Open & Locked Savings
Simple, secure savings
- Positively impact your community
- Keep some savings tucked away
- Build a savings habit
- Deposit anytime
For a rainy day or a bigger goal - tuck some savings away
Saving even a little bit on a regular basis is all it takes to build a strong savings habit.
Building your savings isn’t about becoming a millionaire, although that would be nice! It’s about being prepared for those days when things aren’t going our way and to help you move towards your bigger goals in life.
Our open & locked savings accounts do exactly that. Simple saving for your peace of mind.
Open Savings
Your Open Savings are free for you to dip into once a month.
Everyone who joins South Manchester Credit Union will get an Open Savings account, which you can save into right away!
You can deposit anytime and withdraw up to once a month. This keeps your savings growing and keeps it nicely tucked away for when you really need it.
Locked Savings
Your Locked Savings are locked against any loans you might have.
Anyone who takes a loan out with us will agree to an amount of savings that will be kept safe whilst you’re making your repayments.
Once your loan has been repaid, you can keep your locked savings to access lower interest rates or withdraw your nice nest egg of savings.
Start building your savings today and work towards a bespoke credit level with our Saver Loan.
Your savings are protected and insured
All of your savings here are protected by the Financial Services Compensation Scheme up to £85,000 per account holder.
On top of this, we also give members free savings protection cover with our Open Saving and Locked Savings accounts (T&C’s apply).
You own your local credit union
Everything you save in your Open Savings and Locked Savings act as shares in your local credit union – you are a part owner!
You’ll have your say on all things credit union at our annual AGM, including voting on our board of directors. As another little bonus, you may also get a nice slice of any surplus we make, paid out as a dividend to our members who have Open or Locked Savings account balances.
We've been here for over 24 years
Trust us – we know what we’re doing when it comes to keeping your money safe and empowering your finances.
We have been supporting our local communities since 2000, as a place where anyone who lives or works in South & Central Manchester can borrow affordably and save securely.
We aren’t stopping any time soon, so why not join your local community credit union today?
Build your savings your way
You can feel free to deposit anytime, and there are plenty of options when tucking your money away with us.
You can deposit through:
- Standing order
- Bank transfer
- Benefits deduction
- Payroll deduction
- Cash
Withdrawing your savings
Looking to withdraw some of your savings? It’s easy! Our mobile messaging app is the quickest and most secure way of withdrawing your savings. We’re always just a message away.
Save whilst you repay your loan
We encourage everyone who borrows with us to save at the same time. It may only be a small amount, but build this up over regular repayments and you’re sure to see the benefits.
Hear it from our members
Our members are at the very heart of everything that we do and we love to hear your feedback and success stories.
Don’t just take it from us that we’re the place for affordable loans and secure savings, hear it straight from our members.
Take a look at one of our favourites 👇
Have you got a dream savings goal?
Here at South Manchester Credit union there has been dreams and aspirations in the air. Especially since the launch of our latest savings account ,The Dream Saver. The account is designed to help you reach your dream savings goal. What of the dreams that have already come to life? Well
What to expect
Anyone who lives or works in South & Central Manchester can join us. We’ll just need to see some ID and proof of address and that’s it – we are inclusive to all! The best part is it is absolutely free to join and access all of the benefits we have to offer. Join today and start saving or apply for your first loan.
We could honestly talk all day about why you should join your local credit union!
To make it easy for you, have a quick read through our favourite reasons why joining a credit union is for everyone.
You can apply for a loan right away! Simply fill in our online loan application form and we’ll be back in touch within 1 working hour. We’ll then finish signing you up and guide you through the application process.
Interest on all of our loans is calculated daily on the reducing balance of your loan. With every repayment you make, you clear the interest accrued since your previous repayment and your interest is then calculated for your next repayment on the reduced balance – the lower your balance, the less interest you pay.
As a responsible lender, we will run a credit check on your first loan application. Our policy is that we may then run a credit check on any further loan applications. Your application will be assessed based on your credit file, affordability, and your personal circumstances, not just your credit score alone.
