Serve and Protect Credit Union Launch Fixed-Rate Saver Account

Friday 26 January 2024

For the first time in its history, Serve and Protect Credit Union are proud to have launched a fixed-rate savings account. Since the product’s launch, 600 accounts have been opened by members with over £2.2 million deposited, which will be available to withdraw at maturity.

Credit unions traditionally provide a return to savers in the form of an annual dividend, based on the credit union’s performance over the financial year. By offering a guaranteed and competitive savings return in the form of a fixed-rate savings account, Serve and Protect is providing its members with another option to make their savings go further.

“We are extremely proud to launch the Fixed Saver – it is the first time in our history that Serve and Protect members can earn a guaranteed return on their savings through a fixed term savings account,” says Serve and Protect CEO, Paul Norgrove.

Every member has to save a minimum of £10 per month into the Regular Saver. They can also open a Flexi Saver to deposit lump sums of up to £40,000, as well as a Junior Saver to prepare for the financial future of their children or grandchildren. There is even a headline prize of £5,000 up-for-grabs each month with the PrizeSaver account.”

Paul added: “The Fixed Saver supports our mission, to help improve our members’ long term financial resilience – driving a savings culture which is not just fundamental to the success of the credit union, but ultimately helps us support fellow colleagues who may need access to affordable credit. Something that cannot be underestimated throughout the cost-of-living crisis.”

Full information about the fixed-saver account is available here.