Christmas Saver

  • Features
  • Suitability
  • 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

  • Ready 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 (2023 - 2.1%)

What are its key features?

Let HEY make budgeting for Christmas simple and put your savings out of temptation's way.

- Protected by the FSCS scheme, so you have peace of mind that your money is safe.

- Ready 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 (2023 - 2.1%)

What is the purpose of a Christmas Saver Account?

- To help you to plan ahead effectively for the big festive spending season each year in a safe, simple account that discourages you from dipping in / making withdrawals until 1st November.

- To make your Christmas as stress-free as possible and avoid using less safe options such as hamper clubs, informal ‘didlums’ or a tin box under the bed.

A Christmas Saver Account could be suitable for you if:

- You want to plan ahead and build up some savings for the festive season.

- You want a safe home for your savings with full FSCS cover.

- You want to be able to pay in fixed or varying amounts, whenever you wish.

- You want restricted access, to remove the temptation to ‘dip in’ at other times of the year.

A Christmas Saver Account is unlikely to meet your needs if:

- You want to be able to access the funds in your account other than during the festive ‘window’ (Nov-Dec).

- You want to tie up your savings for a longer term to earn a bigger return.



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 (Mon-Fri 10 am to 3.30 pm).


Who can open an account?

Anyone within HEY Credit Union’s common bond who is at least 16 years old. 

How can I open an account?

Simply complete a Christmas Saver application form online, or in one of our community branches, at any time in the year.

If you are not already a HEY Credit Union Member, we will aim to verify your ID and home address electronically but, if unsuccessful, will ask you to provide documentary proof.

Your account will be open once your first deposit is received.

Are any fees charged?

There are no opening fees or ongoing charges. But if you deposit a cheque which is unpaid we will debit your account with any charges that we incur. And if you request a withdrawal outside the ‘festive window’, ie after 24 Dec and before 1 Nov, we may charge you a £5 ‘early withdrawal fee’ because the account is designed to help you save up for Christmas.

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

No, but you must keep a minimum balance of £1 in your Membership Account to retain access to other HEY Credit Union services such as this account.

Is there a maximum savings balance?          

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

How can I deposit savings?

- by bank standing order, Direct Debit or bank transfer, or state benefit.

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

- 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 are unable to 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 takes at least 6 working days.

Do any other deposits go through the account?       


Can I open more than one Christmas Saver Account?  

No. You can only have one Christmas Saver Account. But you can also have up to three Instant Access Accounts to save separately for different purposes.

How can I withdraw money?

You can draw funds out of the account between 1 November and 24 December.

If you have set up authorisation for Faster Payments to a designated bank account, you may request a transfer (minimum £10) by telephone, email or via HEY Credit Union’s online app. Identity checks will be made. Your first transfer of the day is free; all subsequent transfers that day are charged at £6.00 each.

Alternatively you can draw cash at a branch, up to the daily limit for the branch (Hull, Bridlington and Goole £300; Scunthorpe, Driffield and Withernsea £50; others do not issue cash).

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 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.

How safe is my money in this account?        

Each Member's total funds 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.

Can I open an account in joint names?         


How is my personal data used by HEY Credit Union?         

We are committed to maintaining the privacy and security of our savers’ 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 member users.

The idea for this account was proposed by our members in 2006 after many people lost money in the Farepak hamper club collapse.

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

You 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 deposits on any of your savings accounts for 12 months or more, HEY Credit Union may declare your total membership 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, marital status, employer or if you want to change your beneficiary/next of kin.

What if I leave the area or leave my present employer?      

If you leave the employer who has been making payroll deductions for you, or leave the area, you may remain a Member of HEY Credit Union. If your new employer does not offer payroll deduction facilities, you’ll need to set up an alternative method for paying in – such as bank standing order.

What happens to my funds if I die?   

When joining HEY Credit Union Members are invited to nominate one or more beneficiaries to receive their funds upon death. If the total funds in the Credit Union exceed £5,000, the first £5,000 will be paid to beneficiaries and the rest forms part of the estate, to be distributed according to a will. If there is no will, or no nomination has been made, the usual rules of intestacy apply.

It is important to contact us if you wish to nominate a different beneficiary.

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’, giving 30 days notice. If you close your account, you will not qualify for any dividends declared after the account is closed.


Updated 30.5.2023.


£25 BONUS for new Christmas Savers!

If you've never had a HEYCU Christmas Saver account before, then this bonus offer is for you! 

To qualify: You will never have had a £25 Stop Loan Shark Bonus before, must make at least 3 deposits, and keep the account open until 1 November 2024.

Why not give it a go? 

The offer may close at any time.

Terms & Conditions




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First Saver

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© 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.