Our Locked Fuel Saver product is a great way to save for the rapidly rising costs of gas and electricity. The product works by locking away savings until October, which means that savings are certain to still be there in the autumn when needed for the higher bills that arrive in the colder and darker months.
This account is a potential solution for those who often feel tempted to dip into their savings. Our Locked Fuel Saver account is fully protected by the FSCS, meaning that your savings with us as safe as they would be with any high street bank.
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 Locked Fuel Saver Account. That means the child benefit payment you normally receive would come to us and we would use it to credit your Fuel Saver Account and then send the rest (£60) to you on the same day. Please note that if you already have a loan with us that is repaid from your child benefits then payments will be made to this first.
Think of how much you would appreciate £242 come winter time, allowing you to heat your home for longer! 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.
Terms and Conditions of Locked Fuel Saver Account
1. You must be a member of Stockport Credit Union to open a Winter Fuel Saver Account.
2. Withdrawals allowed between 1 October and 31 March.
3. You cannot borrow against deposits in another savings account.
4. If you are in arrears with a loan, then we may use any funds in your Fuel Saver Account to reduce any arrears.
5. The Fuel Saver Account will qualify for the normal dividend payment.