• Downloads

The Rewarder savings account is the key to every other Police CU account for two reasons. It‘s the automatic way to gain PCU membership; and it‘s an account you need to have and be saving in before you can take out any PCU loan or open a Cash ISA.

We ask that you continue to save a minimum of £10 per month after that, either by deduction from your pay or, if that’s not possible, by direct debit.

You may save up to a member’s maximum of £35,000 in PCU.

A dividend is paid annually on the level of your savings throughout the year and this is credited to your account shortly after the Annual General Meeting of members, which is held early in the New Year. The dividend is based on the surplus for the previous financial year (October to September inclusive). The level is proposed by the Board of Directors and is determined by agreement of members at the AGM. A statement is posted in February to all members to advise them of the dividend awarded and added to the account. There are two other statements issued in June and October.

The dividend rate obviously cannot be determined in advance but, under Credit Union rules, it cannot be more than 8% gross (i.e. no tax deducted) and it is generally less than this. In 2007, the members supported a dividend of 4.2% gross, although this is not a guide for the current financial year. The next AGM will be 2008. Liability for tax is the responsibility of the individual member.

Police Credit Union provides life cover at no extra cost on savings up to the age of 65. In the event of a claim, any savings with PCU (up to a member total of £25,000) are doubled. Conditions apply.

Further Information and Application Forms

To download the Rewarder leaflet which includes the terms and conditions of the respective savings account and an application form to join, please visit our downloads section where you may also download the terms and conditions of the life cover policy.

Please note that we at Police Credit Union are bound by the same anti-money laundering requirements as any other financial institution and we will need to verify you are who you say you are and where you live. Details of how we do this are shown in the leaflet.

The Police Credit Union is a member of the Financial Services Compensation Scheme. The Scheme guarantees to pay 100% of a maximum £50,000 should the Credit Union fail.

Under the Distance Marketing Directive, you have the right to cancel your savings account within 14 days of opening without financial or other penalty.