About the RMT Summer Savings Club
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The summer holidays can be a time of stretched budgets. You can be ready for the extra costs by saving over the course of the year with the RMT Summer Savings Club.
- We’ll add a little extra to your savings and pay out the money ready for your summer holidays and the costs involved.
- Even a small amount saved each month soon adds up. Saving is made easy by Direct Debit either weekly, monthly or 4-weekly to suit your pay cycle.
- Your money is paid directly to you, so you’re in charge of your summer holiday spending money.
- Your savings are secure. The Financial Services Compensation Scheme protects your savings 100% up to £85,000. So with RMT CU your savings are completely safe.
- If you make all of your payments we anticipate a dividend bonus of 2% per annum as accrued through the year.
- Our Credit Union is owned and controlled by our members. Any surplus we make is returned to members as a dividend on savings, competitive rates on loans and improved services.
Existing Credit Union members should download and complete form 1 (below). Non members should download both forms 1 and 2.
Summer Savings Club terms and Conditions
Important information about this product
- You need to be an RMT Credit Union member to open a Summer Savings Club Account.
- You have to save at least £5 per month into a RMT CU account in addition to your RMT Summer Savings Club Account.
- You pay a weekly, monthly or 4-weekly Direct Debit consisting of your nominated Summer Savings Club payment (min. £10) plus at least £5 per month to your main RMT CU account. Summer Savings Club payments will run from July to June each year.
- Summer Savings Club accounts have to be opened by the end of August. Late applications commence payments the following July.
- As an RMT CU member you build up regular savings with a yearly dividend and you can apply for a low interest rate loan.
- Your Summer Savings Club money is separate from your regular savings account. That means you will have a guaranteed sum available for summer holidays maturing every 2nd week in July, plus a savings account growing with time.
- The Summer Savings Club secures your money so it’s there for the summer holidays period. This means that your money is locked-in and you can make no withdrawals until on or after the 2nd week of July when all of your money, plus bonus will be paid out.
- If you cancel your payments the dividend is not applied and you cannot withdraw your money until after the 2nd week of July. If you think you will need access to your money before the 2nd week of July, this account is not suitable for you.
- The Summer Savings Club will continue year-on-year, so payments after the 2nd week of July start the next year’s account. Of course if you wish to cancel your payments you are free to do so at any time.