Dunfermline Building Society Savings & Loan Scheme

The Co-operative is delighted to be able to offer tenants a Savings and Loan product in partnership with Dunfermline Building Society. It is designed to help you save and, if required, borrow to allow you to make special purchases or plan for Christmas, safe in the knowledge that your savings will be secure and available to you when you need them.

The Savings account can be opened with as little as £1, and Dunfermline Building Society will even provide a voucher to get the account started. All you need is a letter from the Co-operative to confirm you’re the tenant, one other form of identification plus £1 and that’s it. You can use your birth certificate, benefits book or letter from the benefits agency, or driving licence as proof of I.D. Take your letter, I.D and £1 to your nearest Dunfermline Branch and staff there will organise your account and passbook.

It is a passbook based account, with the added option of a Link card, it allows instant access to your funds and pays a specially negotiated rate of interest. The account has the added convenience of being able to accept salary and benefit credits as well as being available for standing order payments to pay your rent.

Once you’ve been a saver for 3 months you can also apply for a loan of up to £500.00. The Loan account is an exclusive product – only available to Housing Co-operative tenants. Provided your rent account is clear, you have no other charges outstanding and have made a minimum of two deposits to your savings account over 3 months, you can apply for a small loan. This personal loan facility has a maximum amount of £500 and can be taken over any period up to 24 months. Monthly payments are fixed at the outset of the loan and the rate charged is 0.95% over the Bank of England base rate.

Tenant were queuing up at the Co-operative’s AGM and Happy New You event in January to open a savings account. Amongst those taking advantage was Committee Member Rena Crighton. Rena is saving for a short break and was really surprised at how easy it was to set up the account. “You don’t need lots of documents and it’s a really easy way of putting a few pounds away each week. It’s also secure so you know your money’s going to be safe.”

If you’re interested in opening an account come into the office and speak to a member of staff who’ll get you started. Your nearest branch of the Dunfermline Building Society is in South Street, Perth.

Be a smart saver and sign up today !