Life Savings Protection is a unique free Credit Union benefit which matches Members savings to a certain amount as a payment to their families at the time of their death. No bank, building society or other savings institution offer such a benefit.
After much consideration, and having recently undertaken a review, the Board of Directors have determined that the existing level of Life Savings Benefit protection is not aligned with the majority of Scotwest Member’s needs and the following decisions have been made:
- To reduce the maximum level of Life Savings benefit to £3000. This means that in the event of your death your beneficiary may receive an additional payment matching your savings up to £3000.
- The benefit is calculated based on your savings balance up to the age of 70. Deposits made after the age of 70 do not contribute to the benefit payable.
The above changes will come into effect from 1st April 2021.
Find out more about our Life Savings Benefit here.