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Benefits

Accounts available

• Membership Share Account
• Junior Members Account (up to 16 years)
• Holiday/Christmas/Special Savings Accounts - save in advance for holidays, Christmas and those special occasions
• Budget Account - pay in regularly to cover your regular bills
• Funeral Plan

How you can pay into your account

• Cash or cheque at Essex Savers collection points.
• Cheque by post.
• Standing order.
• Payroll deduction.
• PayPoint/Post Office.

Withdrawals

Seven days notice is required for withdrawals - allow 7 days from receipt of your completed withdrawal form.

Dividends

Dividend on member's share accounts are paid annually from profits, up to a statutory ceiling of 8%. The percentage is decided by members at the Annual General Meeting.

Benefits of saving include:

• Safe place for savings - the credit union is insured against acts of fraud and dishonesty.
• Easy to pay in and withdraw your money.
• Dividend is paid annually to members from profits.
• Free Life Assurance - Each member's account is covered by life assurance, which is provided free of charge by Essex Savers. This means that in the event of a member's death their nominated beneficiary will receive: member's share savings from Essex Savers plus a percentage of their savings. Terms and conditions apply

Loans

Essex Savers offers low interest loans to members. Repayments are tailored to member's circumstances. Interest charged is from 1% - 2% per month on a Reducing balance.

Members' loans

Charged at varying rates dependent on the amount saved. Save regularly for 8 weeks to be eligible to apply for:

• Up to three times their share account savings.
• Or £500 plus share account savings.

New Member loans

Charged at the higher rate. Loan decisions are made on a person's ability to repay, as they have no history with Essex Savers. To be eligible for any loan a person needs to be over 18 years.

Applying for a Loan

Simply complete and send an application form to Essex Savers or submit one at a collection point. Applications will normally be decided on in 7 working days from receipt of application. Once approved the loan will be issued to the member. Small emergency loans may be available more quickly.

Benefits of borrowing include:

• Low cost affordable loans.
• No hidden charges.
• No penalty for early repayment.
• Confidence that the interest rate will not rise.
• Loan protection insurance in the event of death at no extra cost.
• Negotiable repayment terms.

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