Community Accounts

  • Features
  • Suitability
  • How to apply
  • FAQ
  • Testimonial

Safe savings - for small organisations

Our Community Account is an easy access deposit account for organisations. The account offers easy ways for clubs, societies, charities, social enterprises and small organisations (both incorporated and unincorporated) to pay in funds received from their members, supporters or customers, or to pay their suppliers. Just maintain a minimum of £1 in your account and you will receive a wide range of benefits, in addition to supporting your local, ethical financial co-operative.

  • No monthly fee
  • Online access to your balance
  • Instant Access to your funds
  • Bonus Dividend - paid annually in December (2023 - 2.1%)
  • Deposit by cash, cheque, bank standing order, Direct Debit, payroll deduction, or transfers from other members

What are its key features?

An easy access deposit account for organisations. The account offers simple ways for clubs, societies, charities, social enterprises and small organisations to pay in funds received from their members, supporters or customers, and/or to pay their suppliers. Just maintain a minimum of £1 in your account to receive a wide range of benefits, in addition to supporting your local, ethical financial co-operative:

- No monthly fee.
- View your balance online.
- Statements on request.
- Ready access to your funds without notice by approved signatories.
- Deposits - by cash, cheque, bank standing order, Direct Debit, or transfers from other members.
- Bonus “Dividend” - paid annually in December (2022 - 2.1%).

What is the purpose of a Community Account?

- To help clubs, societies, charities, social enterprises and small organisations (whether incorporated or not) to keep their spare funds safe and properly accounted for by those responsible.
- To provide a basic receipts and payments account free of the charges levied by many other financial institutions.

A Community Account could be suitable for you if:

- You are involved in running an organisation that wants a safe and ethical place to deposit its spare funds.
- You want to be able to pay in fixed or variable amounts, whenever you wish.
- You want to pay the organisation’s bills simply and speedily, by BACS, as authorised by registered signatories.
- You want your spare funds to be supporting your local community.

A Community Account is unlikely to meet your needs if:

- You want to set up Direct Debits or Standing Orders to make regular payments out of your account.
- You want a Cheque Book or debit card to make payments from your account.
- You want other commercial banking services. 



Step 1: Complete our online application form.

Step 2: Provide verification of your organisation and two or three acceptable items of identification for up to 4 signatories.



Speak to our friendly team on 01482 778753 (Mon-Fri 10 am to 3.30 pm).


Who can open an account?

Organisations based in or operating within our common bond area (see our Rule Book). This includes clubs, societies, charities, and small organisations both incorporated and unincorporated. Account holders are known as Corporate Members of HEY Credit Union, with a £1 share and voting rights at Members' Meetings.

How can I open an account?

Simply complete the Community Account application form, provide verification of your organisation* and acceptable proofs of identity and address for at least two (or up to four) signatories.

You can apply online, or in one of our community branches.

To comply with the law, if you have any shareholders, directors or beneficial owners holding more than 25% of your organisation's shares (if not one of the signatories), we will also require details and proofs of identity and address for them.

The account will be open once the first deposit is received.

* a constitution, rule book or similar.

Do we need a formal constitution to open the account?

If you don't have one, we can provide a sample constitution template on request. It should be completed by the office holders to verify the organisation's existence.

How many signatories do we need?

A minimum of two and a maximum of four signatories are required to act on behalf of your organisation.

How do we change signatories?

The current registered signatories must sign a form for the change to be made. If any signatures are unobtainable, please provide a letter of resignation or a signed copy of the minutes of the meeting where the individual’s removal was confirmed. If a signatory dies, a death certificate will be required.

Are any fees charged?

There are no opening fees or regular charges.  But if you deposit a cheque which is unpaid we will debit your account with any charges that we incur.

If you require more than one postal statement per year we will charge 50p per statement.  But emailed statements are free.

Is there a minimum amount I must keep in the account?     

You must maintain a minimum balance of £1 in this account to retain Membership.

Is there a maximum savings balance?          

At present, we are limiting members to £68,000 in total HEY Credit Union deposits plus any accumulated dividends.

How can I deposit savings?

- by bank standing order, Direct Debit or direct transfer from a bank account;

- by cash or cheque* at a HEY Credit Union branch. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as we cannot accept mixed change.

* If deposits are made by cheque, you may not withdraw them until funds are cleared in HEY Credit Union’s bank account, which usually takes at least 6 working days

Can I open more than one Community Account?  

An organisation may only hold one Community Account.

How can I withdraw money?

Two or more current registered Signatories make the request on a Community Account withdrawal form signed by themselves, and  posted, scan/emailed or brought to a HEY Credit Union community branch. 

Withdrawals can be paid:

- By Faster Payments or BACS to a bank account, as instructed on the withdrawal form;

- In cash, at a branch, up to the daily limit of £100.

What interest or dividend is paid, and when?           

We pay a yearly dividend in December but the rate of dividend is not guaranteed.  The final dividend paid may vary and it is possible that no dividend is paid at all.  The dividend rate is proposed by the Board of Directors and voted on by the members at the Annual General Meeting (AGM).

Any dividend due is paid to the account on the first working day after the AGM.

Dividend is based on balances held in the account throughout the year to 30 September prior to the AGM.

How safe is my money in this account?        

Total funds held by small organisations in HEY Credit Union up to £85,000 are covered by the Financial Services Compensation Scheme, the same as deposits in banks and building societies.  Details of the organisations this applies to are available on request.

How is my personal data used by HEY Credit Union?         

We are committed to maintaining the privacy and security of our account holders’ personal information.   Full details of how we may use your information may be found in our Privacy Notice.

What feedback has HEY Credit Union had from other users of this product?         

Please see our Trustpilot reviews for examples of feedback from users.

How can I contact HEY Credit Union to enquire about my account?           

A current registered Signatory can contact us by:

- using our online app;

- visiting one of our community branches (opening times);

- email to; or

- telephoning 01482 778753 (Mon-Fri 10 am to 3.30 pm).

For security reasons, please don’t use our social media sites to make personal enquiries.

Do I need to make regular deposits to keep the account open?      

If you make no transactions on your account for 12 months or more, HEY Credit Union may declare your account dormant in accordance with Credit Union Rules 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.  Therefore it is important to tell us if your address or contact details change so that we don’t lose touch with you.

What if my personal details change?

Please contact us to tell us about changes of name, address, email, phone for any of the signatories or if your organisation decides to change any signatories.

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.

How can I close my account?

Please make any request to close the account in writing, or by using our ‘closure form’ (downloadable from our website), giving 30 days’ notice. It must be signed by all registered signatories.

If you close your account, you will not qualify for any dividends declared after the account is closed.


Updated 24.7.2023.

"We use our Community Account to keep our cash reserves protected and away from our day to day banking, safe in the knowledge that withdrawals are always available together with statements for accounting purposes."

Steve, Ferriby Hall Squash & Racketball Club, Hull


© Hull & East Yorkshire Credit Union | Registered under the Credit Union Act 1979 and the Co-operative and Community Benefit Societies Act 2014. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213620.