Islay and Jura Credit Union

Saving with Your Credit Union

There are two ways to save with the Credit Union.

You can take your Pass Book to a Collection Point and pay in cash or cheques, or you can set up a simple Standing Order with your bank, to transfer funds on a regular basis.  The Standing Order form is available at Collection Points, or you can print a copy from our forms page.  The completed form should be forwarded to your bank.

You can save what you like, when you like.  Even if you can only put a pound or two into your account each time, you will be surprised how soon it mounts up.  Your savings are your shares in the Credit Union and the size of any loan for which you are eligible is calculated on the amount you have saved.

Life savings insurance is included, at no cost to the member, making it easy to build up a useful nest egg for you and your family.  On a member's death, the amount of savings can be as much as doubled by the insurance and paid to whomever the member has nominated.  Savings deposited before the member's 65th birthday attract an insurance rate of 100%; savings deposited between the 65th and 80th birthdays attract a 25% rate.  Savings up to a total of £7,500 are covered by this scheme.

We also offer free coverage to Members under 65 for accidental death or dismemberment.  This pays a lump sum of 50% of shares for the accidental loss of a limb or an eye, 100% for the loss of two limbs, or a limb and an eye and 100% in the event of accidental death.  This is in addition to our standard life insurance.