We offer a range of savings accounts, whatever your needs. The ability and capacity to save money for the short or long term is an important step on the path to establishing financial well being and to building assets. The credit union helps you by encouraging the habit of saving. If you develop the habit of putting some money in the credit union on a regular basis, saving will become less difficult. With LMCU, we make it easy for you to save and help create a more secure future for yourself and your family.
LMCU products and services are only available for the members. When you open a credit union account, we will be opening a Membership Account for you. This will be your main credit union account where you will be entitled to receive a dividend. Money in this account is also attached to your loan (if you take one). In order to maintain your membership of the credit union, you need to keep £5 in your Membership Account at all the time.
Christmas savings accounts are very popular among our members. You can save from January to December and withdraw your saving for your Christmas expenses. The money is locked up for the 12 months and we will not encourage you to withdraw. We will not pay dividend for Christmas savings.
If you open a Junior savings account you can save aside something for your children, but still maintain full control of the account. This can help you budget and manage your finances better. Putting aside small but regular amounts in Junior Savings makes it so much easier when it’s time to buy those long expected birthday presents for the kids or the new school year is just around the corner!
You could start to plan your holiday with the LMCU by opening our Holiday Savings Account. You could save as much as you want and as and when you want. When you are ready, you could take all your money out to pay for that dream holiday. We will not pay dividend for Holiday Savings Account.
Please note that we are no longer accepting new ISA application from our members. Any LMCU member who have an existing ISA will be able to continue saving up to the maximum of £15,240 for the tax year 2016/2017. LMCU will pay 0.75% AER for your ISA for the tax year 2016/2017.
Unlike some other providers, London Mutual Credit Union lets you withdraw without loss of interest or penalty however, once you have paid into your ISA, if you withdraw that money you cannot replenish it within the same tax year. For example, if you invest £15,240 in a LMCU Cash ISA on the 10th April and withdraw £1,000 on 10th August, you cannot make any further subscriptions to that Cash ISA during that tax year. A minimum payment of £1 is required to open a LMCU Cash ISA and must stay there for the ISA to remain open.
We are sorry to inform that due to highly successful take up of the transfer facility, we have reached our planned target limit. As a result we are no longer accepting new ISA transfer applications from 1st of June 2013.
To apply for membership with London Mutual Credit Union and open a Membership account, click here to complete the online application or visit one of our four of our branch offices with a proof of ID and a recent proof of address.