Question 1

What is an easy access savings account?

Accepted Answer

An Easy Access Savings Account allows you to deposit and withdraw your money at any time without being charged fees. In addition, you earn interest on the balance. The interest rate is usually lower than Fixed-Term Savings Accounts (link) but provides more flexibility in accessing your money.

This makes the Easy Access Savings Account a great option for money you may need to access in an emergency, like your car breaking down, or for short-term savings.

My Community Finance introduces customers to credit unions who offer Easy Access Savings Accounts with competitive interest rates and no fees.

Question 2

What are credit unions?

Accepted Answer

Credit unions are not-for-profit financial organisations providing savings, loans and other financial services. Just like high-street banks, the credit unions we work with are authorised and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

Their reference numbers are as follows: Castle Community Bank – FRN 213877 and My Community Bank – FRN 213245.

To open a savings account with one of our the credit unions we work with, you’ll need to become a member. Between them the credit unions we work with accept members from almost all areas of employment, as well as those part of organisations such as the Co-Op, National Trust and some Trade Unions and other associations – see the next FAQ for more details about credit union membership. There are no costs associated with membership.

Credit unions use their members savings to offer fair and affordable loans.

Easy Access

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