Savings

LASA Credit Union offers a variety of saving accounts for all members, whether Adult or Junior accounts.

The General Saver account is the savings account that Adult members (18+) automatically have when they join LASA Credit Union.

To open a General Saver account you would need to provide Proof of Identification, Proof of Address, Pay a £2 non-refundable entrance fee and a minimum of £1 savings. You can download an application form from our Downloads section of the website.

To view our policies on new member accounts click here.

Want to be able to save, but without the temptation to take it out? Whether it’s saving for Christmas, a Holiday or a Wedding – whatever the purpose. Open up a Special Ocassion Saver account, save regularly and set a specific date for when you want the money. You won’t be able to withdraw any funds until the specific date provided (terms and conditions apply).

To open a Special Occasion Saver account you would need to be an existing member (see information on how to open a normal General Saver account above). You can download an application form from our Downloads section of the website.

Click here to view the Special Occasion Saver Policy.

The Junior Saver account is the savings account that all Junior members automatically have when they join LASA Credit Union. We do offer “Growing Saver” accounts which is another term for a Junior Saver account. These accounts are usually operated at Secondary Schools.

To open a Junior Saver account you would need to provide the Birth Certificate of the child and pay a  minimum of £1 savings. You can download an application form from our Downloads section of the website.

To view our policies on new member accounts click here.

The Child Trust Fund is a long-term savings and investment account where your child (and no-one else) can withdraw the money when they turn 18.

You’re probably reading this wondering “How much interest is there on savings?”

Because we are a Credit Union we cannot guarantee interest on savings. Whatever profit LASA Credit Union makes is returned directly to our Adult members in the form of a “Dividend” payment. This is essentially our equivalent of interest on savings. So the more successful and more profitable LASA Credit Union is (e.g. the more members/savers we have, the less bad debtors we have) the more of a Dividend payment we can give back to our Adult members.

Junior members are guaranteed a dividend payment each year.

You can make payments to a Saving Account with LASA Credit Union in the following ways:

With a PayPoint Card all members are sent a PayPoint card which allows deposits to be made at shops bearing the PayPoint logo or Post Offices.
At a Community Collection Point all members can make payments at their local Community Collection Point (contact us for details of your nearest Collection Point).
By Standing Order with money being paid in via a bank account.
By Payroll Deduction if you work for a company we have a pre-existing agreement with.
Or at our Office all members can make payments at our Calvert Terace office.

Yes. LASA Credit Union is regulated by the Financial Services Authority.

An auditor carries out an annual inspection of LASA Credit Union and we are required by law to maintain an insurance policy (fidelity bond) to protect against fraud or theft.

Additionally, the Financial Services Compensation Scheme covers up to £85,000 savings and the maximum amount of money you can save with LASA Credit Union is £10,000.

More information about the Financial Services Compensation Scheme can be found here.

LASA Credit Union offer Life Insurance on our Saving Accounts through CUNA Mutual. By joining LASA Credit Union and opening a savings account you will automatically have Life Insurance on any saving and loan accounts (terms and conditions apply).