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Inflation simply means things cost more than they used to. When prices go up, your money doesn’t stretch as far. Because of this, it’s important to choose savings options that help your money keep its value over time.
What inflation means
Inflation affects everyday costs such as food, fuel, bills and more. When prices rise:
- The money you’ve saved buys less
- Your savings need to grow enough to keep up
If your savings don’t grow as fast as inflation, the real value of your money drops. This is why choosing the right savings account matters.
How inflation impacts your savings
If your savings grow slower than inflation, the real value of your money declines even if the number in your account is rising.
For example:
- If inflation is 4%
- And your savings return is 2%
- Your purchasing power is effectively shrinking by 2% annually
This is why selecting the right type of savings account matters, not just for growth, but for accessibility and financial resilience.
How Police Mutual can help
Police Mutual have partnered with No1 CopperPot Credit Union who offer savings accounts designed for the Police Family. This means you can start saving easily and regularly, even with busy or changing shift patterns.
With a No1 CopperPot Credit Union savings account you can:
- Save from £5 a month via payroll deduction or Direct Debit
- Withdraw money when you need it (depending on the account)
- Manage your account online or through an app
Who can join?
You can save with No1 CopperPot Credit Union if you are:
- A serving or retired Police Officer
- Police staff, a PCSO, or a Special
- A family member living at the same address as a qualifying member
- Are aged 18 or over and a UK / Isle of Man resident
Why savings matter
Saving regularly helps you stay prepared for:
- Emergencies
- Rising household costs
- Future goals like holidays or home improvements
Having accessible savings gives you a safety net, especially when inflation is high.