We all have different reasons for saving, perhaps for a specific event such as a holiday or Christmas; perhaps for a large purchase; or simply to have some money handy for a rainy day...

We believe that everyone should have access to simple savings accounts 

It’s easy to get the savings habit and we believe in keeping things simple.

As a  member you will have a main Share Account.  You can also have up to 3 share accounts and a Christmas Savings account so money can be put aside for different purposes.

 We know that it’s important to be able to access savings when they’re needed so we offer same day withdrawals if you contact us before 3pm.  You can arrange for funds to be paid directly in to your bank account, but small cash withdrawals can be arranged at our main office in Lincoln. Alternatively funds can be loaded on to the Change Account Prepaid Debit Mastercard®.

Your eligible deposits with Lincolnshire Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.

To find out more click here or visit www.fscs.org.uk

Other features of a share account:

• Members receive a share of the credit union’s profits each year as a reward for saving. The dividend rate is agreed by the membership at the Annual General Meeting after the end of the financial year. (Payment of dividends is subject to profitability – last year the rate was 0.25%).

 • The maximum amount that can be held in savings by any one member is currently £18,000.

 • Members can nominate a beneficiary (or beneficiaries) to receive up to a total £5,000 of savings on the member’s death with the minimum of fuss. Usually this payment falls outside of the deceased’s assets for Inheritance Tax purposes.

All savings are fully protected by the Financial Services Compensation Scheme and most of our members receive free insurance through Life Savings insurance (savings limits, age and health restrictions apply)

To join the Lincolnshire Credit Union you must live, work or study in the county of Lincolnshire (but you can continue to be a member if you subsequently move out of the area, if you wish).
You can also join if:
You are employed by or are a tenant of Acis Group, Boston Mayflower Housing Association, Longhurst & Havelock Homes or New Linx Housing Trust.
You are employed or are in receipt of insurance services from The Barbon Group.
You are a member of Lincolnshire Chamber of Commerce.

Apply Now

Christmas Savings Account

Reduce the stress of Christmas by opening a Christmas Savings account with the Lincolnshire Credit Union.

• Save regularly through the year and lock in your savings.

• Access savings from 1st November each year.

• Get the best deals on shopping by not being tied to a particular shop.

• Know that your Christmas savings are completely safe as they’re protected by the Financial Services Compensation Scheme.

To become a Christmas Saver you must be member of Lincolnshire Credit Union

Apply Now

Existing members complete the simple application form here.

Payroll Deduction

Simple savings straight from your wages.


An easy way to get into the saving habit and build a secure future for you and your family - have your savings deducted from your pay and paid straight into your credit union account by your employer.  Your regular deduction comes straight from your wages so you won't even notice.

At the moment, you can only apply if you are employed by the following organisations:


·         Barbon Group

·         Boston Borough Council

·         Boston Mayflower Ltd

·         East Lindsey District Council

·         Homestart - East Lindsey

·         Lincoln City Council

·         Lincolnshire Action Trust

·         Lincolnshire County Council

·         Longhurst & Havelok Homes

·         Luxus Ltd

·         North Kesteven District Council

·         West Lindsey District Council

To apply for the payroll deduction scheme you must first be a member of Lincolnshire Credit Union.  Apply to become a member first and then fill out a payroll deduction form and hand into your payroll department or at an Access Point.

Apply Now

Existing members click here to download the payroll deduction form.

Free Insurance

One of the unique benefits of saving or borrowing from the credit union is that most members receive free life insurance. This is a valuable benefit at a time when it is most needed by immediate family members.

The cover provided will effectively double the value of a member’s savings on death (up to a maximum value of £1000) and will mean that any outstanding loan balance is repaid (up to a maximum of £7500). Age and health restrictions apply and the loan benefit does not cover any loan arrears.

Young Saver Accounts

Our accounts for Young Savers allow the accounts to be controlled, if required, by a sponsoring adult until the Young Saver reaches the age of 18 at which time the account is converted to a normal adult share account.

The account can be opened by a parent, grandparent, or guardian and must be operated for the benefit of the child. Ways to save provides details of how to pay into the account.

Withdrawals from the account can be made by the sponsoring adult, but he/she will be asked to confirm that these are being made for the benefit of the child.

Alternatively if the Young Saver is aged 11 or over the child can be allowed to operate the account themselves, subject to the sponsoring adult providing confirmation that this is to be the case.

Savings are fully protected by the Financial Services Compensation Scheme.

Junior savers receive annual interest on their savings. The rate paid is equivalent to the best interest rate that the credit union has been able to earn on its bank deposits. The interest is paid after the Annual General Meeting each year.

To be able to open the account either the Young Saver or the sponsoring adult must live or work in Lincolnshire. If not a member with Lincolnshire Credit Union the account trustee will be required to provide proof of identity and address together with a copy of the child’s birth certificate and proof of connection to the child.

Please call us on 01522 873550 or visit one of our local access points for details of how to set up an account.

Ways to Save

At Lincolnshire Credit Union we want to make it as easy as possible to save. The following options are available. Which one of them would make it easy for you?

1. Pay in cash, cheques or postal orders at our office in Lincoln.

2. Use a PayPoint card to pay in up to £200 per transaction at your local post office or at participating retailers. You will need to contact us to ask for a card to be issued to you.

3. Post cheques or postal orders to our office in Lincoln.

4. Join a Payroll Savings Scheme if your employer is a participating employer.

5. Set up a regular standing order from your bank or building society account – use a standing order form or use the details at the bottom of this page.

6. Instruct your bank or building society to make a ‘Bill Payment’ to your credit union account – if you use internet banking you’ll probably be able to do this yourself.

7. Arrange for your employer to pay your wages or salary into your credit union account.

8. Instruct the Department for Work and Pensions (DWP) to pay a benefit or pension into your account (no need to quote a reference as they will use your NI number to tell us who the money is for).

9. Arrange for Child Benefit to be paid into your account (you will need to tell us if you do this as we shall need to know your Child Benefit Reference to identify the money).

10. Arrange for Housing Benefit to be paid into your account (you will need to tell us if you do this as not all local authorities quote a reference number with the payment).

Note: to use options 5 to 10 you will need to use the following receiving bank details: 

Bank: Co-operative Bank plc, Lincoln branch
Sort Code: 08-90-32
Account Number: 67004382

Use your membership number as the payment reference except where stated above. If you’re not sure what reference to use please contact us before setting up the payment. If we are not provided with a valid reference or National Insurance number this could delay the money being paid into your account.

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