Our Reserve Account is an additional account which can be held alongside our Member Account meaning you will save into both accounts each month, allowing you to save for different purposes.
Interest Rates for the Reserve Account
| 1st – 31st March 2025 | 1st – 30th April 2025 | 1st – 31st May 2025 | |||
| Gross* Rate | AER** Rate | Gross* Rate | AER** Rate | Gross* Rate | AER** Rate |
| 4.00% | 4.07% | 4.00% | 4.07% | 4.00% | 4.07% |
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*Gross interest is the annual interest rate earned on savings, without factoring in introductory bonuses, compounding, charges, or taxes. **AER represents the annual percentage of interest earned on savings, including compound interest (interest on interest already paid). Our AER is variable, meaning the interest rate on your savings account can increase or decrease.
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Key Product Information
| Account name | Reserve Account |
| Can No1 CopperPot change the interest rate? | Yes, the rate is variable and if the interest rate changes notification will be made via the website in advance. |
| What would the estimated balance be after 12 months based on a monthly £50 deposit? | If the first deposit was made at the start of the Credit Union’s financial year, and the member continued to make monthly deposits of £50 for 12 months, the total savings balance would be £600. After 12 months, the interest earned would be £13.09, bringing the total balance to £613.09.
This estimate assumes an interest rate of 4.07% AER, which may change. Please note, this calculation is for illustrative purposes only and does not account for any withdrawals or changes in the monthly deposit amount. |
| How do I open and manage my account? | To be eligible for a Reserve Account you must already hold a Member Account or Family Member Account.
You can open and manage your account in person, online, through our app, or by phone, you can also manage your account through email. You must save a minimum of £5 and can do this through payroll or pension deduction (available in most police forces) or by Direct Debit. We have the discretion to terminate your membership if regular payments into the account are not maintained. Each adult member can hold a maximum of £40,000 across all our savings’ accounts. |
| Can I withdraw money? | Yes, there is no cost to withdraw your funds. Withdrawals are sent via Faster Payment, which means the funds will be in your bank account instantly. However, it could take up to two hours. You can withdraw funds using our website, app, or by phone. |
| Understanding Gross interest and AER |
We calculate interest monthly, which is why our AER is higher than our gross interest rate. Our AER is variable, meaning the interest rate on your savings account can increase or decrease. |
| Additional information | Interest is paid gross but is not tax free and therefore should be declared on your tax return. The Personal Savings Allowance (PSA) means every basic-rate taxpayer can earn £1,000 interest without paying tax on it. Higher-rate taxpayers can earn £500 with no tax. Additional-rate taxpayers do not get an allowance and therefore must pay tax.
Your savings may be subject to taxes which are not paid or imposed by No1 CopperPot. For more information, please visit https://www.gov.uk/apply-tax-free-interest-on-savings |
Statements are issued annually. This is done via an email with a link to the online members areas which provides access to all statements. Members without an email address will be issued a paper version via post. All members can request a paper version if that is their preferred method of receipt.
Reserve Account Terms and Conditions
- A minimum of £5 regular savings must be made each month from payroll or by Direct Debit.
- You will receive interest payments monthly.
- If you miss a payment into your Reserve Account we will contact you to remind you to contribute. If you do not start contributing as soon as possible we will close your Reserve Account and transfer your balance into your Member Account.
- If you close your Reserve Account interest will be paid at the end of the month into your Member Account. The amount of interest will be calculated on the day of closure.
- If you choose to leave the Credit Union no interest will be paid on your account.
- This account does not qualify for a dividend payment.
- A negative interest rate occurs when a central bank, in our case the Bank of England, reduces the nominal interest rate below zero percent in an effort to boost economic activity. This in turn results in a charge for banks to store reserves at the central bank rather than receiving positive interest income. If this was to occur the Reserve Account and ISA could go to negative interest rates.
- For more information please see our general terms and conditions.
Download key documents here:Â
You’re covered with Life Protection
Life Protection is included with all our savings accounts and covers you up to the age of 65. This does not cost you anything, it is simply another benefit of saving with No1 Copperpot.
Your savings are protected up to a maximum of £40,000 per member. This means your savings could be doubled in the event of death, subject to our terms and conditions.
All benefits are paid at the discretion of our Board of Directors. Life protection is not an insurance policy and is not guaranteed. For more information please click here.
Your eligible deposits with No1 CopperPot Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. For further information refer to the FSCS website at www.fscs.org.uk.
Cheadle Royal Business Park,
Cheshire, SK8 3GX
