Currently, the maximum amount of savings you can hold across all your accounts with Clockwise Credit Union is £65,000.


Interest rates on Clockwise savings accounts are fixed and are set by the Board of Directors. If there is a change to the interest rate on any of your Clockwise accounts you will be informed at least 30 days prior to the change taking place.


The Board of Directors take many factors into account when setting the interest rates for Clockwise. We have to balance the interest rates we pay you with both the rates we pay to borrow or raise other funds and with the interest rates we charge on our lending products. This means that your rate may change to respond to:

(a) changes to external benchmark interest rates, such as Bank of England base rate
(b) changes to the rates we need to charge to attract and retain lending to our members
(c) To respond to changes in the amount or composition of the capital our regulators require us to hold. (Capital is the amount of money we are required to hold in reserve to ensure we can continue to meet our financial obligations.)
(d) To maintain our financial strength for the benefit of our members.

If we are making any other type of change, we can do so for one of the following reasons:

(a) As a result of changes in technology, or the way we want to provide services to our members or to reflect changes in the way other providers deliver services.
(b) Because of changes in our ownership or a re-organisation due to us merging with or acquiring another business.

But we can make any of the changes in sections above for any of the following additional reasons:

(a) To respond to changes, or reasonably anticipated changes, in the law, regulations or codes of practice which apply to us or because of a decision by a court, ombudsman or regulator.
(b) Due to the changes in the costs, we incur in running our business or those we incur in providing our existing or new services to you. Examples of these costs might include administrative costs, employment costs, building costs and technology costs.
(c) If we want to increase your interest rate or make another change which is to your advantage, we can do that for any reason.
(d) If your account has no fixed end date, we may also need to make changes for other reasons that impact on the way we run our business and your accounts, but which we have not yet been able to anticipate. If we do, we will explain the reason to you when we tell you about the change.

Your interest rate is clearly displayed on your account online or on our app or you can contact a member of the team who will be happy to help.

No, membership is free.  You must keep a minimum of £1 in your account to keep your membership active.


Yes, we will send you an annual statement. Additional paper statements can be provided upon request. You can also download a copy of your statements and check your balance anytime using your online account or the Clockwise App.


All members receive a member account, known as a share account. This operates as a savings account and represents your share of the credit union.


You can access your account online, by telephone or by visiting one of our branches or community points.


You can pay cash or cheques directly into your account at one of our branches or community points. Payments can be made directly to your account or you can set up a regular standing order from your bank account or have payments from wages or benefits paid directly into your account. We also have a number of employer partnerships enabling payroll membership where a regular amount is deducted from your wages/salary.


Interest on savings is paid annually following our AGM.



You can withdraw up to £150 in cash from your savings at any time by coming into our Leicester branch. You also have the option of transferring your savings to other Clockwise or bank accounts using our faster payment service.  This service is available for outbound payments 24/7 via our app or online, or by telephone on 0116 2423 900 between 09.30 and 16.00 Mon-Fri.  Payments are usually with the receiving bank within 2 hours.


Absolutely. Through the Financial Services Compensation Scheme, members savings up to £85,000 are 100% protected. This is the same as any other bank, building society or approved financial institution.


Clockwise is a financial co-operative run by members for members.  Any profits are reinvested into the development of the credit union and divided between members as a dividend on savings. We use these savings to provide our members affordable low cost loans. Any reserves are not invested in the financial markets, your money is not used for big ‘fat cat’ bonuses. Also we provide a safe and affordable alternative to those at risk of loan sharks and other illegal or usury lenders. Where banks turn down customers because they have a poor history or are low paid, we do not. We look at everyone as individuals and recognise that anyone can get into financial difficulties from time to time. This means that if you have been a victim of circumstance we will still look at your application with fresh eyes.  In accordance with the Credit Union Act 1979, Clockwise educates its members on the wise use of money and promotes responsible saving and lending.


Affordable Loans

Clockwise offer a range of loans where you can borrow from as little as £50 up to £15,000 depending on individual circumstances with competitive interest rates and repayments to suit everyone’s budget.  You can use our loan finder to get an idea of how much you could borrow.

Clockwise Current Account*

Open a Clockwise current account and receive a personal, friendly and professional banking service with facilities such as direct debit, standing order, ATM withdrawal and VISA debit card.

*Clockwise Current Account is available subject to eligibility, additional charges apply. VISA card available subject to status.

A standing order is an arrangment you make with your bank to pay into your Clockwise account or loan. To change this you need to contact your bank and ask them to adjust the payment amount. You can also do this yourself online if you have set up internet banking with your bank.


Payroll membership is a scheme Clockwise offers local organisations to enable them to help their employees save. Employees specify the amount they wish to save and this is deducted from their salary via payroll and transferred directly into their Clockwise account. If the employee wishes to apply for a loan the repayment amount is made in the same way, via payroll. Payroll membership offers a lower loan rate of 12.7% representative APR.


Provided your employer is located in Leicester, Leicestershire and Rutland, anyone can approach their employer about becoming a Payroll Membership partner. Click here to view the existing Payroll Membership partnerships. We can also approach your organisation on your behalf.

If your employer is an existing partner (see Payroll Membership page) simply click apply now from that page and complete the form, ensuring you select your employer from the dropdown box when prompted. There will be a contact within your organisation who deals with Payroll Membership and will make the necessary arrangements with Clockwise to complete the set up so that payments are taken via payroll deduction.


If you wish to change a payment amount or cancel Payroll Membership please contact Clockwise on 0116 242 3900 or email

Please note that any changes made after the 10th of the month will not be affected until the following month. Where you are cancelling Payroll Membership we will return the payment manually for the existing month and the cancellation will take effect the following month.

Faster Payments are processed immediately and depending on the receiving bank are usually arrive within 2 hours.

If you have made a mistake and think you’ve sent money to an incorrect account number you need to let us know as soon as possible.  Funds sent to an invalid bank account will come back to us automatically.  If you have sent funds to a valid bank account we will make best endeavours to claim back your funds.  However, we may not be able to recover the funds for you, in this situation we will give you information on the next options.

Some best practice when sending faster payments is:

  • Always double check the sort code and account number
  • Make sure there is a clear reference for the payment
  • Be aware of scams. Clockwise will never contact you out of the blue asking you to move money from your Clockwise account to a different bank account. Find out more at

If you receive money into your account which may have been sent in error, always contact your bank straight away.