Christmas Saver

  • Features
  • How To Apply
  • FAQ

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

Let HEY make budgeting for Christmas simple and put your savings out of temptation's way.  Your account is protected by the FSCS scheme, so you can have peace of mind that your money is safe. Apply today and make sure this Christmas is stress and hassle free.

Apply now

  • Instant access to your savings - from 1st November to Christmas Eve
  • Withdrawals - by bank transfer, cash or transfer to other members
  • Deposits - by cash, cheque, bank standing order, Direct Debit, payroll deduction, or transfers from other members
  • Bonus Dividend - paid annually in December (2021 - 0.7%)

You can apply for a Christmas Saver online, at a branch, or over the telephone.



Complete our online application form.

We may request identification at a later stage if you are not already a member.



Step 1: Provide two or three acceptable items of identification.

Step 2: Complete the application form.



Speak to our friendly team on 01482 778753.


Who can open a Christmas Saver?

Anyone within our common bond area over the age of 16.

How can I join?

Simply complete a Christmas Saver application form. If you’re not already a member, you will need to join and provide at least two proofs of ID at the same time. 

Accounts can be opened at any time in the year.

When can I withdraw from the account?

The funds can be drawn on between 1 November to 24 December. As this account is designed to help you to save up for Christmas, we reserve the right to charge you a £5 “early withdrawal fee” if you request a withdrawal outside the normal withdrawal period (ie after 24 December and before 1 November). If you request more than one early withdrawal your account will be closed and to reopen it you would need to complete a new application form.

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?


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 HEYCU 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.

- By 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 interest or dividend is paid?

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).

Dividend will be based on the balances held in the account in the Credit Union year to 30 September.

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 two Christmas Savers?

No, but you can open more than one Instant Access account to save separately for different purposes.

How do I close my account?

Apply in writing giving 30 days’ notice before the money can be paid out.

Updated 12.2.2020.


Other savings products


All members receive this standard membership savings account when joining


Instant Access

Save separately from your other accounts


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.