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Southwark
Credit Union is FSA licensed deposit taker.
Our members are entitled to the same level of protection
similar to the Banks and Building Societies in the UK.
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Type
of Savings accounts available for you
1.
Christmas savings
2.
Holiday savings
3.
Junior savings
Should a credit union,
bank or building society go into default from 1 October 2007,
The Financial Services Compensation
Scheme (FSCS) will be able to pay compensation to 100%
of the first £35,000 per person.
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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 by in the
credit union on a regular basis, saving will be less difficult.
Savings
are used to make loans to members. The interest from loans
is used to pay expenses; to build up reserves (capital)
and the remainder may be returned to the members by way
of dividend.
Many
credit union members are less interested in the amount of
dividend than in the many other benefits.
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