Covenant Saver

The Covenant Account is designed for savers wishing to deposit a lump sum of at least £2,000 to support the work of Churches Mutual.

Many of our original members opened Founder Member or Covenant Accounts (originally known as Premier Investment Accounts).

The Covenant Account is designed for savers wishing to deposit a lump sum of at least £2,000 to support the work of Churches Mutual.  We do not recommend this type of account for members needing to generate an income from their savings, but rather for those with small amounts to invest in an ethical and productive way.

For legal reasons we cannot guarantee the dividend payable on savings in advance but do pay a small return. As we grow in size, with more members using our services, we hope to offer a bigger return on savings.

The initial deposit is a minimum of £2,000 and additional deposits can be made up to a maximum of £45,000.  Dividends are paid before tax. There are normally no penalties for withdrawals but if the balance of the account falls below £2,000 for more than 30 days it reverts to a Regular Savers’ Account.

Read the account Terms and Conditions for more information.

Important Information

When you apply for an account with Churches Mutual, we ask you to provide information about yourself. This includes information about who you are, where you live, and who you bank with. This information is sent through our secure website to Transunion, an external credit reference bureau who validate the information given and provide us with a report in order to satisfy identity checks and Anti-Money Laundering legislation.

Full details of how Churches Mutual treats your personal information can be found on our Privacy Notice.

If you are happy to provide Churches Mutual with information to use in this way, please proceed to the account application page. If you are not willing to provide this information, please contact us but please be aware that we cannot open an account for you if we are unable to verify your identity.

Get in touch

For Covenant Saver Enquiries please fill in the form below. Or call us on 01452 930 360

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Why Churches Mutual?

We have accounts designed for the long term investor looking to secure the future or for regular instalment savers seeking to put money away for a rainy day or to build up a nest egg.

Like many credit unions we pay a dividend on our savings accounts. There is more information about dividends in the FAQs.

Churches Mutual Credit Union is overseen by the Prudential Regulation Authority and the Financial Conduct Authority and your savings are protected by the Financial Services Compensation Scheme for complete peace of mind.

Rob’s Story

I have enjoyed a very positive relationship with Churches Mutual Credit Union for the last 7 years. When I joined as a regular saver, I wanted the opportunity to contribute
to an ethical organisation that shows real concern for the needs of its members. Knowing that the organisation helps people in challenging circumstances is very
important to me. The mutuality of the organisation is also instrumental for me.

Unlike other personal savings, I view the savings with Churches Mutual as part of my Giving to help Church Ministers and Church workers in financial need, rather than an

The way that the account is administered is very professional. If I need to draw out any money from my account, there has never been an issue and the money is transferred very quickly.

I would recommend Churches Mutual wholeheartedly.

Rob Cooper

Monday to Friday – 9.00am to 1.30pm

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(Closed Weekends and Bank Holidays)

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