During the Covid-19 Lockdown, Scotwest Members have saved with us more than ever and we hope that Members old and new keep up that savings habit. Whether you’re looking to save for a holiday or plan for the future, we’re here to help with your financial goals.
Direct Debit and Payroll Deduction facilities mean that managing your account is flexible and straightforward. Scotwest’s range of accounts includes the popular Christmas Savings Account, allowing you to save over the course of the year for the annual expense of the festive season.
The Scotwest Saver Account is our main account and every member must maintain a balance of at least £1 to retain their membership. For members looking to make occasional deposits or make extra payments, cheques and debit card are also accepted.
The maximum combined savings across all Scotwest Savings Accounts cannot exceed £85,000 per Member. This is to ensure Scotwest Members’ savings are protected under the Financial Services Compensation Scheme.
Helpful saving options
- Scotwest Saver Account
- Christmas Account
- Notice Account
- Young Scot Extra
- Dividend Rates
- Savings Accounts Terms and Conditions
Free Life Savings Protection
Life Savings Protection is a free safeguard offered by Scotwest Credit Union as a benefit automatically to its members. In the event of your death, it provides your family with a single lump sum payment which can help them cover funeral and other expenses.
It is a financial benefit that supports your family when they most need it, giving you a level of protection that you simply would not get with traditional banking institutions.
Life Savings Protection is designed to recognise and reward your family for your commitment to save. The value of this payment is directly linked to your savings: the more you save, the higher the benefit payment. Up to a maximum value of £5,000, every £1 in savings will be matched by £1 of benefit.
As of 1st April 2021:
• The maximum level of Life Savings benefit will be £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 will be 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 terms of this member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.
Please note: This benefit does not mean you have an insurance policy.