Regular Savings

Regular Savings

Our standard savings account

Our standard savings account

Open a Regular Savings Account today and you will become one of over a million people in the UK who save with their local credit union. When you open a savings account you automatically have a share in the credit union and will be eligible for a dividend, as a proportion of your savings, if the credit union makes a profit.

  • Local, friendly service
  • Secure savings
  • Easy ways to deposit
  • Annual dividend (subject to performance)
  • Opening a savings account is free.
  • When you open your account online you will be asked to make an initial £3 savings deposit.
  • Once your account is open you will receive your welcome pack giving you information on how to make a deposit into your account.
  • You can withdraw savings at any time by cash withdrawal or bank transfer.

To be a member of Hoot Credit Union you must be 16 years or over and either live, work, study or volunteer in any of the postcodes within the common bond area or be employed by one of our partner employers.  

  • View our list of partner employers in our Payroll Section.
  • Find out full details of eligibility for membership by reading our common bond.
  • To become a member of Hoot Credit Union a person must live or work within the common bond area at the time of application, be 18 years of age or over and have permanent UK Residency.
  • Members must maintain a minimum balance of £1 to retain membership of the credit union.
  • A member’s collective savings balance cannot exceed £15,000 or any such limit declared by the credit union in accordance with regulatory limits.
  • Deposits may be subject to Money Laundering Verification. Lump sum deposits may be made by cash, bank transfer or Prepaid card, subject to any applicable limits.
  • We regret that we cannot accept personal or third party cheques as deposit. Cheques from approved organisations made out to the member are accepted and require ten days clearance from the date of deposit.
  • Members may make unlimited withdrawals, subject to the terms of any loan or other services and subject to applicable withdrawal limits.
  • An annual dividend may be paid, gross of tax, on some or all sums deposited, subject to surplus. Hoot Credit Union is not responsible for tax declarations and does not give advice on tax due on dividends. Please contact HMRC for advice.
  • The dividend will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting. Any dividend due will be backdated accordingly. Any dividend payable may be freely withdrawn by the member.
  • Any dividend due is calculated for the credit union financial year which is 1st October to 30th September. Dividend can only be paid to active members accounts. Accounts closed after the financial year end (30th September onwards) but before the dividend is credited, will forfeit the right to any dividend due. Members who close their account during the financial year also forfeit the right to any dividend due. Dividend is not paid to any member that has a current bad debt within the credit union.
  • A member may leave the credit union at any time without penalty providing no debts are outstanding. All share accounts will terminate on closure of the membership.
  • The credit union reserves the right to apply certain charges to member’s share accounts. For details of these charges please refer to Tariff of Charges.

Financial Services Compensation Scheme

Your eligible deposits with Hoot Credit Union Ltd are protected by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. 

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Credit unions are regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Free life savings insurance

Hoots offers free life insurance on your savings and on your loans (age restrictions and limits apply).

The amount covered depends on your age when you put money into the credit union There is no insurance on money saved under the age of 18 or over the age of 80.

How our free life insurance can help:

Life cover protects adds to your savings in case of death and repays your loan if you die before you have paid it off (terms and conditions apply).