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Double Access Savings

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With our Double Access Account, you can make deposits whenever you like to help you build up your savings pot. You can also make withdrawals, giving you the reassurance that you can access your money if you need it. You’ll get the benefit of the higher interest rate if you make two or less withdrawals each year.

your interest rate depends on how many times you take money out in any anniversary year. You’ll get the benefit of the higher interest rate if you make two or less withdrawals in an anniversary year. If you make three or more withdrawals, the lower interest rate will apply from the day of your third withdrawal to the day before the annual anniversary of your account opening.


Term Gross Annual Interest Gross Monthly Interest AER*
Two or less 0.60% 0.60%

0.60%
Three or more 0.10% 0.10%

0.10%

AER* stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.

When you save with London Capital Credit Union you have the added peace of mind that comes from knowing your money is protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Please bear in mind that any deposits you have above the limit are unlikely to be covered.

  • Things you need to know

    • You’ll need to provide us with the sort code and account number of your nominated account. A nominated account is a UK bank or building society account that you can transfer money from and send money to. You must be named as an account holder on this account. All deposits into your London Capital Credit Union account must come from your nominated account and any withdrawals out of your London Capital Credit Union account (including interest payments) will be sent to your nominated account. Payments to us from any other account will not be accepted and will be returned
    • You can make deposits by Faster Payments, BACS, CHAPS or Standing Order from your nominated UK bank or building society account
    • Interest will be earned from the date on which we receive your money
    • Interest is paid gross (without tax taken off). Under the Personal Savings Allowance, the first £1,000 of income from non-ISA savings (e.g. any interest earned) is tax free for basic rate taxpayers, and the first £500 is tax free for higher rate taxpayers. No Personal Savings Allowance applies if you’re an additional rate tax payer. If the interest you earn is less than your Personal Savings Allowance, you don’t have to do anything. If the interest you earn is more than your Personal Savings Allowance, you’ll have to pay tax on the difference. HMRC will normally collect the tax by changing your tax code in the PAYE system. If you fill in a Self Assessment tax return you should carry on doing this as normal. For further details on how tax will be collected, refer to the HMRC guide to the Personal Savings Allowance or visit gov.uk
    • There are no fees or charges for standard account services. We may make a charge for any exceptional non-standard services which are made available to you on a discretionary basis
    • We reserve the right to withdraw this account from sale at any time

  • Managing your account

    Managing your account with us is simple and straightforward - and we're always on hand to help you if you've any questions. Here's how it works:

    • Once you’ve opened your account with us, we'll send you a Welcome Letter and your Customer ID, which you should usually receive within five business d ays. When you log in, we'll give you all the information you need to make the most of your new account
    • You can log into your account to view and print a transaction statement at any time and a Summary of Interest will be available in internet banking shortly after the start of each tax year
    • Need to access your money? Simply login to your account, enter the amount you need and the payment date. We'll transfer the money to your nominated account
    • Want to check your account details and rates? Just login whenever you like
    • Contact us whenever you need to – via our UK-based call centre, by logging into your account and sending us a secure message or by emailing info@londoncapitalcu.com
    • No need to worry about bonus rates dropping off: there are no hidden bonuses or introductory offers - just consistently competitive rates
    • We'll write to you personally if the rate on your account changes

  • Key benefits

    • Transparent – the interest rate on our Easy Access Account is variable and doesn’t include any bonuses or introductory offers
    • Fast and easy setup - open an account, complete identity checks and move your money in minutes. You can choose to open this account in your sole name or jointly with someone else
    • Accessible - open an account with just £1,000
    • Flexible - add to your savings whenever you want
    • Access – you can make unlimited withdrawals, you just need to give the selected notice period as no early withdrawals are allowed
    • Cooling off period - if you change your mind within 14 calendar days of opening your account, we’ll cancel your account and return your money without penalty or notice