Instant Access

  • Features
  • How To Apply
  • FAQ

Members can save separately from their other accounts with our add-on Instant Access Accounts. Some use them to save for a special purpose such as a holiday, or to help them to budget; it's really up to you!

  • Minimum balance of £1 to retain your membership / share in the Credit Union
  • Instant access to your savings
  • Withdrawals - by bank transfer, cash or transfers to other members
  • Deposits - by bank transfer, cash, cheque, Direct Debit, payroll deduction, or transfers from other members
  • Bonus Dividend - paid annually in December (2021 - 0.7%)

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 HEY Credit Union.

How can I apply for an Instant Access account?

Simply ask a member of staff to add it 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, but 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?

- by cash or cheque* at a branch

- by bank standing order, Direct Debit or direct transfer from your bank

- by payroll deduction (if your employer is a HEY Credit Union payroll partner)

- direct from your State benefit

- at an East Riding of Yorkshire Council Customer Service Centre.

* 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 we are unable to accept mixed change.

How can I withdraw money?

If you have set up a standing facility (by providing us with your bank details in advance) you may request a withdrawal (minimum £10) by telephone, email, or via the HEY Credit Union Web App. Identity checks will be made.

In all other cases, a signed withdrawal request form must be posted, faxed or brought to the Credit Union.  The form must be legible and the signature must match that on our records.

Withdrawals can be paid:

- By direct transfer to your designated bank account (if requested before 2.30 pm Mon to Fri, the funds will normally appear in your bank account the same day);

- Your first faster payment transfer each day is free. However all subsequent transfers that day are charged at £6.00 each.

- Cash, up to the daily limit for the branch (Hull Central, Bridlington and Goole £300; Scunthorpe, Driffield and Withernsea £50; others do not issue cash);

What is the interest rate or dividend on the account?

We pay a yearly dividend in December although 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 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.

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.

Can I open more than one Instant Access Account?

Yes. Up to two are permitted although this is at the discretion of the Credit Union.

How do I close my account?

Apply 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.

Updated 12.2.2020.


Other savings products


All members receive this standard membership savings account when joining


Christmas Saver

Savings that you can't touch until Christmas


First Saver

Introduce young people to financial responsibility


© 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.