The Membership Account is a basic savings account that all members of the credit union receive when they join (aged 16+). It can be used as a savings account although some members choose not to use it in this way but as a gateway to access our other services.
You can apply for a Membership Account online, at a branch, or over the telephone.
Complete our online application form.
We may request identification at a later stage.
Step 1: Provide two or three acceptable items of identification.
Step 2: Complete the application form.
Speak to our friendly team on 01482 778753.
What happens next?
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 4 pm).
Once you are a member, you will have access to the rest of our services.
Who can open a Membership Account?
Anyone within our common bond area over the age of 16.
How can I join?
Simply complete the Membership application form and provide at least two proofs of ID at the same time. Your Membership will commence from the date your first deposit is received.
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?
You must maintain a minimum balance of £1 in this account to retain membership and access to other services.
How can I deposit savings?
- by bank standing order, direct debit or bank transfer
- by payroll deduction (if your employer is a HEYCU payroll partner)
*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 cannot accept mixed change.
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) will be deposited to your Membership Account and transferred to the loan or Budget Account on the due date.
Can I open more than one savings 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 to transfer funds by faster payment to a designated bank account, you may request this by telephone, email or via the HEYCU Web App. Your first transfer of the day is free, however all subsequent transfers that day are charged at £6.00 each.
What interest or dividend is paid?
We pay a yearly dividend 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 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.
Do I need to make regular deposits to keep the account open?
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.
What if I leave my present employer?
If you leave the employer who has been making payroll deductions for you, you may remain a member of this 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 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 do I close my 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. If you close your account, you will not qualify for any dividends declared after the account is closed.
Save seperately from your other accounts
Savings that you can't touch until Christmas
Introduce young people to financial responsibility
Working in partnership with local schools