Loyalty Saver

Loyalty Saver

For existing users only

An account for savers who only need to dip in once a year. The annual dividend paid is the highest of our Saver accounts. We are no longer taking new applications for this account, however, we may offer a similar alternative in the future.

  • Minimum balance £500
  • One withdrawal per year - plus one extra withdrawal of any dividend between 1 Oct and 30 Sep, by cash, cheque, BACS transfers, or transfers to other members
  • Deposits - by cash, cheque, bank standing order, Direct Debit, payroll deduction, or transfers from other members.

Who can open a Loyalty Saver?

The Loyalty Saver is closed at present. Existing Loyalty Saver account holders may continue to use the account for the financial year to 30.9.17 and will be written to by 31.3.17 to inform them of available savings products thereafter.

When can I withdraw from the account?

The account can be drawn from between 1st October to 30th September. One withdrawal may be made per year throughout this withdrawal period, plus dividend withdrawal. If any additional withdrawals are made within this period, the account will be closed and any remaining funds will be transferred to your Membership Account. The account cannot be reopened for a period of 12 months.

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?

A minimum balance of £500 must remain in the account at all times. If the account falls below £500, the account will be closed and any dividends will be forfeited. 

How can I deposit savings?

  • by cash or cheque* at a branch
  • by bank standing order or Direct Debit
  • by payroll deduction (if your employer accepts this method)
  • by direct transfer from your bank
  • direct from your State benefit
  • at any of East Riding of Yorkshire Council’s Customer Service Centres

* 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.

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:

  • cash at Hull Central branch up to £500 per day*
  • cash at Scunthorpe branch up to £250 per day*
  • cash at Bridlington or Goole branches up to £300 per day*
  • cheque (from Hull Central branch or posted out to you)**
  • direct transfer to your bank account (no limit)

* For larger amounts or at other branches, please give 7 days’ advance notice.

** A charge of £5 will be applied per cheque. Please note that this does not apply if:

  • the cheque(s) is/are being issued as part of a consolidation Loan with the Credit Union;
  • we issue a “cash cheque” for members to take to the Hull Co-op Bank to obtain a withdrawal.

What is the interest rate or dividend on the account?

We don't currently advertise an interest rate, however we aim to pay a yearly dividend on your account. In 2017 the dividend on our Loyalty Saver is guaranteed to be 1% higher than our Instant Access accounts.

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.

Can I open two Loyalty Savers?

A member is only permitted to hold one Loyalty Saver account at any one time.

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.

Updated 1.7.17 - Older versions of the Terms and Conditions are available on request.