Save with Us

"Safe and convenient saving with Hull and East Yorkshire"

Ever wanted to save regularly but never seem to get round to it? Do you ever wish you had something put by for a holiday or Christmas or even just a rainy day? Would you like an ethical organisation that’s on your side to look after your cash?

If so, Hull and East Yorkshire Credit Union offers several great ways to build up some useful savings.

Once you get the habit you’ll be amazed how quickly your savings grow. The tables below give examples of how regular savings can soon add up!

Weekly Savings Table Amount Saved £2 £5 £10 £20 £25 Year 1 £104 £260 £520 £1,040 £1,300 Year 2 £208 £520 £1,040 £2,080 £2,600 Year 3 £312 £780 £1,560 £3,120 £3,900 Year 4 £416 £1,040 £2,080 £4,160 £5,200 Year 5 £520 £1,300 £2,600 £5,200 £6,500

Benefits of Saving with the Credit Union

• Save as little or as much as you can afford - you decide;
• There are lots of convenient ways to pay in;
  
  Savings of members up to the age of 80 are covered by Credit Union Members’ Life Insurance - at no cost to you - up to a maximum amount decided by the Board of Directors (currently £2,500). This insurance is provided by CUNA Mutual Group (an insurance company owned by the international Credit Union movement) and terms and conditions apply;
  
• Everything is kept totally confidential at all times;
  We reward you with a Dividend each year, as agreed by the members at their AGM. This is paid gross, so remember it is your responsibility to declare the income to the Tax authorities if you are a taxpayer.
  
• Your savings are safe with us. We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.

Ways to deposit your savings

• By bank standing order or Direct Debit
  
• automatically by payroll deduction (check with us first to see whether your employer accepts this method)
  
• direct from your State benefit (ask us for a form)
• with your Credit Union Membership Card (minimum £5) at a local PayPoint agent (shops, newsagents, petrol stations etc.) or Post Office;*
  
• by calling in at one of our regular community contact points (ask for details);
  
• at our Central Office, Guildhall Road, Hull (opposite Queens Gardens) or Beverley, Driffield, Bridlington or Goole Branch Offices;
  
• at any of East Riding of Yorkshire Council’s 14 Customer Service Centres.
  
  Please note: 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.

*Please note that it can take up to 10 days for cash paid in at a PayPoint outlet to appear in your Credit Union Account.

Types of Savings Account

Every member of HEYCU is encouraged to make regular deposits into one or more of our Savings Accounts.Every member of HEYCU is encouraged to make regular deposits into one or more of our Savings Accounts.

To remain in membership and benefit from HEYCU services a minimum of £1 must be held in a basic Membership Account.

(1) MEMBERSHIP ACCOUNT

The Membership Account is a basic savings account into which all deposits for loan repayments, Family Protection Plan, The Health Scheme, Members’ Lottery or any bill-paying service go. Unless you have a HEYCU Personal Loan with terms that require your Shares to be pledged, you can make unlimited withdrawals from this account. The terms and conditions below give more information about the workings of the account.

Key Features:

• Ideal for Regular Savings
  
• Unlimited Withdrawals (unless your Shares are pledged to a Personal Loan)
  
• Dividends – paid annually in December, depending on the surplus available (2009 – 2.00%)
  
• Members may withdraw their Dividend or transfer it to another HEYCU savings account

Download Membership Application (1956.6kb)

Download T & C’s Membership Account (69.6kb)

(2) INSTANT ACCESS SAVINGS ACCOUNT

This account would suit someone who wants to save separately for a special purpose, for example for a summer holiday or for the festive season, but wishes to have access to their money when they need it, even when their Membership Account is pledged to a Personal Loan.

Key features:

• Ideal for regular Savings for a special purpose
• Unlimited Withdrawals (even when your Shares are pledged)
• Dividends – paid annually in December, depending on the surplus available (2009 – 2.00%)
• Members may withdraw their Dividend or transfer it to another HEYCU savings account

Download T & C’s Instant Access (69.2kb)
 

(3) CHRISTMAS SAVER ACCOUNT

The Christmas Saver account is an ideal way to save safely for the festive season.

Key features:

• A SAFE way to save for Christmas – Hull & East Yorkshire Credit Union is authorised and regulated by the Financial Services Authority and your money is as safe with us as it is with a bank or building society.
  
• Save as much or as little as you like between now and the end of October
  
• Dividend bonus paid on 31st October (2009 - 3.00%)
  
• Instant access to Christmas savings from 1st November
  
• No withdrawals allowed until November - so your money is safe until you need it.
  

Download Christmas Saver form (281.1kb)

Download T & C’s Christmas Saver (68.2kb)

(4) LOYALTY SAVER ACCOUNT

This account has been designed for longer-term savers who are seeking a higher return and who don’t need frequent access to their money.

Key features:

• Must be opened with a minimum deposit of £500
  
• Must maintain a minimum balance of £500
  
• Allows one withdrawal per year (plus any dividend)
  
• Dividend – guaranteed to be at least 1% higher than for the Membership Account – paid annually in December (2009 - 3.00%). Paid gross - so if you are a taxpayer it is your responsibility to declare the income to the tax authorities.
  
• Lets members withdraw their dividend or transfer it to another HEYCU account without penalty.
  

Download Loyalty Savings Account Form (1108.2kb)

Download T & C’s Loyalty Saver (100.9kb)

(5) FIRST SAVERS* ACCOUNT

Why not enrol your children, grandchildren, neices, nephews or any special child in your life as a FIRST SAVER?

• Encourage them to save
  
• Save on their behalf
  
• or do both!
  

* previously called YOUNG SAVERS

The Credit Union member who applies is known as the sponsoring adult and can be trustee of the account until the First Saver reaches an age specified on joining. Alternatively, they can nominate another adult as trustee. The trustee is the person who can access the account and make withdrawals on behalf of the child. On reaching their 16th birthday First Savers become full adult members of HEYCU. However, loans are not permitted by law until the member is 18.

Download First Saver Application Form (1355.2kb)

Download T & C’s First Saver (69.6kb)

If you are unsure which of these accounts will suit you best please give the Office a call on 01482 778753 and our staff will be pleased to help you.