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Regular Savings Account – Terms & Conditions

Our Regular Savings Account is opened automatically on members joining the credit union. Deposits to your account can be made easily through payroll deduction or direct debit, and members can save as little as £5 each month.

The Regular Savings Account is set up automatically for all members joining the credit union. There is a one-off initial joining fee of £5. Funds in the Regular Savings Account can be pledged as security against borrowing with the NHS Credit Union.

An applicant for membership may be admitted to membership only when:
  1. To become a member of NHS (Scotland and North England) Credit Union Ltd a person must fulfil the common bond qualification for entry to membership and must provide their date of birth and sufficient evidence to prove their identity and address as required to comply with all relevant laws, regulations and rules in respect of money laundering prevention.
  2. The person must pay a one-off joining fee of an amount recommended by the Board of Directors, which covers the administration costs of processing your application.
  3. The person has paid at least £1.00 into their savings account in the Credit Union.
  4. The member must hold a minimum £5.00 balance in a Regular Savings Account at all times. This will allow the person voting rights on a ‘one Member one vote’ basis. Junior Savers are not entitled to vote.
  5. If your application for membership has been refused, you will be informed. The Credit Union will not be obliged to disclose the reason for the refusal.


Who Regulates Us?

The NHS (Scotland & North England) Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Registration number is 213898.


Joining Fee

A non-refundable joining fee of £5 will be taken from your first deposit into this account.


Statement of Account

A statement of the account will be available to the Member at all time online through the Members Area or the NHS Credit Union App. You can also contact us at any time for a paper statement.


Minimum and Maximum Savings

The minimum saving balance required to maintain this account is £5. The total maximum savings limit is £75,000. If a Member is close to meeting the maximum savings limit, they will be asked to remove funds from the account and/or reduce their regular deposit amount to the minimum.


Regular deposits

Regular deductions can be made via payroll deduction, through one of our employer partners, or by Direct Debit. The minimum regular deposit is £5 per month or £1 per week. Please note:

  • Payroll deduction: funds will be received will be credited to accounts on the last working day of each month provided we have both the funds and confirmation list from employers
  • Direct Debit: funds received will initially be placed into your savings account and take 7 working days to clear. The funds will be eligible for dividend during this time


Payroll Deduction Paperless Mandate

Members employed by a payroll area that has agreed to the Paperless Mandate Scheme will be required to complete a paperless mandate agreement form. By doing so this will allow the credit union to amend/cancel payroll deductions for the NHSCU according to the member’s instruction via automated, online, verbal or written communication and that, the payroll mandate agreement supersede the need for a signed mandate form. By agreeing to the membership terms and conditions, you give permission for your pay office to transfer personal data to the Credit Union in order to make deposits into your account.



Members may receive an annual dividend on savings at an interim rate that is decided by the Board of Directors. Dividend payments are based on the daily account balances. As the dividend is an allocation of surpluses, there is no guaranteed rate of dividend, or indeed guarantee that a dividend will be paid.


Dividend payments are made without the deduction of income tax; therefore, members should declare dividend payments to Her Majesty’s Revenue and Customs (HMRC). Please contact HMRC for further information.



Savings can be withdrawn at any time subject to any notice period, as per the registered rules of the Credit Union. The Regular Savings account shares are subject to:


  1. the attachment of any savings to any outstanding loan(s)
  2. the application of the Credit Unions registered Rules
  3. the maintenance of a minimum share balance of £5


Withdrawal of Membership

Successful applicants have the right to withdraw from membership at any time where they have no outstanding liability to the Credit Union, by applying for and receiving their shareholding minus the joining fee in the Credit Union, subject to any notification period in place as agreed from time to time by the Board of Directors.


Members with an outstanding liability to the Credit Union are required to settle their account in full prior to being permitted to withdraw from membership of the Credit Union.


To exercise this right, applicants should send written notice of cancellation to the Credit Union’s registered address. The Credit Union will return any funds it has received under the Terms and Conditions of the membership application. Please note no dividend will be payable on closure.


To withdraw from membership please write to us at:

NHS Credit Union

9 Dava Street



G51 2JA


Or send us a message through the Nivo App available to download on the App Store or Google Play Store


Expulsion from Membership

Subject to the Credit Unions registered Rulebook, a Member may be expelled from the Credit Union for any grave or sufficient reason.


Liability on Cessation, Withdrawal, Suspension or Expulsion from Membership

Subject to the Credit Unions registered Rulebook, a Member will only receive the savings held within an account(s) after all monies owed by them to the Credit Union have been deducted. If you have an outstanding loan with the Credit Union, any savings held will be transferred to reduce the term of the loan and you will be required to continue your regular deposit until the loan has been repaid in full.


Dormant Accounts
In line with the registered rules of the NHS Credit Union an account(s) may be considered to be dormant where there have been no Member initiated transactions for a period of 12 months. Where an account(s) has become dormant, we will send a notice to your last known address to inform you and provide you with a 6 week period to determine the future of the account(s).


If you do not reactive or close your account(s) within 6 weeks of receipt of the notice being sent to you, the NHS Credit Union has the right to:



  1. Hold any monies within the account(s) of such member in a suspense account pending subsequent withdrawal of your money, or activity on the account;
  2. Charge the annual administration fee not exceeding £20.00;
  3. Expel you from membership of the NHS Credit Union



We are committed to protecting your privacy, and will only use the information you give us, or we collect about you lawfully in accordance with the Data Protection Act 2018. We will collect information about you for two reasons – firstly, to process your application and secondly to provide you with the best possible service. If you have any  questions or comments about privacy, please contact us or visit our website:

Protection for your money

Your eligible deposits with the NHS Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here to read “A guide to the Financial Services Compensation Scheme” or visit

Need Help? Contact the NHS Credit Union team today

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