Credit Unions encourage saving as a way to help with budgeting your money. If you have some savings, you are less likely to need to take out expensive short term loans.
Credit Unions try to make it easy for you to save by allowing you to deposit money at local branch offices, local shops, by direct debit or through deductions direct from your wages, whatever suits you best.
Credit Unions also provide life insurance for members saving with them.
Money saved in credit unions has the same financial protection as bank savings accounts.
Credit Unions have an upper limit on the amount you can save with them (typically £30,000). The Financial Service Compensation Scheme (FSCS) provides compensation if a Credit Union fails up to a total of £85,000. This means all the money you save with a credit union is covered.