blog we will look at:

Which free savings accounts Northern Community Bank provide, how to open, make deposits and why you should choose a credit union

Northern Community Bank Savings Accounts

Long Term Savings – this account is where account holders save through regular deposits. When joining Northern Community Bank all account holders automatically open this account whereby you can save as little or as much as you wish. This money can be accessed at any time, unless it is attached to an outstanding loan balance.  Many account holders are shocked how quickly the saving balances can build up.

Easy Access Savings – This is the in and out savings account, which is easily accessible. There are no minimum savings levels, and there is not a maximum number of withdrawals permitted. Available to all adult account holders. Importantly this account is not affected by an outstanding loan balance, so is perfect for those looking to save whilst repaying a loan.

Christmas Saving Account – This account enables you to save throughout the year but withdrawals can only be made during November and December. This means that Christmas savings really are just for the Christmas period, reducing the need to be reliant on credit at this festive time of year. Last year our account holders saved £273,000, 30% of that being from Family Loan and saving scheme account holders.

Young Savers – With over 860 young savers accounts for children and young people, under the age of 18 years old, our account gives young people the opportunity to learn how to manage money and therefore helps to build financial foundations for their future.

How to deposit

Once the savings account you choose has been opened, you can deposited through a standing order, BACS transfer, card payments, benefit payments, straight from your wage through our payroll deduction scheme if your employers is a Northern Community Bank partner or finally by a cash payment in one of our 3 town centre branches. This means that you can add to your savings at any time through whichever method is most convenient to you. Although it’s worth mentioning that making these transaction automatically and regularly, without the need to even think about it, is likely to produce better results long-term!

What are the extra benefits of a Northern Community Bank savings account?

• Unlike most savings accounts Northern Community Bank pays a dividend to its account holders instead of interest. This is because Northern Community Bank is a not-for-profit financial cooperative, meaning all account holders receive a share of the profit in the form of a dividend each financial year. This year our account holders received a 1.5% dividend
• All savings are covered by FREE life insurance, so that if in the event of your untimely death your savings would be given and could be increased with the insurance amount to the person you nominated (subject to rules)
• All money is fully protected by the Financial Services Compensation Scheme up to the value of £85,000.
• All account holders have access to our secure ‘Online Account Area’. Where balances can be viewed, withdrawals can be requested via BACS transfer and loan applications can be submitted.
• As a financial cooperative the money you save helps us to facilitate more ethical loans to members of your community – it’s literally people helping people!

How to open a savings account at Northern Community Bank

If you’re already an account holder at Northern Community Bank and would like an additional account it is very easy, telephone a branch to talk to a member of staff or use the Northern Community Bank app. If you’re new to the community bank you can join online here, with the easy to follow step-by-step guide or call a member of staff for more information

What happens to my savings?

All Northern Community Bank account holders are encouraged to save with us from joining. This is because savings are very important in allowing a Community Bank to function. Although the money you save is fully secure in your account, we use this money to create a common pool of savings. This allows us to issue affordable loans to members of the community, where remaining profits generated are returned to account holders in the form of dividend.

Northern Community Bank has £14million in savings from people in your community – Join them today and support local people whilst improving your financial future