Regular Savings

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.

Start saving with as little as £1

Withdraw your regular savings to any UK bank account at any time

Protected by the FSCS

When you open a savings account you automatically become a member and have a share in the credit union and, if the credit union makes a profit, will be eligible for a dividend, as a proportion of your savings. All you have to do is keep at least £1 in your Regular Savings account to remain a member.

Open a Regular Savings account

To open your account you just need to check your eligibility and apply.
If you successfully open your account, you will receive your welcome pack with lots more information by email within seven working days.

Savings FAQ's

Is there a charge to open a savings account?

No, you just have to keep a minimum of £1 in your Regular Savings at all times.

Why do I need to keep £1 in?

When you open a savings account, you become a member of Hoot. Hoot is a member-owned co-operative, and you become a member shareholder.

Find out more >>
Are my savings safe?

Your savings are protected by our membership of the Financial Services Compensation Scheme (FSCS)

Find out more about FSCS >>
Will I get interest on my savings?

Hoot savings do not offer interest, but as a shareholder, you will get a share of the profit (a dividend) in proportion to your savings (subject to credit union performance).

How do I manage my savings account?

Everything you need to know about paying in, withdrawing and managing your Hoot account can be found below.

Managing My Hoot Account >>

Terms & Conditions

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 in 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 deposits. 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 from 1st October to 30th September. Dividends 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 accounts 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 the 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.

Savings are protected by the Financial Services Compensation Scheme