Opening an Account
We are required by law to confirm the identity and address of all new members. We do this electronically using an online provider, for your convenience. Occasionally, we are unable to confirm your details and will ask you to provide additional documentation to confirm your ID and address. Alternatively, call our Customer Services Team on 0333 332 1461 during office hours, to complete a telephone membership application.
Family living at a member’s address are also welcome to join. Don’t worry if family members are not Royal Mail Group employees – they can save into their Penny Post savings account by setting up a regular standing order from a bank or building society.
Children & Grandchildren welcome too! Our Young Saver account for children or grandchildren of Penny Post members is a great way to teach children to save and manage money, or for parents, guardians and grandparents to put money aside for their youngsters on a regular basis. Click here for more information.
A requirement of the credit union regulator is that credit union members have something in common with one another. This is known as the credit union’s ‘common bond’ and determines who can join a credit union.
Penny Post’s common bond is as follows:-
Admission to membership of the Credit Union is restricted to:
a) An individual who is employed by the following employer:
i. Royal Mail Group (or its successors)
iii. Post Office Limited
iv. Angard Staffing
v. Royal Mail Property & Facilities Ltd (including RM Manufacturing)
viii. Penny Post Credit Union Limited
b) An individual who is a member or retired member of the following bona fide
The Communication Workers Union or Unite the Union
c) an individual who is a member of the same household as, and is a relative of, an
individual who is a member of the credit union and falls directly within the common
bond specified above
All members and retired members of the CWU and Unite are welcome to join Penny Post! If not a Royal Mail Group employee, you can save into your Penny Post savings account, or repay a loan, by setting up a standing order with your bank or building society.
When you join, we will need proof of your CWU or Unite membership, and will ask you to provide a copy of:
It’s so easy to save with Penny Post. Save a few ££s straight from your pay and watch your savings grow. With a range of saving accounts from the Christmas account paying an extra 1% dividend to the interest-bearing Prime account, Penny Post is here to help you save.
From time to time we all need to borrow, and Penny Post is here to help. We offer members a range of 5* award winning Personal Loans with manageable repayments straight from your pay.
Savings and loan repayments are deducted directly from your weekly or monthly pay. As the money is taken directly from your wages/salary, you tend not to miss it! It really is the easy way to save, and borrow when you need to!
For members leaving Royal Mail, and family members, we will set up a Standing Order with your bank or building society.
Members money with Penny Post is protected by the Financial Services Compensation Scheme, the UK’s deposit protection scheme, to the value of £85,000. However, the maximum a member can hold with Penny Post across all their accounts is £50,000, meaning all your savings with us are covered. Click here for further information on the FSCS.
Penny Post is owned by and run for the benefit of our members. When you join, you become a ‘member’ and a ‘shareholder’ in Penny Post Credit Union. Any profits made are shared in the form of an annual dividend agreed by members at our Annual General Meeting.
*Dividends are not guaranteed. The rate payable is dependent on financial performance and voted on by members at the AGM.
The Penny Post team are committed to providing exceptional customer services to all members. There are no membership or annual fees, no transaction charges and no arrangement fees.
*Dormant accounts may incur an annual charge
The Penny Post Bereavement Fund is a FREE benefit for all Penny Post members, giving peace of mind and up to £5,000 financial help to your loved ones in the event of a your death. Click here for more information.
“Staff always helpful. You feel like you are speaking to a member of your family.”
“The service is fantastic. Always very helpful. I can't fault them.”
"Very friendly staff, great opportunities to save or borrow money. All in all they are brilliant!"
"The automatic deductions from my wages has allowed me to save and repay loan without planning."
"Nivo is a great service & really simple to use. Very clear instructions & seems very secure with ID face recognition. The response times are very quick, impressed with the service."