What are its key features?

The Membership Account is a ready access savings account that all HEY Credit Union Members receive when they join. It is ideal for your everyday savings although some members choose to use it simply as a gateway to access our other services.

As a Member you are a part-owner of HEY Credit Union not just a customer.

- Keep at least £1 in your account to retain your status as a Member of HEY Credit Union

- Ready access to your savings without notice.

- 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 (2023 - 2.1%).

What is the purpose of a Membership Account?

- To help you to build up some savings (amounts from £1 up to £68,000) safely but be able to access your funds quickly if the need arises.

- To enable you to hold a £1 share to maintain membership of HEY Credit Union in order to use its other services and member benefits.

A Membership Account could be suitable for you if:

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

- You want to start and develop a regular savings habit.

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

- You want to be able to withdraw funds any time without giving notice.

A Membership Account is unlikely to meet your needs if:

- You want to set up Direct Debits or Standing Orders to make regular payments out of your account.

- You want a Cheque Book or debit card to make payments from your account.

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

Online 

Complete our online application form.

We may request identification at a later stage.

In-branch 

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

Step 2: Complete the application form.

Telephone

Speak to our friendly team on 01482 778753 (Mon-Fri 10 am to 3.30 pm).

What happens next?

If you join online, we will send you an email explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753 (Mon-Fri 10 am to 3.30 pm).  If you join in a branch or by telephone our staff will explain next steps.

Once you are a Member of HEY Credit Union, you will have access to the rest of our services.

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?

You can apply online, in one of our community branches or over the phone.

If you join online, we will send you an email explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753 (Mon-Fri 10 am to 3.30 pm). If you join in a branch or by telephone our staff will explain next steps.

We will aim to verify your ID and home address electronically but, if unsuccessful, will ask you to provide documentary proof. Your Membership will begin when your first deposit is received.

Are any fees charged?

There are no joining fees or ongoing charges. But if you deposit a cheque which is unpaid we will debit your account with any charges that we incur.

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

You must keep a minimum balance of £1 in this account to remain a Member and access other HEY Credit Union services.

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?       

All deposits for the repayment of loans or for Budget Accounts (to pay for insurance services or other direct payments) are initially deposited to your Membership Account and then transferred to the loan or Budget Account on the due date.

Can I open more than one Membership Account?  

You can only have one Membership Account, but as a Member you can have up to three other Instant Access accounts to save separately for different purposes, and a Christmas Saver account which can only be drawn from during November and December.

How can I withdraw money?

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?         

No.

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.

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 info@hullandeycu.co.uk; 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.