UPDATE: As a result of operational difficulties associated with the Coronavirus pandemic, we can no longer accept corporate share withdrawals by telephone. For full details, click here.
The Corporate Saving Account is for organisations rather than individuals and is open to Corporate Members based or operating in Plymouth, Devon, Cornwall and the Isles of Scilly. Sums on deposit will attract the same dividend rate as individual members. By depositing funds with us rather than a High Street Bank you know that your organisation is helping the local community. Deposits may be withdrawn upon
All Corporate Members have a Corporate Saving Account opened automatically on joining the credit union and making their first payment.
Corporate Members can withdraw their savings at any time by completing a Corporate Saving Withdrawal Form (print it out or obtain one from a Service Point). We will pay your withdrawal as soon as possible, usually instantly if you call personally at the offices in Devonport or Frankfort Gate. Of course, postal applications are dependent on the postal system, so may take a couple of days. Service points will discuss with you when and how payments will be made.
- Every Corporate Member has a Corporate Saving Account
- Withdraw savings at any time
- Covered by the government Financial Services Compensation Scheme
- Help support your local community
If you’re worried about how safe your money is, for small to medium-sized organisations, that’s not a problem. The government has a scheme to ensure that savings with regulated companies like Banks, Building Societies and, of course, credit unions are covered by a guarantee that any deposits will be repaid should the company fail. If your organisation has assets not exceeding £1.4M, then your deposits are covered. More details are available on the Financial Services Compensation Scheme (FSCS for short) web site.
It is important to us and only fair to all the other members of the credit union that our members actively use our services to keep our costs as low as possible. You must maintain a minimum of £5 in your Corporate Saving Account to remain a member of the credit union. If the total of all your savings accounts falls below £25 and you do not perform any transactions for 12 months or more, we reserve the right to charge your account with an administration fee of up to £5 and put your account into suspense. Should you wish to re-activate your account, contact us and we’ll see what can be done. If the total of all your savings accounts falls below £5 for 12 months or more, we reserve the right to charge your account an administration fee of up to £5 and to close your account.
Corporate Saving Account Terms and Conditions
- All Corporate Members will automatically have a Corporate Saving Account opened when they join the City of Plymouth Credit Union. Your membership will commence on receipt of a £5 membership fee and a saving deposit of £5
- If the total of all savings accounts falls below £25 and no transaction is performed for 12 months or more, we reserve the right to charge an administration fee of £5 and declare the account dormant.
- If the total of all of a Corporate Member’s savings accounts falls below £5 and no transaction is performed for 12 months or more, we reserve the right to charge an administration fee of up to £5 and close the account.
- Savings can be paid into a Corporate Saving Account at any time.
- Corporate Saving Account withdrawals can be made at any time.
- Notice of withdrawal must be made by phoning the credit union office, via the City of Plymouth Credit Union web site or by completing the appropriate withdrawal form.
- Lump sum deposits may be made at anytime into a Corporate Saving Account.
- The maximum saving balance a member can have with City of Plymouth Credit Union is £15,000 over all accounts.
- An annual dividend will be paid, gross of tax, on all sums deposited in Corporate Saving Accounts, subject to surplus. The dividend rate will be determined by the Board of Directors and ratified by the members in the Annual General Meeting (AGM). Any dividend due will be paid directly after AGM.
- Any request to close the account must be made in writing.
- Money can be paid into your accounts in the following ways:
- By Standing Order (it is your responsibility to ensure that the bank details provided are correct). Please ensure your Membership Number is used as the transaction reference.
- By Cheque payable to the City of Plymouth Credit Union
- By Cash at a Service Point or Main Office
- Should a Corporate Saving Account be closed over the course of the year, no dividend will be payable.
- Statements are available on request. We will provide statements either by post, in an office or at a service point. You must inform us immediately of any incorrect item on your statement.