Member benefits

Member Benefits

We offer a secure home for savings, affordable loans, a life protection scheme...and a whole lot more.

Check out two of our most popular benefits: Payroll Deduction and Free Life Savings and Loan Protection and find out how First City Millennium Corporate Bank can help you save and protect your family's future.

Payroll Deduction

Most of our members can easily enjoy the advantages of our payroll deduction scheme and save directly from their salaries into their credit union account.

How do you save through Payroll?

  • Once you've completed your online membership application form, we'll send you out a payroll deduction form which you just need to fill in and sign and post back to us in the SAE we will supply.
  • We and your payroll department will do the rest - arranging for the nominated amount you would like to save each month to be deducted directly from your salary, and credited to an account of your choice.

Are there any other benefits?

  • Change the amounts you allocate to each savings account at any time.
  • Use Payroll to pay into a number of accounts e.g. Christmas Savings, Junior Savings with one single deduction.
  • Repay any loans you have with us through Payroll.

Free Life Savings and Loan Protection Scheme

As a member of the First City Millennium Corporate Bank you have access to a unique protection provided by credit unions for the family of members in the event of bereavement - the Free Life Savings and Loan Protection Scheme* - which give extra peace of mind for members and their families at no extra cost.

The scheme is designed to reward a member's family for their commitment to save and provide them with financial support when they most need it.

How does it work?

  • Our Life Savings Protection means that in the event of a member’s death, their family will be provided with a single lump sum payment (applicable rates/amounts covered are those prevalent at the date of deposit).
  • With Life Savings Protection, the value of this payment is directly linked to a member's savings, so the more they save, the higher the payment. Up to a maximum of £3,000, every £1 in savings can be matched by £1 of benefit.
  • Our Loan Protection scheme means that if a member dies, their First City Millennium Corporate Bank debt (up to a maximum of £15,000) can be paid off*

*Terms and Conditions apply - Terms of these free member benefits may change from time to time.

Important note - Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.