City of Plymouth Credit Union

Corporate Saving Account

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 Deposits may be withdrawn upon request.

Account Details

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.

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.

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Terms and Conditions