Once a Member, Always a Member
Posted on Sep 17, 2024Did you know your Penny Post Credit Union account is with you throughout your life, and once a member, always a member!
Like most Penny Post members, you probably save straight from your pay, through payroll deduction. But what happens if you leave your current employer, or retire?
The great news is you don’t need to leave Penny Post! We’ll help you set up a standing order to save into your Penny Post account, and then you can continue saving with Penny Post and reap all the benefits of being a member with us.
Whilst we’re proud to partner with your employer to offer you an easy way to save and borrow straight from your pay, we are an independent business. Penny Post is your credit union, owned by and run for the benefit of members!
The benefits of being a member with Penny Post Credit Union
Free Life Cover
By saving just £2 a week, that’s less than the price of a coffee, our Free Life Cover gives up to £5,000 financial help at the time of your death. This is a FREE benefit for all members, giving you peace of mind and supporting your loved ones.
The Bereavement Fund provides the following assistance:
- Double the value of a members’ savings with Penny Post, up to a maximum of £5,000.
- For members with less than £250 in savings, the Bereavement Fund payment will be £500.
- Repay the deceased member’s loan**
For example: Mr A is a Penny Post member. At the time of his death he has £800 in savings and a £3,000 loan. Thanks to the Bereavement Fund, Mr A’s nominee would receive £1,600 (£800 savings, doubled) AND Penny Post will cancel the loan repayment.
Our members matter, and we aim to make the process as simple as possible to ease the financial strain and support your loved ones in the early stages of bereavement.
Is your nominee up to date?
As a Penny Post member, you can ‘nominate’ a person (or persons) to receive your money in Penny Post, up to the value of £5,000, at the time of your death. This person is called the ‘nominee’ or ‘nominated beneficiary’. Having a nominee in place helps Penny Post Credit Union release funds with minimum documentation following the death of a member.
Please make sure your Nominee is up to date, so your money goes the person you wish. Update using our secure Nivo App or contact our friendly Customer Services Team.
Affordable Loans
From time to time, we all need to borrow, and Penny Post offers a range of personal loans to members. Members can apply for a loan of up to £25,000 with bite-sized, manageable repayments, with rates from just 2.9% APR.
Our loans have been a lifeline to many of our members and have helped them through tougher times, as well as enjoy summer holidays, DIY around the house, and replace the car. Whatever the reason, Penny Post is here to help you when we can!
*No loan is guaranteed – Should you be approved for a Penny Post Loan a formal offer will be made.
Christmas Savings Account
Christmas is the most expensive time of the year, and many of us dread January’s credit card bill!
Our Christmas Account allows you to save for Christmas each pay day. Saving a few ££s helps spread the cost of Christmas. By saving throughout the year and withdrawing the savings in November and December helps take some of the pressure off the festive period.
Owned by you!
Penny Post is your credit union, owned by and run for the benefit of members like you. As a Penny Post member, you have a say in how Penny Post is run, and receive a share of any profit, in the form of an annual dividend*.
Don’t just take our word for it. One member said “Very friendly staff, great opportunities to save or borrow money. All in all they are brilliant!”
Saving by Standing Order
Are you leaving your employer and can no longer save through payroll deduction? Standing Orders are a hassle-free way to save. Set-up a Standing Order with your bank so you can still take advantage of all the benefits of being a Penny Post member! You can set-up a Standing Order from your bank or building society from the comfort of your own home using internet or telephone banking to your Penny Post account using these details…
Account name: Penny Post Credit Union
Sort Code: 08-90-19
Account Number: 67001466
Reference: Your initials directly followed by your Penny Post membership number (eg AB123456)
Not sure what your membership number is? Get in touch and we’ll be happy to help!
Saving with us is easy! You can save as little as £2 a week or £10 a month to keep your Penny Post account active and watch your savings grow.
Members are at the heart of everything we do, and your Penny Post membership is with you for life!
*Dividends are not guaranteed. The rate payable is dependent on financial performance and voted on by members at the Annual General Meeting.
** A payment from the Bereavement Fund will only be made if loan repayments are up to date, and there are no arrears at the time of the member’s death