Open a Savings Account with us

To open a Savings Accounts with us just complete our online form, or for a more detailed chat about what our Savings Accounts look like, get in touch.

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Benefits of Saving with Smart Money Cymru

Saving money can provide important benefits – no matter how much or how little money you have. Making a commitment towards saving allows you to work towards your financial goals and gives you peace of mind should an emergency arise.

All members of Smart Money Cymru are savers. If you take out a loan with us, the repayment plan includes putting a little aside into your savings. If you haven’t taken out a loan, you’re probably putting money aside into your savings with us for a number of reasons – is it that rainy day fund, or the dream holiday? We offer a range of savings accounts to suit you, and your needs.

Simple, straightforward accounts, that you can even name per saving pot you want to grow

We have consistently provided our members with a dividend over the last 20 years, and recently, at a better interest rate than savings accounts of high street banks

Quick and easy to withdraw your money via BACS

Easy to make regular contributions, either via your salary, by setting up a regular Standing Order or making a one-off debit card payment

Gives you peace of mind that your money growing, is safe in our hands

You are providing a better future for our Smart Money Cymru community, by being a part of it

Regular Savings

Regular Savings

Making a commitment towards savings allows you to work towards your financial goals and gives you peace of mind if an emergency should arise.

We offer many of the services that high street banks and building societies offer, but with some key differences – we’re ethical, and you’re in control.

Open a savings account with us for many reasons – rainy day fund, wedding, DIY, new car, University fees… you name it, save it!

Christmas Savings

Christmas Savings

It’s the most wonderful time … of the year, isn’t it? Christmas can put a huge amount of financial pressure on families, which is why we can provide Christmas Loans as well as our very popular Christmas Savings account.

This account allows you to save throughout the year to help spread the cost of Christmas. With this account, you can save regular amounts or make one-off payments. The account is then locked until November 1st, ensuring your money is safe until that special time of year!

If you would like to find out more about our Christmas Savings account and how it can help you, please get in touch.

Junior Savings

Junior Savings

Here at Smart Money Cymru, one of our aims is to educate and empower our members when it comes to using money smartly. What better way than to encourage junior savings?
Our Junior Savings Account is suitable for all children from birth to 18 years old. Accounts can be opened from birth with as little as £1 and anyone can pay into the account.

You can pay into a Young Saver Account by any of the payment methods we offer, including splitting a payment. For instance, if you opt to save a regular amount from payroll, standing order or benefits, you can instruct us to put part of it into each of your children’s accounts, and some into your Christmas, Share or Loan accounts.

To open an account for a young person, download our Junior Account application form below and return it to to the SMC Customer Service team via post or email, visit one of our branches or sign up in one of our partner schools.

Savings At Work

Savings At Work

You can make savings directly from your pay, if your employer is one of our partners. If they’re not, why not let them know about us?

As well as helping you to grow your savings, joining our Payroll Saver scheme grants you access to preferential loan rates – just give us a call to find out more!

Setting up Payroll Savings is simple. All you need to do is join us first as a community bank member, then complete an Invisible Saver Authority which we will then send to your employer. We regularly have Member Recruitment Days in our existing Payroll Partners, so please contact your HR department for more information on these.

Want to increase how much you save?

Let us know and we will get back in touch

Savings FAQs

Frequently Asked Questions

What is the interest rate?

As we’re a Community Bank, we don’t have a monthly interest rate on our Savings accounts, but what you do get is an annual dividend paid on your savings. The amount will vary year by year, however the % is usually more than the interest rates you will get from high street banks.

What do I get back from saving with Smart Money Cymru?

Savers can benefit from an annual dividend paid on their savings. The amount of dividend will vary year by year, as it is based on any operating profit the credit union makes in the financial year (ending 30 September). This is decided at our Annual General Meeting.
You might see some Community Banks who don’t always give a dividend out, however we’ve provided our members with an annual dividend consistently over the last 20 years!

How do I make payments?

Really simple! There are a number of ways you can make regular and one-off payments to your account.

  1. Standing Order – Pay directly into your credit union account by standing order from your bank or building society.
  2. Payroll Deduction – Over 30 local employers offer their employees the facility to pay directly to Smart Money Cymru by making deductions from their pay. Contact us to find out more!
  3. Benefit Direct – You can have any of your benefits paid direct to the Credit Union to save and repay loans
  4. Debit card payments- Over the telephone or in one of our branches
  5. Cash and Cheques – You pay over the counter at our main office or one of our service points. Please make any cheques payable to Smart Money Cymru Credit Union Ltd.
  6. Caerphilly Council Cash Offices – You can pay here using cash or cheque, alternatively you can pay by card via the council by calling 01443 866570
How do I get money out?

You can be paid by the following methods:

  • BACS Transfer direct to your bank account/Engage Current Account. As long as we have your bank details, it’s simple! You can call, e-mail or use our App to withdraw funds.
  • Cheque. These need to be pre-arranged with our Finance Team, so please call ahead to discuss.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS).

The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors, including most individuals and small businesses, are covered by the scheme.

  1. In respect of deposits, an eligible depositor is entitled to claim up to £85,000.
  2. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000).

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.