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Christmas and Summer Holiday Savings clubs

PCS Credit Union have Christmas and Summer holiday savings clubs. You choose how much you want to save, the minimum is £5 per month in addition to your regular monthly savings or deposit account and you get all your money back; no fees & no vouchers. Like all of your savings, the Savings Clubs are fully protected by the Financial Services Compensation Scheme (FSCS), so you know it’s safe.


  • On approval of your application the Savings Clubs will operate continuously until you notify the Credit Union in writing, with an original signature, that you wish to cease contributions.
  • Christmas Savings Club savings will be transferred back to your monthly savings/deposit account on the first working day after 31 October each year.
  • Summer Holidays savings will be transferred back to your monthly savings/deposit account on the first working day after 30 May each year.
  • To be eligible you must be a member of PCS Credit Union Ltd and hold an active monthly savings or deposit account.
  • If you save on a monthly basis, you must continue to save a minimum of £5 per month in addition to your Christmas or Summer Holiday savings club account. Both direct debit payments will be taken from the same bank account on the same date.
  • You can deposit a lump sum if you wish to. You cannot have a combined total savings amount of more than £19,000 with PCS Credit Union at any one time.
  • Savings deposited in these accounts will count towards any dividend paid but will not count as a basis for loans.
  • Savings cannot be withdrawn from these Savings Club accounts prior to the dates shown above unless you are experiencing financial hardship or cancel your membership of PCS Credit Union Ltd.

To apply, please visit the PCS Credit Union Internet Banking portal.


PCS Credit Union provides account statements on an annual basis by email. You can view your account and download statements at any time online. NB: Ensure you are registered for Online Banking.

Changes to your direct debit

You can request changes to the amount and/or date of your direct debit by completing, signing and returning the change to direct debit form. NB: Although the form can be returned by electronic means it must first have been downloaded and signed.

Due to the notice we are required to provide when making changes to direct debit arrangements, please allow a minimum of three weeks for the change to be carried out. Please be assured that we will write to you to notify you of the first payment date that the altered direct debit will commence.

If you currently have a loan please note that normally you will only be allowed to change the amount of savings unless you seek, and obtain, specific permission to change the loan repayments which will also affect the loan term and overall amount of interest charged. This is due to the fact that loan interest is calculated on a daily basis.

Change to Direct Debit Form 01.11.17

All application forms must be submitted with an original signature.  Please download and complete the forms, which can then be submitted electronically if applicable.

Additional/Lump sum deposits

In addition to your monthly direct debit amount, additional/lump sum deposits can be made. Or, if you would prefer to make a lump sum deposit without being required to save on a monthly basis, enquire about our deposit account. This is available for deposits of £500 up to the maximun holding of £19,000. There is no set deposit period and deposits can be withdrawn at any time. Your savings will be fully protected under the Financial Services Compensation Scheme.

Deposits can be made by bank transfer (to PCS Credit Union Ltd. Sort code: 60-83-01. Account number: 20207744). Please ensure that your membership number is quoted as the reference for any payment which will be automatically deposited to your savings account unless you specify differently.

Cheques cannot be accepted and will be returned by post at your risk.


All Withdrawals are made by BACS bank transfer and can take up to four days to reach the nominated bank account. NB. Although it is still shown on some of the forms No payments will be made by cheque. Savers are required to leave at least £1 in their account at all times in order to keep it active.

Please note that if you currently have a loan with us you will not be able to withdraw your savings until your savings balance is higher than the outstanding loan amount with interest or if the loan has been paid in full. You can withdraw savings that are in excess of the outstanding balance on your loan.

The simplest way to make a withdrawal from your savings is via internet banking. If you use a manual withdrawal form it must be signed in original but can then be returned via post, fax or scanned and emailed, the details for which are given on the form. NB: Due to the additional expense incurred a fee may be introduced for manual transactions.

All Online applications received before 10:00 are normally processed on the same day but whilst we will endeavour to action manual requests as quickly as possible, that will usually be within 2 working days.

Withdrawal Form 01.11.2017

All application forms must be submitted with an original signature.  Please download and complete the forms, which can then be submitted electronically if applicable.

Financial Services Compensation Scheme

PCS Credit Union is covered by the Financial Services Compensation Scheme (FSCS). If we fail, the Financial Services Compensation Scheme (FSCS) protects your eligible deposits up to the deposit protection limit. An eligible depositor is currently entitled to claim up to £85,000.

Your eligible deposits held with us are added up in order to determine the coverage level. If, for instance, you hold eligible deposits in both a monthly savings account and a Christmas savings club account these amounts will be combined. Currently the maximum total savings amount that you can hold with PCS Credit Union is £19,000 therefore you would be repaid the full amount.*

The FSCS aims to repay your eligible deposits within 7 days, and is required to do so within 20 working days (with some exceptions).

For further information about the scheme please refer to the FSCS website or call 0800 678 1100.
*Exclusions do apply. Your deposit will be excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.

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