Saving with the Manx Credit Union

Savings are at the heart of a credit union.  Without the money from member’s savings, there is no resource for the credit union to lend to its members. Saving regularly is a good habit and helps you to plan for a big purchase or build up a buffer to cope with unexpected expenses.

Whilst some financial institutions are only interested in accepting large sums of money, the Manx Credit Union allows you to add small amounts to your savings as and when it is convenient for you.

To do this, you can save by:

  • standing order
  • paying in cash or cheques at the Manx Credit Union office

We also have plans to allow you to save direct from your salary.

How to open a savings account

A share savings account is opened for you when you become a member of the Manx Credit Union. You will need to fill in our Membership form and provide some identification to prove who you are.

You need to keep a minimum of £5 in your account to keep it open. The aim of the credit union is to encourage regular saving over time and you can also save specifically into separate "savings pots" for children, energy bills, holidays and Christmas. The maximum that can be saved in total is £15,000.

You can normally make withdrawals from your savings account at any time although we reserve the right to require a period of notice.  Withdrawals are made by filling in a withdrawal form. They will usually be made via a credit to your bank account, or as a cheque. Small amounts of cash may be withdrawn at our office with prior notice.

By saving regularly you may also be able to apply for a Manx Credit Union loan, with the amount lent being based on your savings history.  It is important to note that when a loan is applied for, the regularity of your savings payments will be taken into account. 


Whilst no interest is paid on credit union share accounts, an annual dividend may be paid. This is paid to members from profits earned during the financial year. Dividends are calculated after deducting from profits the expenses of running the credit union and contribution to reserves which a credit union is legally obliged to provide for.

Click Here for a fuller explanation of how a credit union works.

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Deferred Shares From time to time we may also offer deferred shares. For more information on deferred shares please click here.