The Christmas Savings Account allows members to put money aside in advance of the special day


By opening a Christmas Savings Account, members can focus less on how they are going to pay for all their festive goodies and more on how they’re going to enjoy a debt-free Christmas with the people they love most.

  • Easy to set up
  • Savings safely locked away
  • Save any amount from £5 upwards
  • Regular deposits can be made by payroll deduction or direct debit.
  • No lump sum deposits.
  • All funds protected by the FSCS scheme.
  • £5 early-withdrawal penalty to deter members taking money from account before October.
  • Potential annual dividend on savings.
  • For more key facts click HERE.

Christmas Club (Share Four) Account Terms and



Who Regulates Us?

The NHS (Scotland & North England) Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Registration number is 213898.


Statement of Account

A statement of the account will be available to the Member at all time online through the Members Area or the NHS Credit Union App. You can also contact us at any time for a paper statement.


Minimum and Maximum Savings

There is no minimum savings limit on this account. The total maximum savings limit is £75000. If a Member is close to meeting the maximum savings limit, they will be asked to remove funds from the account and/or reduce their regular deposit amount to the minimum.


Regular deposits

Regular deductions can be made via payroll deduction, through one of our employer partners, or by Direct Debit. Please note:

  • Payroll deduction: funds will be received will be credited to accounts on the last working day of each month provided we have both the funds and confirmation list from employers.
  • Direct Debit: funds received will initially be placed into your savings account and take 7 working days to clear. The funds will be eligible for dividend during this time.


Payroll Deduction Paperless Mandate

Members employed by a payroll area that has agreed to the Paperless Mandate Scheme will be required to complete a paperless mandate agreement form. By doing so this will allow the credit union to amend/cancel payroll deductions for the NHSCU according to the member’s instruction via automated, online, verbal or written communication and that, the payroll mandate agreement supersede the need for a signed mandate form. By agreeing to the membership terms and conditions, you give permission for your pay office to transfer personal data to the Credit Union in order to make deposits into your account.



Members may receive an annual dividend on savings at an interim rate that is decided by the Board of Directors. Dividend payments are based on the daily account balances. As the dividend is an allocation of surpluses, there is no guaranteed rate of dividend, or indeed guarantee that a dividend will be paid.


Dividend payments are made without the deduction of income tax; therefore, members should declare dividend payments to Her Majesty’s Revenue and Customs (HMRC). Please contact HMRC for further information.



Savings can be withdrawn at any time subject to any notice period, as per the registered rules of the Credit Union. The Christmas Club Account shares are subject to the following withdrawal fee:


  1. Withdrawals are free between 1st October and the last day in February
  2. Withdrawals made between 1st March and 30th September incur a £5 fee per transaction


Withdrawal of Membership

Successful applicants have the right to withdraw from membership at any time where they have no outstanding liability to the Credit Union, by applying for and receiving their shareholding minus the joining fee in the Credit Union, subject to any notification period in place as agreed from time to time by the Board of Directors.



Members with an outstanding liability to the Credit Union are required to settle their account in full prior to being permitted to withdraw from membership of the Credit Union.


To exercise this right, applicants should send written notice of cancellation to the Credit Union’s registered address. The Credit Union will return any funds it has received under the Terms and Conditions of the membership application. Please note no dividend will be payable on closure.


To withdraw from membership please write to us at:

NHS Credit Union

9 Dava Street



G51 2JA


Or send us a message through the Nivo App available to download on the App Store or Google Play Store


Expulsion from Membership

Subject to the Credit Unions registered Rulebook, a Member may be expelled from the Credit Union for any grave or sufficient reason.


Liability on Cessation, Withdrawal, Suspension or Expulsion from Membership

Subject to the Credit Unions registered Rulebook, a Member will only receive the savings held within an account(s) after all monies owed by them to the Credit Union have been deducted. If you have an outstanding loan with the Credit Union, any savings held will be transferred to reduce the term of the loan and you will be required to continue your regular deposit until the loan has been repaid in full.


Dormant Accounts
In line with the registered rules of the NHS Credit Union an account(s) may be considered to be dormant where there have been no Member initiated transactions for a period of 12 months. Where an account(s) has become dormant, we will send a notice to your last known address to inform you and provide you with a 6 week period to determine the future of the account(s).


If you do not reactive or close your account(s) within 6 weeks of receipt of the notice being sent to you, the NHS Credit Union has the right to:


  1. Hold any monies within the account(s) of such member in a suspense account pending subsequent withdrawal of your money, or activity on the account;
  2. Charge the annual administration fee not exceeding £20.00;
  3. Expel you from membership of the NHS Credit Union



We are committed to protecting your privacy, and will only use the information you give us, or we collect about you lawfully in accordance with UK GDPR and the Data Protection Act 2018. We will collect information about you for two reasons – firstly, to process your application and secondly to provide you with the best possible service. If you have any  questions or comments about privacy, please contact us or visit our website:




NHS (Scotland & North England) Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

‘NHS Credit Union’ is a trading name of NHS (Scotland & North England) Credit Union Ltd.

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