Christmas Savings

Christmas Saver

Save for Christmas and lock your money away

Christmas Saving Club

You can lock some of your savings away in our Safe Savings club. Many people just save for Christmas, but you can use our Safe Savings Accounts for any purpose, just let us know when you want the account to mature and we will unlock it for you at the pre-determined time. Christmas Club savings are unlocked at the beginning of every November, just in time for your Christmas shopping! Unlike many informal savings clubs, your money will be protected by the Financial Services Compensation Scheme. All you need to do to apply is complete and return the application form, below.

  • Save regularly or whenever you can
  • Secondary savings accounts are not just for Christmas
  • Your money is protected

Save as little or as much as you like, but save regularly.

Your savings are covered by the Financial Services Compensation Scheme.

You cannot access your savings between January 1st and October 31st.

No interest is paid on Christmas Club and secondary savings accounts.

You must have an existing Credit Union Dividend Savings Account.

1. The Christmas Savings Account is only available to existing ESL Credit Union members and may be opened by contacting the office by telephone or by completing a Christmas Savings Club Application Form.

2. A minimum balance of £5 must be maintained in the Christmas Savings Account for the account to remain open.

3. Savings can be paid into the Christmas Savings account throughout any given calendar year.

4. Any withdrawals from this account between 1st January to 31st October of the same year will incur a £5 penalty per withdrawal.

5. From 1st November until 31st December members can access these funds without penalty.

6. Notice of withdrawal can be made by telephone or via the website.

7. Lump sum deposits may be made at any time into the Christmas Savings Account subject to any applicable limits.

8. Lump sum payments can be made by bank transfer, debit card, cheque or postal order made payable to the credit union.

9. A member’s collective savings balance is not permitted to exceed the FSCS limits in operation at the time.

10. No interest is paid on Christmas Club Accounts.

11. Any request to close the account must be made in writing. Closing the Christmas Savings Account between 1st January and 31st October will result in a £5 penalty being charged.

Eastern Savings and Loans offers free life insurance on your savings and on your loans (terms and conditions apply)

The amount covered depends on your age when you put money into the credit union.  Insurance is paid on your shareholding at 100% of the amount saved between the ages of 18 and 64, and at 25% of the amount saved between the ages of 65-79.  There is no insurance on money saved under the age of 18 or over the age of 80. The maximum cover is £2,500.

How our free life insurance can help:

  • John is under 65 when he saves £2,000, but is over 65 when he dies. We pay out £4000: his £2,000 savings have been doubled by life insurance.
  • Emily is over 64 when she saves £2,000. Upon her death we pay out £2,500: the original £2000 has been increased by 25%.

Life cover protects and adds to your savings in case of death and repays your loan if you die before you have paid it off (terms and conditions apply).

Further details: