Here at South Manchester Credit union we encourage savings. Savings are important for members to help pay for the finer things in life or to provide a safety net if financial troubles occur as well as important for the credit union to help us operate.

All member savings are protected by the financial services compensation scheme, offering an eligible depositor to claim up to £85,000 as the combined amount in all their accounts with South Manchester Credit Union. More information on this can be found at

There are numerous ways to save with the credit union which we provide different accounts for. We offer Share 1, share 2, a Christmas account as well as junior accounts. As the credit union is a co-operative all members own the organisation and member savings is essentially their shares in the credit union, there is a yearly dividend that goes to members which is subject to the amount of savings that a member holds with the credit union.

Share 1

are the savings that a member is permitted to withdraw once a month. We encourage members to save as much as possible to provide financial aid when it is called upon.

Share 2

is used to determine the amount of loan a member can apply for. The credit union allows members to apply for a loan 4 times the figure in this account. If there is no loan to be paid or the loan is less than that of the savings then these savings can be withdrawn, however, this will affect loans taken in the future.

Christmas Savings are savings that cannot be accessed until the first of November. The account stops people accessing the account, allowing savings to accumulate and provide a Christmas to remember for our members. There is no charge on the account either, giving you a cost effective saving option.

Member Accounts

Open Savings

Your savings available for you to withdraw up to once per month

Locked Savings

Your savings pledged to your loan

Christmas Account

Save all year round and gain access in November