Members can save separately from their other accounts with our add-on Instant Access Accounts. Some people use them to save for a special purpose such as a holiday; it's really up to you!
If you're already a member, you don't need to complete an application form to open one of these accounts. Just ask us and we'll add one on.
Who can open an Instant Access account?
Members of Hull & East Yorkshire Credit Union and Northern Lincolnshire Credit Union.
How can I apply for an Instant Access account?
Simply ask a member of staff to add on to your account.
Are there any fees on the account?
If a cheque is unpaid we reserve the right to debit your account with any charges that we incur.
Is there a maximum savings balance?
At present, we are limiting members to £68,000 in total savings.
Is there a minimum amount I must have in the account?
No, although you must maintain a minimum balance of £1 in your Membership Account to retain access to other services such as this Instant Access account.
How can I deposit savings?
* If deposits are made by cheque, no withdrawal may be made against them until the funds have been cleared in the Credit Union’s bank account which usually takes 6 working days.
Can I deposit bags of change into the account?
Yes. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as mixed change will not be accepted.
Do I need to make regular deposits to keep the account open?
If you make no transactions on your Instant Access account for a reasonable amount of time, the Credit Union may close the account and transfer funds to your Membership Account. If you make no transactions on any of your Saver accounts within 12 months the Credit Union may declare your total Membership Account dormant in accordance with Credit Union Rule 30 to 34. No dividend will be paid on dormant accounts and, if you do not respond to our enquiry an annual administration fee of £5 may be deducted from your account balance.
How can I withdraw money?
Applications for withdrawals must be made on the appropriate withdrawal form and posted, faxed or brought to the Credit Union. They will be processed, provided they are fully legible and contain the member’s signature corresponding with that currently held on file.
Withdrawals can be made by:
* For larger amounts or at other branches, please give 7 days’ advance notice.
What is the interest rate or dividend on the account?
We don't currently advertise an interest rate, however we do pay a yearly dividend on your account.
The dividend rate will be determined by the Board of Directors and ratified by the members in Annual General Meeting (AGM).
Any dividend due will be paid to the account annually on the first working day after the AGM. Dividend will be based on the balances held in the account throughout the year to the 30 September prior to the AGM.
Do I have to pay tax on my dividends?
Dividends are paid gross so it is your responsibility to declare the income to the tax authorities if you are a taxpayer.
What happens if money is paid into my account by mistake?
If we are told a payment has been made into your account by mistake and we reasonably believe this to be the case, we may return the money. We will tell you if this happens and give you the chance to dispute the claim. If asked, we may share your relevant personal information with other banks, building societies and credit unions so that the payer can trace money paid to an incorrect account.
Can I open more than one Instant Access Account?
Yes. Up to three are usually permitted although this is at the discretion of the Credit Union.
How do I close my account?
Any request to close the account must be made in writing giving 30 days’ notice before the money can be paid out. If you close your account, you will not qualify for any dividends declared after the account is closed.