Credit Unions are member-owned financial co-operatives that exist to provide loans, savings and other financial services to their members on a not-for-profit basis. They aim to offer a safe and ethical place to save and source of affordable credit to help everyone to afford their lives and improve their financial wellbeing.
Unlike a bank, a credit union doesn't operate to generate a profit - any surplus funds earned are used to pay running costs and provide benefits such as dividends on savings for their members.
Our members are our owners with an equal voice in the Credit Union.
We believe that credit unions provide a credible and responsible alternative for loans and savings. Focusing on what people can afford, we put our members in control of their finances and encourage them to accumulate savings that improve their financial resilience.
Credit Unions are authorised by the Financial Conduct Authority and the Prudential Regulation Authority. Savings from individuals and small organisations (such as businesses and charities) are protected by the Financial Services Compensation Scheme.
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 or call 0800 678 1100.
Yes. Everyone at the credit union with access to members personal data must act confidentially at all times. We observe the Data Protection Act 2018 (GDPR) and use the personal data you have supplied in strict compliance with our Privacy Policy.
Every December, we hold a Annual General Meeting (AGM) for our members.
As our members are also our owners, this is their chance to hear how the Credit Union is progressing, vote on dividends, and decide who will serve on the Board of Directors.
To join, you must live or work within our common bond area.
You can find more details on our Membership page.
We may be able to verify your identity and home address electronically. However, if we need to ask you for documents here is a list of our Identification Requirements.
The account will normally be opened the same day that we receive your application.
If you join online, we will send you an email acknowledgement explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778753.
You must be:
a) a member of HEY Credit Union*,
b) aged over 18,
c) registered on the voters roll**,
d) have your own bank account that allows payment by standing order.
* When completing a loan application form, you will also be applying for Membership if you're not already a member.
** Doesn't apply to our Matched Loan.
You can find more details on our loan pages.
See 'Loan Applicants' in our Identification Requirements section.
No. But you must have a regular source of income, for example state benefits or pension.
Yes, as a responsible lender, for all loans other than our Matched Loan. Loans are assessed on an individual basis, taking into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with the Credit Union, credit history and so on.
Information on how we use Credit Reference and Fraud Prevention Agencies to check your credit history can be found here.
Normally it will take just a few days, much depends on how busy we are at the time. Please only contact us to chase your application if you haven't had a response within 10 working days.
Our Matched Loan offers a same-day instant-decision.
We have many types of loan available ranging from £100 to £20,000+. See our loan pages for further information on the product suitable to you.
Not currently.
All loans are to be repaid from your own bank account by bank standing order or direct debit, direct from Child Benefit or by payroll deduction.
We'll match your repayments at the same frequency you receive your income. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly).
We can transfer money to your bank account (usually the same day as the loan agreement is signed), or by prior arrangement you may be able to collect cash from a branch. If the loan money is to pay particular bills, we can arrange to pay it direct.
With our Swap & Drop Consolidation Loan the funds will be paid direct to the credit card or other bill that the loan is paying off.
Rates differ according to the loan product. See our loan pages for this information.
It is applied to your loan daily and calculated on the outstanding balance. This means that if you settle your loan early you will pay less interest.
Our loan terms range from one to ten years according to which rate your loan is on. See our loans for more info.
Statements are provided upon request, or you can check your transactions through your account online.
Yes. If you don't already have access to your account online, you can register for our Mobile App.
Yes. In fact, we encourage it. By rounding up or adding an amount to your loan repayments for savings, whether by bank standing order or payroll deduction, you'll be amazed how quickly your savings will build up.
Get in touch with our Member Solutions / Credit Control team (Tel 01482 778 753 or email info@hullandeycu.co.uk) to discuss a reduced payment plan. Remember, if you don't keep up your repayments, it could have a serious effect on your credit report. Talking to us as soon as a problem arises, is the best way to receive help and support.
Your loan may be covered by our Free Members' Death Benefit Scheme.
When you join the Credit Union, you'll be given a Membership account which doubles up as a ready access savings account. We also have other Savers that you can open to help you budget.
You can find more details on our Saver pages.
There are no joining fees.
If a cheque is unpaid we reserve the right to debit your account with any charges that we incur.
No. We don't undertake a credit check for our savings or deposit accounts.
The account will normally be opened the same day that we receive your application.
If you join online, we will send you an email acknowledgement explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753.
Credit Unions are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Savings from individuals and small organisations (such as businesses and charities) are protected by the Financial Services Compensation Scheme*.
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 or call 0800 678 1100.
*See question 6 for the current maximum savings balance allowed with HEY Credit Union.
At present, we are limiting members to £68,000 in total savings.
Just £1 must remain at all times in your Membership account to stay a Member.
* If deposits are made by cheque, no withdrawal may be made against them until the funds have been cleared in the Credit Unions bank account which usually takes 6 working days.
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.
Its easy, subject to any restrictions in the terms and conditions of your savings account(s).
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 HEYCU 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 held on our records.
Withdrawals can be paid by:
See question 10.
16. Anyone under the age of 16 can open a First Saver account.
We pay a yearly dividend on your account in December. The dividend rate is determined by the Board of Directors and declared by the members in Annual General Meeting (AGM). Any dividend due will be paid to the account on the first working day after the AGM, and will be based on the balances held in the account throughout the year to the 30 September prior to the AGM.
This below shows what the dividend has been in previous years:
Membership, Instant Access Account, First Saver
2015 - 0.25%
2016 - 0.25%
2017 - 0.25%
2018 - 1.00%
2019 - 1.00%
2020 - 0.30%
2021 - 0.70%
2022 - 1.00%
2023 - 2.1%
Child Trust Fund
2015 - 1.5%
2016 - 1.25%
2017 - 1.25%
2018 - 1.00%
2019 - 1.00%
2020 - 0.30%
2021 - 0.70%
2022 - 1.00%
2023 - 2.1%
Christmas Saver
2015 - 0.75%
2016 - 0.5%
2017 - 0.25%
2018 - 1.00%
2019 - 1.00%
2020 - 0.30%
2021 - 0.70%
2022 - 1.00%
2023 - 2.1%
You can have a payroll deduction, provided your employer or pension provider has a payroll arrangement (payroll partnership) with HEY Credit Union.
Statements for savings accounts can be provided free of charge upon request. You can also register for our Web App to view your balances and recent transactions online.
Dividends are paid gross so it is your responsibility to declare the income to the tax authorities if you are a taxpayer.
Any request to close your Membership or a Saver account must be made 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.
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 the Credit Union, with a £1 share and voting rights at Members' Meetings.
Full instructions are supplied on our Community Account page.
If a cheque is unpaid we reserve the right to debit your account with any charges that we incur.
Any more than one postal statement per year will cost 50p.
At present, we are limiting members to £68,000 in total funds.
You must maintain a minimum balance of £1 in this account to retain Corporate Membership.
- by cash or cheque* at a branch
- by bank standing order, Direct Debit or direct transfer from a bank account
- 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.
Yes. A maximum of 5 bags of change per day may be deposited. All change must be bagged correctly as we cannot accept mixed change.
Applications for withdrawals must be made on a Community Account withdrawal form and posted, faxed, scan/emailed . They will be processed, provided they contain the required number of signatures matching those currently on our records.
Withdrawals can be made by:
- Bank transfer.
- Cash at a branch up to £100 per day.
A minimum of two and a maximum of four signatories are required to act on behalf of your organisation.
A form must be signed by the current registered signatories 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 would be required.
If you don’t have one, a sample constitution is available on request. It should be completed by the office holders to verify the organisation’s existence.
We pay a yearly dividend on your account 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 proposed by the Board of Directors and voted on by the members at the Annual General Meeting (AGM).
Any dividend due will be paid to the account on the first working day after the AGM. Dividend is based on the balances held in the account throughout the year to 30 September prior to the AGM.
If you make no deposits on your account for 12 months or more, the 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.
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.
An organisation may only hold one Community Account.
Any request to close the account must be made in writing, or by using our closure form (downloadable from our website), giving 30 days’ notice before the money can be paid out. 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.
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Protected by the Financial Services Compensation Scheme
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