Our Christmas saver product is a great way to save for Christmas. It is a locked share account that is unlocked in October in time for those early Christmas shoppers. It is perfect for people who want to save up for Christmas but may feel tempted to dip into their savings. The Christmas saver is fully protected by the FSCS just like a bank so you can be assured that your savings are fully protected.
You choose how much you would like to save and how often. You can even use your child benefit payment to save up, take a look at our example…
If you receive £84.20 child benefit every 4 weeks, you could ask us to take 24.20 out of that for your Christmas saver. That means the child benefit payment you normally receive would come to us and we would use it to credit your Christmas saver then send the rest (£60) to you on the same day.
If you made ten payments of this amount you would have £242 saved up towards Christmas.
Think of how much you would appreciate £242 come Christmas time and how good you will feel know that you have saved up through the year.
Of course, you don’t have to use a benefit payment to save, you can save directly from your salary if you work for one of our payroll partners. Alternatively you can set a regular Standing order payment up instead if that suits you better.
How to apply
To apply for the account, first, you need to become a member. The quickest way is via our app Nivo.
If you are a member already just tell us how much you want to put away. Alternatively, you can click here to fill out a membership form.
Unlike Christmas Hamper schemes and High Street shops savings stamps, all of your savings are covered by the Financial Services Compensation Scheme. You can watch your savings grown by signing up to our online member area and come October transfer your savings to your nominated bank account.
Terms and Conditions of Xmas Saver Account
1. You must be a member of Stockport Credit Union to open a Xmas Saver account
2. Withdrawals allowed between 1 October and 31 December only
3. You cannot borrow against deposits in a Xmas Saver account
4. If you are in arrears with a loan, then we may use any funds in your Xmas Saver Account to reduce any arrears
5. The Xmas Saver account will qualify for the normal dividend payment