Savings
General Terms and Conditions
Easy Access Savings Accounts
- Member Savings
- Junior Savings
- Christmas Club
- GMB Branch Savings
Minimum and Maximum Deposits
- Minimum opening deposit £5.00
- Maximum savings per member £20,000
Who can apply
- Members and their immediate family
- Branches of the GMB
- Individuals 18 years or older
- Junior Savings - accounts are opened in the child's name but remain under adult control until 18
Paying In
- Flexibility to make regular payments by Direct Debit, Standing Order or lump sum deposits by bank transfer.
Taking Money Out
- Withdrawals are by BACS transfer to a member’s nominated bank account which takes two working days.
- Christmas Club balances are paid out in the first week of December annually.
Account Statements
- Statements on request by post or email.
- Members can also view their statement, by registering for balance enquiry via our web site.
Dividend/Interest and Charges
- All easy access savings accounts are eligible for a dividend which is paid annually in the April following agreement on the dividend at the AGM.
- The dividend is calculated on the daily balances over the year 1st Jan - 31st Dec. There are no fees or charges
Tax
- Dividends are paid gross.
- Your liability to pay tax depends on your individual circumstances.
FSCS
- Deposits are covered by The Financial Services Compensation Scheme (FSCS) up to £85,000.
Regulatory Information
- GMB is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference number 213550
Contacting Us
Telephone: 0161 486 1777
Email: info@gmbcreditunion.com
Online: wwwgmbcreditunion.com