- Minimum £5 balance
- Maximum £21,500 balance
- Initial account opening fee of £2:00
- Can be set up for multiple signature withdrawal authorisation
- Balance always available to view on-line
- Account balance qualifies for dividend
- No penalty for withdrawals
- The account is covered by the Financial Services Compensation Scheme
FAQ’s
How long does it take to open the account?
The account can normally be opened the same day as you apply providing the correct documentation is submitted.
What identity and credit checks do you carry out for a corporate account?
We don’t do a credit check for corporate accounts, though identity checks are made for account signatories. Anti-money-laundering checks are also made on major shareholders.
How can we withdraw money from our account?
- You don’t need to give us notice to withdraw
- Applications for withdrawals must contain the required number of valid signatures corresponding with those currently held on file, i.e. two signatories on the account.
How can we deposit savings in the account?
- By cash or cheque at the office
- By bank standing order or direct debit
- By bank transfer
What is the maximum amount we can withdraw each day from the account?
- Up to £300 in cash
- Up to £3000 in a cash cheque (with ID required)
- No limit for a bank transfer or cheque made payable to the organization
How often will we get a statement?
One statement per year may be sent by post free of charge (and for a £5 fee more frequently). You can also register on our website to view your balance and transactions on line.
Is our business kept private?
Yes. Everyone at the credit union with access to members’ personal data must act confidentially at all times. We apply the principles of the General Data Protection Regulation, and use the personal data you have supplied only to manage your credit union account. You can view our privacy policy here.
Our organisation (a club, or society) does not have a constitution, which your application form asks for. Can we join?
It’s helpful to have a simple constitution so all your members know and agree your rules. We need your constitution to tell us who is responsible for your finances. You can find a simple constitution form to complete here.