SAVINGS ACCOUNT

As an ethical finance provider, we use your invested savings to provide affordable finance to our members.

As a member of Pioneer Mutual Credit Union, you are not ‘just another customer’ but you are a co-owning member of our organisation

This provides you with security and protection for your savings with us and as an ethical alternative to a bank, we use your invested savings to provide affordable finance to our members.

You can also be assured that your money is safe with us as like any bank or building society, your money is protected by the FSCS.

Saving with Pioneer Mutual Credit Unions means that you: 

Save at a level to suit you, from a little

  • Eligible to join Pioneer Mutual Lottery
  • Complimentary mortgage advice through Moneysense 
  • Access to our ethical and affordable loanswith flexible terms
  • Christmas Savings Club
  • Savings protected under FSCS 
  • Our mobile app will give you easy access to your savings

Saving and borrowing with us really does add up as it includes the additional benefit of Life Savings and Loans Protection

FURTHER INFORMATION

Paying into your savings

Whether you want to save £1 or £100, members of our credit union are able to save at affordable levels that are right for them. Small and regular amounts soon add up so don’t be put off if you can only put a little away every month. Take a look at our examples below. This shows you that even £2 per month can add up to a lot each year.

Pioneer Mutual offer simple savings, members of our credit union are able to save from as little as £4 per month, paid weekly or monthly. There is no maximum saving amount, as  long as your total savings do not exceed the FSCS compensation level, just whatever suits your budget. Regular amounts soon add up so don’t be put off if you can only put a little away every month. Take a look at our examples below. This shows you that even £2 per week can add up to a lot each year.

It’s never been easier to pay into your savings accounts with our mobile app and internet banking. If you don’t yet have these, get in touch with us and we can help you get set up.

The money our members save with us is used to offer our ethical and fair finance loans to our members,  which is all part of the credit union difference.

Another simple way to save with us is through our Pioneer Payroll Savings, which is a deduction from your salary.

Find out more here

These are the different ways to pay into your savings accounts:

  • Via our Mobile App
  • Internet Banking
  • In Branch
  • Standing Order
  • Pioneer Payroll
Making a savings plan

Regular saving allows us to set financial goals and achieve them. We can be confident that if an emergency arises that we will be able to deal with it. Committing to a regular saving pattern can be difficult but Pioneer Mutual Credit Union makes it so easy with our range of ways to deposit savings.

Whether you want to save £1 or £100, members of our credit union are able to save at affordable levels that are right for them. Small and regular amounts soon add up so don’t be put off if you can only put a little away every month. Take a look at our examples below. This shows you that even £2 per month can add up to a lot each year.

Amount Saved £2 £5 £10 £20 £25
Year 1 £104 £260 £520 £1,040 £1,300
Year 2 £208 £520 £1,040 £2,080 £2,600
Year 3 £312 £780 £1,560 £3,120 £3,900
Year 4 £416 £1,040 £2,080 £4,160 £5,200
Year 5 £520 £1,300 £2,600 £5,200 £6,500

Monthly Savings Table

Amount Saved £10 £15 £30 £40 £50
Year 1 £120 £180 £260 £480 £600
Year 2 £240 £360 £720 £960 £1,200
Year 3 £360 £540 £1,080 £1,400 £1,800
Year 4 £480 £720 £1,440 £1,920 £2,400
Year 5 £600 £900 £1,800 £2,400 £3,000